Petrol stations in Australia have faced a decades-long decline. In the 1970s, many citizens lived in suburbs and would commute for work. Today, for a myriad of reasons, petrol stations have decreased to only 6500 in number. While we have seen a slight increase in the number of petrol stations in the last couple of years the landscape is changing rapidly.
Those operating in the petrol and convenience industry who educate themselves on their competition gain a useful advantage. Those who understand their position in the market will stand stronger. The best way to accomplish this is through market research.
What is Market Research?
Market research is a term that refers to any information-gathering strategy that a business takes on. The purpose is to understand the target audience, customers, and personas associated with a company. It’s discovering where you fit in among the other petrol stations.
The data provided by market research allows petrol station owners to better understand their positioning in the market. From that place of understanding, it is possible to plot actionable steps towards improvement. Without market research, petrol station owners are relying on their intuition when it comes to the market. This is simply not enough.
Market Research Methods
Research categories break up methods into “primary” and “secondary” categories.
Primary research refers to first-hand information gathering. Questionnaires, surveys, and other direct methods of obtaining information are the most common methods used for these. Primary research can get as in-depth as you would like for it to be (or as participants will allow.) Observational research is another example that finds a home in this category.
Secondary research is different in that it utilises public data collected by others. These sources may include things like government census information and other government statistics. Secondary data is useful for understanding the composition of the surrounding environment.
Harnessing Research
Sitting on a mountain of data doesn’t help if you aren’t sure what to do with it. Data is one of the most important assets in existence today. Yet, all that valuable information doesn’t mean anything without a clear understanding of how to harness it.
Data is like a word of advice from a friend with fresh eyes. Market research can tell you a tremendous amount about your buyers. It also helps show who isn’t buying from you. Analysis of the information can show areas of untapped potential in your customer base.
It may be a good idea to write down a summary of exactly what your research found and what it means for you.
Need Help?
Whether you have already done your market research or don’t know where to start, at ServoPro we are here to help you get a better understanding of your place in the petrol and convenience market. Contact us if you need help.