Independence is a virtue: The benefits of third-party price collections

In the third in our series of articles examining the benefits that flow from having reliable pricing data, we focus on how third-party price collections can help your business.

Why are you still relying on sub-standard methods to collect your competitor pricing data? 

A worn petrol pump displays fuel prices and litre measurements.

As explored in our previous articles, in the fuel sector, simply relying on local site managers to collect prices carries considerable risk. Prices published on government portals are no better.

Crowdsourced data results in an unreliable and irregular flow of information. Setting up cameras entails privacy concerns. Fuel card data is expensive and of variable quality.

It is for all these reasons that many companies have come to appreciate the value in sticking with pricing data acquired from dedicated third party providers such as Informed Sources. 

Third party collectors are entirely independent: motivated solely by the accurate collection and reporting of prices. This makes them a completely trustworthy source of information.

Third party price collectors also mean greater flexibility. Companies can opt for as many collection windows per week or day as they wish. Importantly, our solution puts control back in the hands of the client, who can request that collection windows occur when the market is moving – not at a time that happens to fit around other competing schedules at the site, such as cleaning or shift changes.

The use of third-party data collection also ensures that any culture of conflict between site managers and head office due to inaccurate reporting becomes a thing of the past. Staff can start to focus on what to do about the competition instead of arguing about the accuracy of prices.

This is not just about visibility of competitor prices. Our collectors also obtain prices displayed at your own sites and it is often an eye-opener for companies to see the disparity between prices sent by site operators compared with those displayed on price boards that the public see.

Other price collection methods have come and gone. Our clients, however, recognise that for a steady, reliable flow of accurate data, manual collections remain the gold standard of market intelligence.

Speak with one of our sales consultants today about how you can make uncertainty a thing of the past when setting your prices and implement your pricing strategy with confidence.

Join us for our next article as we crunch the numbers on how much you can stand to save in optimised margins and other benefits from our live petrol price collection service.

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