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Adapting to Changing Market Conditions

Turn Changing Market Conditions Into Perfect Opportunities

May 18, 2020
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“Progress is impossible without change,” a famous playwright once said. And those words ring as true today as they did when he first said them.

In a world where everything seems in perpetual flux, change often becomes the only constant. In your world, for example, finding new or different ways to run c-stores successfully isn’t easy. Never has been and never will be. But those best able to pivot successfully often reap the greatest rewards.

How can you make the most of changing market conditions? These tips should help.

 

Minimize the element of surprise

While the unexpected can never be completely eliminated from any business, trend forecasting and customer research can help you seize opportunities and anticipate potential curve balls.

While those terms may sound daunting, they don’t need to be overcomplicated. Trend forecasting, for example, can be as simple as an online search of terms like “c-store trends” to reveal articles like this one. Or “2021 c-store economic outlook” to find insights like the ones here.

To analyze consumer behavior, consider a one-time or recurring survey of your customers. Doing a deep dive into purchase data can also provide valuable insights about your hottest sellers and, just as importantly, what’s not exactly flying off your shelves.

 

Say no to ‘anything but that’

As in other areas of life, the hardest part of change can be the desire to cling to cherished practices or personal convictions. But as long as you’re avoiding change for its own sake, everything can and should be on the table.

Market conditions should drive your actions. Is there an opportunity to profit from expanded grab-and-go food or beverage stations? Go for it. Are external factors beyond anyone’s control making self-serve stations impractical and problematic? Pivot accordingly.

The same holds true for the items on your menu. Changing tastes might mean it’s time to eliminate or downplay a “timeless” menu item to capitalize on the latest trends or changing consumer preferences.

 

Don’t keep change a secret

Whether it’s a new menu item or heightened sanitation practices, let customers know if you’ve adapted in ways that benefit them. Put up signage. Hand out flyers. Push out notifications to your customers’ mobile devices. Whatever it takes to get the good word out about those great changes.

At Ovention, we’ve put convenience first for more than a decade, with exceptional service and reliable ovens that deliver the flexibility you need to adjust to whatever comes next. We’re ready to pivot right there with you whenever market conditions say it’s time. To learn more about us, visit oventionovens.com today.

Ovention Ovens Make It Easy
Double Milo
MiLO® - Double
Revolutionary infusion of Decoupled Air and Infrared (IR) technologies. Independently controlled top and bottom cavities, each with its own interior light and control panel.
Matchbox 1313
Matchbox® 1718/1313
Cook a full menu of delicious offerings without a hood. The Matchbox 1718/1313 takes the traditional conveyor oven to a whole new level.
Shuttle 1116x588
Shuttle® 2000/1200
If you value precision and volume, Ovention has the perfect oven to fit your operation. The Shuttle sets the new standard for conveyor ovens everywhere. No other oven can operate as both a conveyor and a closed-cavity oven.
C26900e
Conveyor 2600/2000
Simple, smart and the right fit for operators looking for a high-throughput conveyor oven. The Ovention Conveyor Oven is the most technologically elegant and operator-friendly conveyor on the market today.
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Cooked with Conveyor 2600/2000

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