He explained to the group how his company is using technology to position itself above the competition. A key factor in that formula is a dayparting strategy. "[image-nocss] People come in at different times of the day for different things," Parker said, according to the report. "In the morning they're buying coffee, and in the evening it's beer."
Offering specials and bundling target purchases with complementary items will help increase sales and customer satisfaction, he added.
"I don't think of Enmark, Chu's or Circle K as the competition," he said. "I look at places like McDonald's as my main competition." He pointed out that the fast-food company is an industry leader in providing service, convenience and an affordable price point. "They have drive-thrus and bundle offers. It takes the guess work out of it. You drive and order the No. 1, 2 or 3."
Another thing Parker said small businesses can learn from big corporations is the importance of data collection and analysis.He said his stores track what does and does notsell and adjust inventory accordingly. "We do that for each individual store, not across the board," he said, adding that other forms of customer feedback are also invaluable.
All his stores will have video terminals that at the end of the transaction ask customers about their experience because customer service is paramount, Parker said. Parker refers to his clerks as customer service representatives, the report said.
He said that having standards and insisting that employees adhere to them is necessary for business. "I invest heavily in people," he said. "Convenience store clerks are some of the toughest jobs with the toughest labor pool."
He created Parker University to teach the skills needed to handle food, lottery, gasoline pump transactions and money orders, said the report.
"You can teach happy people to be competent, but you can't teach competent people how to be happy," Parker said. "You can have the perfect store, with the perfect lighting and landscape, but it won't mean anything without the perfect team."
The Morning News reported a few additional words of advice from Parker: Have a strategic planning process in place. Develop the best team you can. Come up with a philosophy you can believe in and stick to it. Worship data. Have a great relationship with your banker. Reward customer loyalty. Learn how to learn. What you know now will be obsolete in a few years. Don't buy what you can't afford. Don't borrow what you can't pay back. Don't do deals you don't understand. Concentrate your energy on the one thing you want to do.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.