Quick Lube Market Research
What is Quick Lube Market Research?
Quick Lube is a shorthand term for any automotive oil change shop. These shops do oil, filter, and fluid changes, and simple maintenance. In contrast, mechanic shops do a lot more in-depth repairs and modifications. Quick Lube shops are helpful for their fast and convenient service, but like any business, they need good information. Moreover, the best way to get that information is with good and thorough market research.
Market Research is the process of determining the viability of goods and services. It is also the study of potential customers. In the case of oil change shops, the leading service is oil. Yet, understanding the type of oil will affect your bottom line. You’ll also need to search to see how the specific service customers want will affect your bottom line.
Market research lets you make informed decisions about your products. Knowing what you’re doing prevents you from wasting vital time, energy, and money. Additionally, it’ll help you stick to what’s working and shows you exactly what isn’t. Any business would do well to improve its efficiency as much as possible.
Why is Quick Lube Market Research Important?
For an oil change shop to survive and thrive, it needs in-depth market knowledge. For example, the demand for high mileage/synthetic oils has increased. The demand for conventional oils has decreased. As a result, the obvious choice would be to switch to more synthetic oils from traditional oils. In turn, that would ensure the market doesn’t leave you behind. We can only get information like this from effective market research. These are real-world facts that can inform your business decisions. Without this, any company will be lacking in what it can do. In essence, knowledge is power.
Key Job Titles
Notable jobs include:
- Market Research Analyst
- Consumer Analyst
- Data Analyst
Why Businesses need Quick Lube Market Research
Oil change businesses are already one of the most common stops for automobile owners. Yet, that doesn’t mean that there are no steps that you can take to make your business more attractive. Every oil change is an opportunity to build trust with your customers. Thus, as always, the goal is to turn a one-and-done customer into a lifetime customer. Those loyal customers will opt-in for premium oil changes, leading to further revenue. Proper market research will let you bring in even more customers. Increased Car count + More Premium Oil changes = More Revenue + More Profit.
Key Success Factors
- Use many methods in your research. One general technique can’t cover everything. Having many different research methods gives a more comprehensive look at the data. As a result, you get better insights.
- Use algorithms in your analysis. Having a human touch is always important. Yet, it would be a waste not to use the tools at our disposal in the age of technology. Furthermore, algorithms will let you comb through thousands of data sets. It would take months for humans to do it. In contrast, an algorithm can run through it in a few weeks.
- Use other market research studies and learn from them. Many oil change businesses use market research to help fine-tune their operations. Some of this information is available online and is easy to access. So, they are great case studies to see how specific tactics and strategies work in practice.
About Quick Lube Market Research
Quantitative research is always necessary. It helps you understand what kinds of products your consumers demand. Quantitative research tells you how much and gives you precise figures. It’s also good for increasing your data set. You can do so by incorporating focus groups, surveys, and interviews into your process. These can help fill in the blanks and provide better insights.