EdgePetrol appointed Palladium to develop a product strategy to revolutionise petrol forecourt retailing.
About the company
EdgePetrol unlocks the power of data to drive decisions that increase the profitability of their customer's fuel retail portfolio.
Having worked in finance management and market risk within the oil industry, the founders of EdgePetrol became aware of inefficiencies in the buying and pricing decisions made by petrol retailers.
Palladium were appointed by EdgePetrol after identification of an opportunity within the oil industry to improve buying and pricing decisions for Petrol Retailers.
The Palladium approach
Having identified an opportunity for a product to support inventory management pricing decisions, Palladium worked with Edge to deliver a user centred product with ambitions of delivering significant market penetration (on boarding 75% of UK Petrol Filling Stations).
Undertaking extensive customer research, working with Edge stakeholders and founding customers, Palladium developed and implemented a product strategy to develop a product designed to improve Petrol Retailer profit margins.
Based on three core principles, the product was developed to strengthen marginal gains for petrol retailers, enabling them to:
- Buy smarter: Using real time data of stock levels, Edge Petrol recommends when to order fuel
- Price effectively: A built in forecasting tool enables Edge Petrol to recommend the right price based on a number of internal and external factors
- Portfolio data: The 'My Edge' dashboard gives forecourt owners clarity on key sales metrics across their portfolio in real time
Product strategy development
- Definition of product objectives, vision, high level business and customer requirements
- User interviews to understand core customer needs on which to build product requirements
- Technical feasibility assessment
- Product architecture and solution design
- Palladium managed the product backlog for developing the company's Minimum Viable Product and agile sprint roadmap for delivery
- Development of user interface designs
- Ongoing product management
Key findings, results and areas for improvement
- Rapid product strategy development
- Agile development of MVP within 12 weeks of strategy initiation
- On boarding of 3 key clients within first 12 weeks