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ARE INDEPENDENT RESTAURANTS PRICING THEMSELVES OUT OF THE MARKET?

Culinary Cues

From my experience, it is difficult to experience a dinner for two in a moderate full-service, independent restaurant for less than $120 without gratuity. Look at the cost of raw materials required to produce those items and ask a simple question: “Can we afford to sell these items and will people pay the price we need to charge?”

Pricing 341
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THE LINE IN THE SAND WITH RESTAURANT PRICING

Culinary Cues

We deal with highly perishable goods, unpredictable customer behavior, swinging door staffing, and constantly escalating cost of goods. Restaurants get hit from all angles so when there is a chance to push the envelope on pricing – many do. How do we continue to market wines at $20 a glass or cocktails in the same price category?

Pricing 362
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Where Is Surge Pricing Headed?

Modern Restaurant Management

"Restaurants thinking about implementing surge pricing need to balance the revenue upside with the potential brand backlash," says Savneet Singh, CEO of PAR Technology. "While ’" Is it possible for restaurants to have the best of both worlds and maximize revenue and still capture customer loyalty? Yes, and yes!

Pricing 193
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Restaurant Market Research: Ultimate Guide to Market Analysis

7 Shifts

Just like a well-crafted mission statement will help guide your business decisions, identifying and understanding your target customers and competitors through restaurant market research will give your business a competitive edge. Do you want to find out which food items your customers love the most? With the 4.5% With the 4.5%

Marketing 370
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Diners Have Negative Reaction to Surge and Dynamic Pricing

Modern Restaurant Management

Eighty-one percent of diners said they would either stop going to a restaurant altogether or alter their dining hours to avoid prices surging during peak hours and 64 percent said they have a negative reaction to restaurants using surge and dynamic pricing, according to a HungerRush’s National Restaurant Price Surging Survey.

Pricing 197
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Great Expectations as Customers Show Increased Appetite for Swift Service and Customization

Modern Restaurant Management

Globally, restaurants saw a notable shift in customer expectations and behavior during this time. As a result, restaurants had to quickly adapt by offering takeout and delivery options to cater to their customers' changing needs. In addition, many restaurants are now using digital menus in-house.

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What Do Guests Think About Dynamic Pricing?

Modern Restaurant Management

Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.

Pricing 198