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TRANSCRIPT
Media Kit 2015+
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Media Kit
THE PSYCHOLOGY OF MENU PRICINGTHERE IS NO ONE SET METHOD FOR MENU PRICING, HOWEVER AS OUR PREVIOUS ARTICLE IN HOTEL SA OUTLINED, THERE ARE TECHNIQUES THAT CLEARLY WORK.
The psychology of menu pricing is part science, part art form. What works with one target audience will not work with another. Age, geography and culture all have an infl uence.However, you can gain fresh insights into your own menu pricing
structure by using creative thinking.If you can put yourself in your customer’s shoes, you will see how
your prices and how your menu affects how they think and feel. This is not always easy. If you have trouble doing this in your own venue because you are too emotionally invested, then visit some of your competitors.Not only will visiting your competitors give you plenty of ideas you
can insert into your own restaurant, it will also give you the chance to examine the psychological side of their pricing.
Perils of going pricing too low
Restaurants that revert to loss leaders are often failures. It can be a dangerous tactic to draw people in with a low price, in the hope they will spend more on other items. Unless you really know what you are doing, making this part of your everyday business plan is best left to fast food restaurants with high volumes.
High prices are for high quality
Restaurant dining is a luxury for most people and so demand can dry up when consumer sentiment is negative about the economy. With many new establishments opening up, competition has never been as fi erce. As a general rule, the days of peak pricing are over, unless you have a reputation and the quality that people are happy to pay for.
Introducing higher margin items
This could also be titled: “Most People Will Not Pay More If They Are Unsure They Will Like It”. When updating your menu, there is no rule that says everything has to change. If your costs of printing new menus are kept low using new print methods (ie. small print quantities using digital, you can afford to tinker with your menu on a regular basis. In this way you can introduce new ideas one at a time. Keep the items that sell and remove the duds. You might consider introducing new items as entrees. If they take off
with your patrons, you can move it into the mains and increase profi ts.
Swings and Roundabouts
This means you have to offer people a price they want, even if it means reducing your profi t in one area, but then offering them extras that attract a higher margin. Give people set meals at good prices, and charge a little extra for additions. As the old saying goes, what you lose on the swings, you make up on the roundabouts. The key point is to try new things. Experiment and measure; keep the successes and walk away from the failures.
Set limits
People want choice when they visit a restaurant but the more items you add to your menu, the harder it becomes to run your business and make a decent profi t. An overly long menu results in people taking much longer to make choices, increases food inventory, puts more strain on kitchen staff and it becomes harder for chefs to maintain high quality.
AN ALTERNATIVE APPROACH
Bloomberg has reported that a Michelin-starred London restaurant has decided to cut the number of tables from 40 to 22 – and offer just two meal prices.Hedone will offer set menus at approximately £95 and £125.The owner says: “ People will just tell us how much they want to
spend, and two tables sitting beside each other who want to spend the same amount of money might get two completely different meals.”
The psychology of menu pricing is part science, part art form. What works with one target audience will not work with another. Age, geography and culture all have an influence.
Hotel SA
36 MENU PRICING
The Offi cial Publication of THE AUSTRALIAN HOTELS ASSOCIATION (SA branch) October / November 2015
THE WOODVILLE:A TOWERING ACHIEVEMENT
SIX SA PUBS STAR IN NATIONAL AWARDS
Hotel SA
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