Crack the Code: Mastering Menu Prices! #PricingAnalysis #MenuResearch #RestaurantSuccess

24 Jun 2024 · 1 min

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0:30

Short instructional video by Donald Burns explaining how to perform competitive pricing analysis for restaurant menus. Advises collecting menus from 5–7 local competitors, recording prices for similar items, identifying high/low points and averages, and then setting prices based on the value the restaurant provides rather than copying competitors.

You need to do some research and conduct a competitive pricing analysis. Gather menus from your market and kind of write down what's the pricing of similar items on your menu. Don't use it as a copy, but more as research. Collect data from 5 to 7 restaurants in your market with similar food items. When I look at the data, I'm looking for the high point, the low point, and then I try to figure out what the average is. Now, based on the value you bring, what can you price your item for?