DOWNLOAD: Competitor Pricing Survey
When it comes to pricing, many restaurant and bar owners make the mistake of using preconceived pricing formulas designed to achieve targeted profit margins. But potential customers are not interested in your profit margins, rather, it is their price/value perception that will determine if they are to dine or drink at your restaurant or bar.
One way to gauge customer price perception is to survey your competitors to see what they are charging for similar bar or food menu items. Use the Competitor Pricing Survey spreadsheet to gain a sense of the market value of your restaurant's or bar's menu. Once you know the value, then tweak the pricing to reflect a balance that meets market perception as well as profitability.
Summary of features & benefits:
- Reveals the lower, median, and upper end of the pricing spectrum for your proposed menu items
Compare side-by-side pricing for up to six competitors
Has a separate worksheet for food and bar menu comparisons
Includes a partially completed sample worksheet for reference
Helps in determining profitable and accurate menu pricing
The Competitor Pricing Survey is downloadable in Microsoft Excel® file format.