Are you also worried about how to price your menu efficiently to increase sales ?
Your restaurants menu plays an important role in fulfilling your customers expectations. Your restaurants menu is the most vital thing for marketing as this is the first thing customer looks for after visiting to your restaurant.
In this blog you’ll get to know about the various strategies for how to price your menu.
Some important menu pricing strategies you should keep in mind while making your restaurants menu are as follows :
- Charm pricing : Charm pricing or we can say smart pricing. Its basically a psychological pricing. Its basically a number game and it is most effective when you alter the left digit from the price. If something in your restaurant costs Rs 100 and you alter it with Rs 99, probably the people will think of a vast difference in both the costs. They’ll think 100 is more and 99 less.
- Complimentary item pricing: Discount sounds good to everyone right ? Your customers love discounts so keeping free complimentary foods with the meal they bought can increase the restaurant sales. You may set a low price for one thing and increase the price for the other keeping in mind the competition for that product.
- Induce effective pricing : It is a psychological phenomenon. This is priced to make other options more eye catching. It simply attracts the customer to opt for a target that is a more profitable choice. Movie theatres successfully uses this strategy.
- Relative pricing : Use this strategy to make your customers buy more. Place your high profit items next to high priced dishes. So your customers are more likely to order the cheaper yet high profit dish.
- Competition driven pricing : It is a method of pricing in which you keep prices based on your competitors. You can conduct a depth research in market about the prices and then do your menu pricing accordingly. Choose the best price which attracts customers.
Involve these menu pricing strategies and tell us if this blog helped you in making an efficient menu to increase sales.