By: Benjamin Garden, VP, Pricing Analytics, Iris Pricing Solutions In 2023, restaurants have faced a slew of challenges, from slower foot traffic to higher supply costs. However, some restaurants and their franchisees are defying expectations and actually earning healthy profits. How are they accomplishing this feat? Their secret weapon is pricing analytics, which is the [...]
Pricing is a critical aspect of any business, and for Chief Marketing Officers (CMOs), it plays a vital role in the success of a company. A well-crafted pricing strategy can impact the entire marketing mix, and it is essential to understand the importance of pricing for CMOs in today's competitive business landscape. The Underestimated [...]
Menu Price Increases Require a Strategic Approach "Between inflation and supply chain shortages, there are a plethora of issues affecting restaurants’ bottom lines. This has led many to adjust menu prices—according to a recent survey, 91% of operators have done so. How do you know when it’s time to raise prices?". Pricing Solutions Director [...]
By Craig Singleton, Director of Restaurant Strategy, Iris Pricing Solutions Spring is here and it's the ideal time to re-evaluate menus and reconsider pricing. Producing new menu items or switching to a seasonal menu necessitates a consideration of current pricing. Many large, multi-unit restaurant brands procrastinate on pricing out of fear that an increase [...]
Cost pressures and an increasingly competitive market have resulted in severe price increases across the restaurant industry. Research by the National Restaurant Association has found that menu prices on average have increased 4.7% percent last year, and quick service has increased by 6.7% - which was the highest increase U.S. consumers experienced in over [...]
By: Ed Heskins, Director of Pricing Strategy (UK) Last month marked “Freedom Day” in parts of the UK, when the government removed almost all remaining restrictions on its citizens, leaving them free to congregate together, and for businesses to dial-down some of the social distancing measures in place for the last 18 months. [...]
By: Fred Puech, Vice President of Analytics The COVID-19 pandemic has caused extensive and ongoing limits to in-person dining, and with the patio season ending across North America, more and more restaurants are relying on third-party delivery vendors to survive. Popular third-party delivery systems like Skip the Dishes and Uber Eats are in many [...]
COVID-19 has impacted business across most industries, causing a variety of new pricing challenges and questions. Companies are focusing on pricing now more than ever, and indeed pricing is a powerful tool that can help companies face and resolve the challenges they're experiencing. When implemented strategically, pricing can generate a bottom-line improvement while also [...]
B2C businesses are seeking strategies to survive the coronavirus (COVID-19) crisis. We put together 5 pricing tips to help your B2C company succeed despite current economic challenges.
We’ll show you how to develop, customize and implement an effective process, starting with the foundation of your pricing.
