Pricing Practice
Is the perception of my brand impacting what guests are willing to pay? Am I charging the right prices compared to my competition? If I raise my prices, will I drive guests away? Technomic can answer all of these questions.
With more than fifty years of experience in the foodservice industry, we know that the marketplace is complex and that the key to driving revenue involves more than just price. Our Pricing Practice is comprised of four key elements that work together to form one holistic program, bringing our customers unparalleled insight into consumer behavior and pricing.
Competitive Price Analysis
Our price tracking program delivers crucial data points to inform menu decisions, such as what competitors are charging, how pricing differs by market and more.
Methods used: Price tracking
Customer Attitudes & Perceptions
Our army of consumer insights experts employs both qualitative and quantitative techniques to measure consumer value perceptions and determine optimal pricing tiers.
Methods used: Price sensitivity modeling, discrete choice, panel surveys
Behavior-based Transaction Data
We can leverage your existing transaction data to pinpoint whether shifts in sales are attributed to market factors not related to price.
Methods used: Data mining, POS diagnostics, price simulations
Menu Optimization & Structure
Ensure that new and improved menu items – and their placement on the menu - will drive guests through the door.
Methods used: Optimal A/B testing, dine-alongs, eye-path and attention assessment, discrete choice, Price simulations
Why Technomic?
Expertise
A large component of our client base is restaurant operators. Throughout the last fifty years, we’ve fully engrained ourselves into every aspect of their business, from new market entry to culinary innovation to operational audits.
Foodservice Focused
To truly unlock your revenue potential, you need to see the forest and the trees. Technomic’s mixed-methods approach can help identify issues with product mix, menu structure, store design and more.
Army of experts
Technomic has over 200 employees focused on your business objectives, with expertise ranging from data science to consumer insights to menu optimization.