4 Things That May Surprise You About Restaurant Menu Product Prices
1 – Pricing Is A Strategy. Not all prices on a restaurant menu are equal. Certain restaurant menu price points have an effect on human behavior, and other don’t Knowing which price points matter most has a huge impact on how much money you will make. The food business is a pennies business. If you are able to attract and extra 50¢ on each item you sell to each customers who walks through your doors, you’re in a position to make a lot more money in the long run.
2 – Menu Price Focalism Is Important. Anchoring your guests on items that make other items seem less expensive works better than you give it credit for. And working with people who understand the psychology of menu price points and how to help your guests think less about what they are spending and more about the quality of what they are ordering will pay dividends in higher plate contributions and higher check averages.
3 – Ending prices in 5 or 9 doesn’t matter as much to your guests as it does to you. In fact, restaurant consumers don’t even think about the price endings. So if you want the 4¢ from each sale, take it. Nobody will care.
4 – No Dollar Signs. They make people subconsciously more sensitive TO prices. Just leave them off all together. It will help your customers focus on the things that are important rather than that they’re spending money.