NO PRICING STRATEGY

It´s important to think clearly about how you want to price your menu.

You have a choice …. Do you want to be seen as high end? Do you want to price yourself equal to your main competitors, or do you want to have low prices in the hopes of driving traffic?

There are three basic pricing strategies you can use depending upon your market.

1. UNDER MARKET — This is the low price strategy. I think the key to success with this strategy is to offer high value at a low cost.

2.  AT MARKET — In this strategy, you are competing at the same level as your peers so you have to offer a compelling USP, high food quality and above average service to attract customers.

3. ABOVE MARKET — In some ways this is similar to the Under Market strategy. You are using price to distinguish yourself. I think in this case, you have to deliver exceptional quality and service to reinforce the value implied by your higher price.

How would your business fair in The Price is Right? 

Let me know in the comments below which pricing strategy you prefer.