Restaurant Pricing
Pricing in restaurants is fundamental, there are many factors that should be considered. PriceBeam aims to provide invaluable insights into what customers are willing to pay and the perceived value of your items based on data and science instead of guesswork. A highly regarded study in the restaurant industry for PriceBeam is our Menu-Based Conjoint study.
Challenges in Restaurant Pricing
Pricing in restaurants has long been one of PriceBeam’s primary areas of expertise. Restuarants can majorly benefit from pricing research to understand their target market, value, and what customers are willing to pay. Thus, the demand for our services in this industry is high and consequently, we have grown in expertise with the many projects we have done.
Menu-item placement.
Something often overlooked but is crucial—the placement of food items on your menu. Strategically positioning items in terms of pricing, what to bundle, and how to price each item to maximize sales and profits can be challenging.
Competitive pricing.
Establishing prices that remain competitive within the local market while ensuring profitability is a balancing act. Overpricing might drive customers away, while underpricing may impact revenue and profitability.
How PriceBeam Brings Value Find out more →
Price Positioning & Strategy
New Product Pricing
Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products.
Market Launch Pricing
Setting the right prices when launching into new markets is often a challenge in Restaurants companies. PriceBeam helps understand market differences and sets optimal price points for each.
Assortment Optimization
Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range.
Value Communicate
Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay.
Price Increase
Prices should not be static. It is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations.
International Pricing
Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.
Promotional Optimization
Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue.
How Does It Work?
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
You describe your product/service on our cloud-based platform. You also define the target market to research.
Create Market Research
We add all the research details, statistical setup, etc. so you don't have to worry about it.
Conduct Market Research
We collect responses about the given product/service in the defined target market.
Analysis & Results
The results are aggregated, analyzed and presented in our cloud-based solution.
Why You Should Choose PriceBeam?
PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.
Scientific Results
PriceBeam's studies ensure statistically significant results about willingness-to-pay.
Fast Insights
Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.
Immediate Value
1% change in price delivers 11% improvement in value for the average company.
Easy to Use
You define the product and target market. PriceBeam takes care of the research and statistical details.
Global Reach
PriceBeam studies can be run in 127 countries. PriceBeam takes care of the localization.
Cost Effective
Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.
Ready to get started?
Book a call with one of our experts and see which study helps solve your company's challenges.
