Pricing strategy for a leading Restaurant Chain
Our client was a leading global Restaurant Chain, known for consistency. The business had been successful with their traditional pricing strategy, managing menu prices through cost control measures. However, as the business continued to grow and market to change, the client wanted a more precise and sophisticated pricing strategy that leveraged the rich customer data they had collected. They needed a solution that was data driven and supported by strong pricing methodology and research. Our pricing team evaluated the business from an internal and external pricing perspective to provide the client with impactful insights.
We created a 4-step strategy:
- Identify Alternatives
- Conduct Research
- Develop the Pricing Strategy
- Implementation & Support Option
See below: Sample of price simulator tool (PST) which allowed the client to predict the impact of a price change