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The prices on your menu are essential to the success of your restaurant: if they’re too high, no one will order your dishes, but if they’re too low, you won’t generate enough revenue to cover costs. Fortunately, based on over 10,000 transactions, we can provide a solid analysis on determining the perfect prices.
We’ll teach you how to calculate the right menu prices and how to make your prices appear more appealing to give your business the revenue boost it deserves. Let’s start upgrading your menu pricing!
MenUpgrade is a method for putting your menu prices under a magnifying glass to see where you can make the prices of your dishes more appealing to your guests. Based on your transaction data, you can determine which price display is more interesting for you as a business and which customers prefer to see. Through A/B testing, we’ve been able to figure out which display works better. One example is to remove euro signs from your products. Euro signs cause guests to choose less expensive menu items.
Do you know why?
The euro sign makes your guests think about the price of the product and the associated expense. Using only numbers also creates much more visual calm on your menu, allowing your guests to make the best choice. An example is shown below.
A successful study conducted by Onesix has shown that guests spend significantly more when the menu doesn’t include euro signs. One of the goals of a restaurant is to provide the best possible experience for its guests, regardless of price. When you remove the price emphasis, this creates a positive effect on revenue and the customer experience.
Removing euro signs ensures that guests don’t think about their spending but instead focus on the amazing food you’re serving.
The placement of prices is also an important factor in helping your guests make better choices. There are several placement tips that can help you quickly! It depends on the strategy of your restaurant or quick-service establishment — the following points don’t work well if you position yourself as a low-cost competitor.
When your menu is optimized, you’ll notice that your guests experience their visit as more pleasant, there’s less confusion, and your revenue will increase directly. However, there’s one more thing you shouldn’t overlook: putting your menu online. Many people research online before ordering or going out to eat somewhere. An important part of this is reviewing the menu and prices.
An optimized menu will undoubtedly improve your guests’ experience. However, there are many more ways to improve the customer experience, such as integrating multiple POS systems. Onesix offers these and many other features that make life easier for you and your guests.
Daan is Head of Marketing at Onesix. This news site offers relevant articles for people working in or interested in hospitality, retail and amusement parks.
