Whether you are an independent restaurant,
a chain restaurant, convenience store, bodega, or grocery store consumers are
at a breaking point when it comes to the price they pay for your food. According to Steven Johnson Grocerant Guru® at
Tacoma, WA based Foodservice Solutions®; every time you raise the price of any
item on your menu your customers notice.
Johnson cautions, it is at the
intersection of customer discontent over ‘never ending price increases and convenience’
that consumers will change their path to purchase. One of the best tools every
food retailer particularly small operator should have in their marketing tool
kit is access to Restaurant Price Index (RPT).
So, in
case you have not heard of it or used it,
Revenue Management Solutions has launched its Competitor Price Intelligence
solution. The competitive price platform includes a proprietary Restaurant
Price Index (RPI) that analyzes menu price evolution so users can benchmark
pricing across as many as 170,000 quick-service, fast casual, casual dining and
fine dining locations.
Now for
the first time, restaurant operators can access clean, validated monthly price
change data from a simple dashboard interface, revealing insights into the
increasingly competitive pricing landscape. Using a proprietary AI technology,
the solution continually compares menu prices for all restaurant segments
across 50-plus brands in all US states and select countries internationally.
Revenue
Management Solutions developed the solution to address clients’ most
significant concerns. What does everyone else charge? Do you know just what everyone else is
charging for the same thing you are?
RMS
Chief Client Officer Bob Donofrio, stated, “RMS developed our Competitor
Price Intelligence and RPI based on nearly 30 years of menu engineering and
pricing strategy,” said. “With data exclusive to the restaurant industry,
operators have a meaningful snapshot of price direction accessible through an
easy-to-use, cloud-based platform, with actionable insights to drive pricing
strategies, revenue and profitability.”
That said,
the Competitor Price Intelligence is much more than a pricing data dump.
Leveraged on RMS’ expertise and combined with the user’s input, the solution
delivers pre-categorized, like-for-like menu item comparisons. The dashboard
includes comprehensive pricing data for in-store and delivery prices in any US
region or market and for major brands internationally using local currencies.
Updated monthly, the insights and data timeliness are unmatched by third-party
sellers.
Additionally,
users can:
·
Define
their competitor set and menu categories
·
Compare
prices across targeted segments and cuisine types
·
Easily
tag and compare by location
·
Filter
by geography and menu category
·
Understand
how an item is priced
·
Track
industry and competitor pricing activity over time
Want a Larger Share of Stomach
PRICE MATTERS
Understand
that as mounting costs and inflation pressure the industry, RMS
is previewing its Price Map insights with a monthly heatmap featuring the
latest average prices for burgers, chicken sandwiches and pizza across all US
states.
RMS
CEO John Oakes, stated, “We asked the world’s leading restaurant brands,
through client feedback and focus groups, what they needed to succeed in
today’s highly charged environment,” …. “The overwhelming answer was competitor
pricing data. Timely data wasn’t accessible, and operators didn’t have the
staff to make sense of it. Our Competitor Price Intelligence will change that.”
What is everyone else charging? How much can I charge for a burger, taco, or
pizza? Are you looking for a new partnership to drive sales? Are you ready for
some fresh ideations? Do your food marketing tactics look more like yesterday
than tomorrow? Visit GrocerantGuru.com for more information or contact: Steve@FoodserviceSolutions.us Remember success does leave clues and we just may have the
clue you need to propel your continued success.
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