Fri, 7 March 2014
Ken Burgin talks numbers and tactics with Jon Manning, the founder of PricingProphets.com – pricing is his business. It’s a wonderful moment when you finally have the courage to raise prices to reflect the real value of your product… and no one complains. It should have been done months ago! There are so many angles to pricing menus, wine lists and event packages, and in this interview Jon Manning shares lots of great ideas.
So much hospitality pricing seems to be based on cost-plus – either a formula or guess work. Like letting a bookkeeper write the menu, instead of using your marketing brain. It can also mean you leave money in the customer’s pocket. Or if prices are pitched to high, it will depress sales and create a negative impression. Jon outlines a wide range of ways to use ‘value based’ pricing, and has some great observations on how to make menus and event packages more profitable and popular.