With High Prices, Adding Value is Essential
Bonji Hot Takes Volume 23
Welcome back to another edition of Bonji Hot Takes! Happy Thursday, we hope your week is going well and you are excited for another fast-approaching weekend. We predicted it over a year ago, and prices skyrocketed across the board; but now, they don't seem to be going down anytime soon. With this in mind, you may be considering or have already increased your own menu prices. Unfortunately, around 82% of respondents in Restaurant Management Solutions survey said that they feel like they are getting less value with high prices. Thus, we have a few tips on how you can add some value while you do what you have to and raise your prices.
How You Add Value For Your Customers & Manage Price Increases 1. Be Transparent Although this tip may not necessarily add value to your menu items, it keeps you in good standing with your customer base. We personally have experience going to local restaurants and being shocked that prices shot up or we have to pay additional fees for extras like sauces. Of course, price hikes sometimes have to be done and customers don't have much say in that. However, as a restaurant operator, you should be open and transparent about what may be going on. You don't have to go into too much detail, but make a social media post, a blog, an in-store notice, or simply talk to your customers. Doing this will ease the tension that comes along with raising prices, and even though nobody wants to pay more, they will at least be able to understand some of the reasoning behind it. 2. Add Value to The Menu Item Itself "So you're raising prices, but the food is staying the exact same?" This is a question that many customers ask when they see price hikes. Many people believe that prices at restaurants are already too high. In fact, 63% of people believe that the current prices at restaurants are too high. In this case, you may want to consider adding, rearranging, or doing something special with some menu items. Maybe you switch up the cheese or toppings on a dish. Maybe you pay extra close attention to presentation and bringing out special flavors. Maybe you add a free side, salad, or drink with a meal. Using bundles is a hot trend right now, so that may be a safe route to take.
3. Bring Something New to The Table A ton of restaurants are seeing major success using a rewards program, and this adds a ton of value to your business as a whole. More so than just your phenomenal meals, adding a rewards program will keep customers coming back, earning more points towards their free reward. This may only be one example, but it's definitely something you should consider to tag team along with increasing prices. Additionally, maybe you start adding a seasonal menu that is on the affordable side. A seasonal menu shouldn't be too difficult to manage and can even work as a marketing plan. Finally, maybe you can find a way to ensure customers have a memorable experience. A memorable moment holds more value than most things you can give to your customers. Remember to always keep their perspective in mind and don't raise prices without planning something to keep customers happy.
Aside from making the world's best acai, coconut, pitaya, and NEW mango-pineapple smoothie bases, Bonji Foods is a growing food service company that has been ranked in the top 60 restaurant blogs by FeedSpot!