81 – The 4 Ps of Restaurant Marketing II

4Ps of Restaurant Marketing - Price

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Price Setting – How do you set the price?  Price Leader, a Premium Price?  How does that impact your customers and how does it impact your profitability?

We look at M Y China and one of their amazing dessert item – the Sugar Egg Puffs.  These are awesome.

How does Menu Engineering fit in with your pricing?  We look at the Dogs, Stars, Puzzles and Plow Horses.

Revenue Per Available Seat Hour.  What is this metric, where did it come from and how important is it to your business model.  How can you influence it?

Getting the balance between your fixed and variable costs is critical.  How can you increase the number of hours that your restaurant is open without increasing the number of hours that you are working?

Loyalty discounts can make a big difference in increasing customer loyalty.  This increases the Long Term Customer Value for each customer and increases the Return on Investment for each new customer that you find.

Payment Terms.  Restaurants Love Cash!  Prebookings can decrease your no show rates.  Prebookings for fixed product, eg a degustation menu means you may be able to vary the price for higher demand nights.

Place – where is the the place?  Is it your Restaurant?

Valet Parking?  Ubers?  Courtesy buses.

How do food trucks fit into the mix?

 

 


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