Market Surveys to Set Pricing
By David Scott Peters
Restaurant Tip of the Week
Use a market survey to check your business
When deciding what to charge for your menu and drink items, it’s helpful to know what others around you — at least your competition — is charging. Take a market survey to help you benchmark your prices. Go out and gather data. You can hire a survey company to do it, you can do it yourself through patronizing your competition, or you can just call your competition and ask them. However you do it, a market survey helps you check your pricing and menu items, gauge how your competition is behaving and possibly provide you with new ideas for your restaurant.
David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.