[et_pb_section fb_built=”1″ admin_label=”Blog Post Section” _builder_version=”4.18.0″ custom_margin=”0px||0px||true|false” custom_padding=”0px||0px||true|false” locked=”off” collapsed=”off” global_colors_info=”{}”][et_pb_row column_structure=”2_5,3_5″ admin_label=”Intro & Nav” _builder_version=”4.22.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”2_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Post Nav” _builder_version=”4.22.2″ _module_preset=”default” link_font=”||||on|||RGBA(33,41,69,0.2)|” link_text_color=”#212945″ background_color=”#F4F4F6″ custom_padding=”20px|20px|20px|20px|true|true” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Introduction ” _builder_version=”4.25.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” link_font=”|600|||||||” sticky_enabled=”0″]<\/p>\n
I\u2019m often asked by restaurateurs how to price a menu<\/a> and keep prices palatable despite the rising food and running costs. The trick is to offer better value, provide something extra, and be distinctive.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Content” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”0px||0px||true|false” custom_padding=”0px||30px||false|false” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Price vs. value” module_id=”Price vs. value” _builder_version=”4.25.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” link_font=”|600|||||||” sticky_enabled=”0″]<\/p>\n Price is what you pay. Value is what you get. \u2013 Warren Buffet<\/p><\/blockquote>\n Let\u2019s look at this successful businessman\u2019s surname and play a little\u2026 a buffet is all about vast options and self-service. Fine dining is all about premium ingredients, superior service, and sitting in a super-comfortable chair in a glorious setting. You\u2019re paying for an experience in either restaurant, not just food.<\/p>\n Every restaurant pays the same price for an onion, but what they do with it and how they present it, creates the distinction between run-of-the-mill and world-class, destination dining.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”Where brand value comes in” module_id=”The effect of brand value” _builder_version=”4.25.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” link_font=”|600|||||||” sticky_enabled=”0″]<\/p>\n Value is the sum of real and perceived value. If you then try to add further value, that\u2019s an admirable brand<\/a>. Some brands demand higher prices because they\u2019ve been positioned as aspirational and luxurious. But how does this affect menu pricing?<\/p>\n Real Value + Perceived Value = Total Value<\/p><\/blockquote>\n If a restaurateur wishes to charge more, they need to offer more \u2013 not a wider selection or larger quantities, but better value. Value is a perception that sits in the hearts and minds of people, and it varies greatly. If you make people feel more special, they will want to return. And, don\u2019t forget, it costs less for you to attract your regulars than to attract new clientele.<\/p>\nPrice vs. value<\/h4>\n
\nWhere brand value comes in<\/h4>\n
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