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How do you deal with price sensitivity and competition when applying menu engineering?

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Menu engineering is a powerful technique to optimize your food cost and profitability by analyzing the performance and popularity of your menu items. However, it also requires careful consideration of how your customers perceive and react to your prices, as well as how you can stand out from your competitors. In this article, we will discuss some strategies to deal with price sensitivity and competition when applying menu engineering.

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Leonardo Daniel Golub

Director VocalCare?. Specialist and Consultant in Food Technology, Commercial Processes and Retail.
Imam A.

Production Manager | Chef | Food Science | Google Play Developer | Food & Beverage Business Consultant | Entrepreneur |…

1 Understand your customer segments

Different customers have different levels of price sensitivity, depending on their income, preferences, motivations, and expectations. For example, some customers may be willing to pay more for a premium quality or experience, while others may be more price-conscious and look for value or discounts. To cater to different customer segments, you can use menu engineering to create different tiers of menu items, such as high-end, mid-range, and low-end, and position them accordingly on your menu. You can also use psychological pricing techniques, such as anchoring, decoy, or bundle pricing, to influence your customers' perception of value and choice.

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2 Analyze your competition

To set your prices competitively, you need to know what your competitors are offering and how they are perceived by your customers. You can conduct a competitive analysis by visiting their websites, social media, online reviews, and physical locations, and compare their menu items, prices, quality, service, and ambiance. You can also use tools like Google Trends or Yelp to track their popularity and ratings. Based on your analysis, you can identify your strengths and weaknesses, as well as opportunities and threats, and use menu engineering to highlight your unique selling proposition and differentiate yourself from your competitors.

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Leonardo Daniel Golub

Director VocalCare?. Specialist and Consultant in Food Technology, Commercial Processes and Retail.
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Cuento mi experiencia. Decido fundar mi empresa de Viandas Light a Domicilio DIETAFULL?. Segmentada a personas que buscaban descender de peso a través de una alimentación natural y saludable. A los pocos a?os de actividad, el mercado se empieza a saturar pasando de 20 empresas a mas de 2500. Eso nos hizo replantear completamente el negocio. Elegimos no competir con 2500 negocios y haciendo una reingenieria, re-segmentamos nuestra empresa y empezamos a hacer Viandas para personas que necesitaban hacer una dieta especial porque tenían alguna patología medica que lo requería. Así asistimos a Diabéticos, Cardiacos, Hipertensos, Transplantados, entre otros y nuestra empresa despego. Creatividad e Innovación nos llevan a nuevos horizontes.

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3 Test and monitor your prices

Menu engineering is not a one-time process, but a continuous cycle of testing and monitoring your prices and their impact on your sales, costs, and profits. You can use various methods to test your prices, such as A/B testing, surveys, focus groups, or trial periods, and collect feedback from your customers and staff. You can also use software or spreadsheets to track your menu item performance indicators, such as contribution margin, popularity, food cost percentage, and menu mix. Based on your results, you can adjust your prices accordingly and update your menu regularly.

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Leonardo Daniel Golub

Director VocalCare?. Specialist and Consultant in Food Technology, Commercial Processes and Retail.
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La rentabilidad es el motor que sostiene y hace crecer nuestros emprendimientos. Veo como error común donde muchos empresarios gastronómicos se concentran en la venta de sus productos, cuando en realidad la rentabilidad se encuentra en saber comprar los insumos y materias primas. Encontrar proveedores de calidad y confianza es un activo de gran valor. Con respecto a la ingeniería de menus es muy desgastante entrar en procesos de prueba y error. Por eso vale la pena tomarse el tiempo de capacitarse, investigar, conocer a fondo a nuestra competencia; para luego con esta información poder encontrar un subnicho que permita diferenciarnos de ellos y no entrar en la competencia encarnizada y directa que tanto desgaste y presión nos genera.

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4 Communicate your value proposition

One of the most important aspects of dealing with price sensitivity and competition is to communicate your value proposition clearly and effectively to your customers. You can use various elements of your menu design, such as layout, typography, color, images, descriptions, and labels, to convey your brand identity and personality, and to emphasize the benefits and features of your menu items. You can also use marketing channels, such as social media, email, or loyalty programs, to promote your menu items and specials, and to build relationships and trust with your customers.

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Leonardo Daniel Golub

Director VocalCare?. Specialist and Consultant in Food Technology, Commercial Processes and Retail.
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Comunicar la propuesta de valor es importante. La identidad que le queremos dar a nuestro emprendimiento esta directamente relacionada con ello. Pero creo que todos los elementos que se mencionan en el tópico pasan a un segundo plano, cuando empezamos a trabajar en la generación de la mejor experiencia al cliente. En Argentina decimos: "Recomendación de boca en boca" donde nuestra mejor publicidad o comunicación de propuesta de valor la hace el cliente satisfecho que voluntariamente comparte su experiencia con su entorno relacional haciendo que quieran vivir la misma experiencia de quien se las compartió. En la actualidad hay influencers gastronómicos que usan las redes sociales para comunicar experiencia pero cuando son pagos generan dudas

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5 Train your staff

Your staff are the front-line ambassadors of your menu and your brand, and they play a crucial role in influencing your customers' perception and satisfaction. Therefore, you need to train your staff to understand and implement menu engineering effectively, and to upsell and cross-sell your menu items confidently and appropriately. You can provide your staff with regular training sessions, manuals, cheat sheets, or incentives, and encourage them to taste and learn about your menu items, and to share their feedback and suggestions.

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Leonardo Daniel Golub

Director VocalCare?. Specialist and Consultant in Food Technology, Commercial Processes and Retail.
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La capacitación es importante. En este caso solo quiero agregar una propuesta. Considero necesario que todo el personal conozca profundamente el menu y los servicios que ofrecemos. Eso implica que deben ver desde la recepción de materias primas, elaboración de los menus y por sobre todo probar la comida que en el futuro le ofrecerán a los clientes. Esto hace que cuando el cliente haga sus consultas o pida asesoramiento para elegir su plato, el personal puede hacerlo con maestría y conocimiento.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Imam A.

Production Manager | Chef | Food Science | Google Play Developer | Food & Beverage Business Consultant | Entrepreneur | Tourism Advisor
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In addition to the steps outlined aboved , consider conducting regular market research to stay updated on changing consumer preferences and trends. It's also essential to continuously innovate your menu offerings to stay ahead of the competition. Moreover, focusing on enhancing the overall dining experience, including ambiance, service quality, and customer engagement, can help differentiate your establishment and justify your pricing strategy. Additionally, leveraging technology for data analysis and implementing dynamic pricing strategies can optimize revenue and address price sensitivity effectively.

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How do you deal with price sensitivity and competition when applying menu engineering?

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2

3

4

5

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1 Understand your customer segments

2 Analyze your competition

3 Test and monitor your prices

4 Communicate your value proposition

5 Train your staff

6 Here’s what else to consider

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