What do you do if your culinary products or services are not selling at the desired price?

Fundamental to understanding if the price of your products is in line with the market is, of course, conducting a market survey to verify the competition. Another aspect is a precise calculation of the food cost.

These kinds of questions should be asked and considered before opening any type of food business. It's very important to identify the product-concept you will be selling, your market, and its demographics.

Do an honest assessment of your product, packaging, presentation, taste, price, perceived value, etc. Get honest feedback from your customers and employees. Assess similar competing products

Una IA puede analizar grandes volúmenes de datos de ventas y tendencias de mercado para predecir la demanda futura. Consejo: Implementa herramientas de análisis predictivo que te ayuden a entender las fluctuaciones del mercado y ajusta tu inventario en consecuencia.

I would suggest: Review ingredient costings if they can be lowered. Test cheaper ingredients that can bring out the same taste perception at lower price. Consider lessening the portion to make it fit the ideal price.

Con IA, es posible automatizar la identificación de ineficiencias en la cadena de suministro y revisar costos operativos. Consejo: Usa software de gestión de cadena de suministro basado en IA para identificar y reducir costos innecesarios.

For restaurant businesses, an accurate calculation of food cost is essential. This element allows us to understand where in our menu or products there may be resource wastage, which prevents us from being competitive in the market without raising prices. A precise control of this element helps us understand where to correct any losses. Furthermore, the careful selection of suppliers who provide quality, sustainable, and possibly niche products can save us a lot of money upstream.

1. Evaluate pricing: Are you pricing too high for your target market? Consider adjusting your prices to better match what your customers are willing to pay. 2. Market research: Understand your customers' preferences, budget, and willingness to pay for your products or services. Conduct surveys or gather feedback to identify any mismatches. 3. Value proposition: Highlight the unique value your products or services offer compared to competitors. Showcase quality, freshness, sustainability, or any other distinguishing factors.

In order to better manage food cost, consider doing weekly inventory. This can give you a picture of how your numbers are trending week over week, and what your goals should be for the following week. Also, be sure your costs are being updated with each new invoice received from your vendors. Prices, especially on seasonal or market driven products, can change frequently. Be sure your costs are accurate by updating frequently.

It can be a helpful exercise to list all of your competitors in a spreadsheet and record the details about them. What promotions do they offer? What are they charging for similar products? This should be a part of every businesses research during the planning phase, but keeping regular track of your competitors can help you be sure you are aligned with the rest of the market. Also, consider following the social media accounts of your competitors, since those are often the place where businesses announce new products or promotions.

La IA puede realizar un seguimiento y análisis en tiempo real de las estrategias y precios de tus competidores. Consejo: Desarrolla un sistema de monitoreo competitivo basado en IA para mantener una ventaja estratégica ajustando tus tácticas rápidamente.

Competitive analysis is fundamental. It allows me to understand how I'm positioned compared to the rest of the market. In case my price is higher, I can also understand and convey to the customer the reason for the higher price. It doesn't mean that I have to conform to the market because if my service/product has characteristics such that the difference from the rest of the market is substantial, and I am able to communicate the added value, the higher price will be justified.

Every restaurant and business must make a thorough competitive analysis to understand its market position. Once this aspect is defined, it is essential to determine whether you are competitive or not. In the latter case, it's crucial to highlight your products and communicate to the public why they offer greater value.

Analyze the product, if it lacks of taste, texture or presentation as per the various age groups. Analyzing the product will refresh the idea about the product and sales to achieve it.

Explore product bundling or adding value through complementary services to enhance attractiveness without simply cutting prices. This approach can increase perceived value, encouraging purchases at existing price points. By creatively combining products or services, you can meet customer needs more effectively and differentiate from competitors, potentially unlocking new sales opportunities.

Herramientas de IA pueden optimizar la fijación de precios utilizando modelos de precios dinámicos basados en la demanda, costos y precios de la competencia. Consejo: Implementa un sistema de precios inteligente que ajuste automáticamente los precios basándose en algoritmos de aprendizaje automático.

Sometimes it's not the price that makes us more competitive; if we are unique in our offering, this alone can allow us to have higher prices. On the other hand, if we want to lower the price to be more competitive without reducing the quality of our product, it will be essential to calculate a correct food cost

Fuck what everybody else thinks. They dont know shit and everybody wants a discount, fuck your friends! Go for quality, who doesnt recognize it is no worthy!!!

Você n?o precisa reduzir o valor dos seus produtos. Mas oferecê-los de uma maneira direcionada. Por exemplo na escolha das cervejas alguns clientes consomem por indica??o se tem alguma dela que n?o tem saído muito, coloque na frente no expositor e ofere?a primeiro quando for resconder quais marcas você tem. é uma atitude simples mas gradativamente funciona.

La IA puede ayudar a identificar características únicas de productos o servicios que son altamente valoradas por los clientes. Consejo: Utiliza análisis de sentimiento y feedback de clientes con IA para mejorar y resaltar los aspectos de tu oferta que realmente importan a tus clientes.

Add value of services and adding some low cost products in sync with the existing product. Though the easiest way out looks to be reducing the sale price, but a price cut sometime behaves negatively with the customers feelings.

Isso vai selecionar os seus clientes. N?o somente aqueles com maior poder aquisitivo. Mas principalmente aquel3s que têm um gosto mais aprimorado.

One thing I have found is that many people in the industry are coming to make profits. There are very few who works on their services and retention of their business by empowering employees across all the sections. Thousands and thousands of similar products are available in the market today but what makes them outstanding is the genuine service and care that is shown.

La IA puede prever tendencias emergentes y cambios de mercado, sugiriendo cuándo y cómo pivotar tu estrategia. Consejo: Mantén sistemas de IA que analicen constantemente datos del mercado para reconocer se?ales tempranas que indiquen la necesidad de cambiar tu enfoque de negocio.

Target the audience like reevaluating target by reaching the right audience. And also modify recipes, presentation, food trends based on customer feedback and expectations.

I would say that all of the above criteria play an important part to understand as to why my products (food) is not selling Some elementary questions need to be answered - was the demand data studied and analysed - was consumer behaviour/liking towards that product category analysed - was the price point data of that product/category analysed - are you giving the consumer an added value in that product so that he/she opts for your product each time - are your touch points of sale for that product/category the right touch point - Have you understood your Target audience correctly These are some of the questions which need to be dwelled into before a product is brought to life in the market

Me parece que el estudio de mercado es fundamental detrás de cada propuesta adaptando el producto gastronómico a la necesidad del mercado del lugar, luego de ahí entramos a temas de presupuesto y análisis de producto, y luego el desarrollo de la filosofía adaptando todo a la proyección de mercado dando balance con una realista política de costos, no vender caro ni barato si no lo que es, por qué si no el fracaso es eminente. Saludos

While price is one of the key components that drive the sales of culinary products, it's not the only one. In my experience, customers look for the value they feel they are entitled for when paying a certain amount. Value can be broken down into quality, quantity as quantitative factors and look, feel, taste as qualitative factors. While we take care to bring the best product at the best possible price, any of the above factors can break the value perception. For e.g. We observed in one case where we sold baked goods in packs of 2 at 5% discount instead of a single unit at 10% discount, the preference for the former was higher.

*Conduct market research to gather feedback and identify any gaps between what you offer and what your customers want. *Review your marketing strategy. Utilize social media, email marketing, and local advertising to increase visibility. Consider special promotions or collaborations to draw more attention. *Stand out from the competition by offering something unique. Make sure your unique selling proposition (USP) is well communicated to your audience. *Compare your prices with competitors and ensure they are competitive yet sustainable for your business. *Customer Feedback - This can provide invaluable insights into what improvements can be made or what aspects of your service or product are most appreciated.