Making Seasonal Specials Affordable
How to Price Your Holiday Menu
The season of celebration can also double as a season for spending. You want your operation to attract special occasion diners. That means creating a holiday menu that’s both appealing and priced appropriately.
When your holiday menu is priced competitively, you’re able to attract more guests, meaning you can generate the greatest profit possible during the busy season. Read our 5 tips for holiday menu pricing to start planning.
1. Consider Your Costs
The first step to pricing your holiday menu is to figure out how much you’ll need to spend. This means considering the cost of ingredients, labor, and overhead. Holiday dishes sometimes call for more expensive ingredients, like prime cuts of meat and once you know your costs, you can start to factor in a profit margin.
2. Know Your Customers
It’s important to identify your target market before you plan any specials – but especially before setting prices. If you know your key consumer base, you can research their spending habits. Creating a limited time offer that’s out of budget for your diners isn’t likely to succeed.
3. Offer Several Options
While many holiday specials tend to be pricier than regular specials, not every customer is willing to spend more for special occasions. The best strategy is to offer a variety of price points so that everyone can find something that fits their budget. Plus, creating a menu that allows for add-ons or special substitutions can allow diners to either stick with the bare minimum or enhance their order.
4. Cater to Groups
Many people’s holiday plans involve a larger group. You can take advantage of this by offering group rates or prix fixe menus specially for catering orders. That way, you can become the top option for the entire family.
5. Advertise Your Menu as Early as Possible
Holiday dining is nearly here but it’s not too late to advertise your specials in advance. You’ll want to start advertising your menu specials and their prices as
soon as possible. This will help your customers plan and make reservations appropriately.
ricing a holiday menu is an important task for restaurant operators. By carefully considering your costs, your target market, and the competition, you can price your menu in a way that is both profitable and appealing to your customers.
In addition to pricing, procurement is another important factor to consider when planning your holiday menu. Luckily, Foodbuy Foodservice can help. Reach out to an account manager today to learn more about our GPO programs.