Running a food business while juggling a whole bunch of other costs is no easy feat. Ensuring your employees are paid a livable wage, sourcing food ingredients that get pricier by the day are but one of the many struggles of business. On top of it all, customer satisfaction is often touted as the most important factor to keep in mind, and yet, sometimes the only option left is to offload part of the rising costs onto the customer.
It is not easy to revise prices, especially when one of your selling points may be an affordable price. Your customers may also be taken aback at first, but with these tips below, we hope you can smoothly implement them!
Having to increase prices is a tough decision, and you shouldn’t feel ashamed of yourself for having to do so. Stick to your plan, see the increase through and avoid flip-flopping on your decision. As long as the price increase is reasonable, customers would come around eventually. It is also important to continue ensuring that the quality of your offerings remain stable to safeguard your customer’s experience.
Be upfront and clear about why the increase is justified. Make your price revision known on your social media to prep your customers is a good strategy. On top of preempting them about the price increase, consider implementing gradual price increases over time rather than a significant adjustment. This would prevent surprising your customers in a negative way.
Emphasize to your customers that it is the intangible value that counts – the same high quality ingredients, the skill of your chefs, and the overall dining experience. In your communication to your customers, reinforce the idea that this small increase will contribute to your business’ sustainability so they can enjoy your great offerings longer. Don’t shy away from offering small appetisers such as pickles and chips on the house after the implementation, or introduce value-adding feature to keep them returning, such as loyalty programs.
This is a decision that will impact your team and business in the long haul. Remember to update your prices to keep them consistent across all online platforms, and educate your team on the reasons behind the price increase. This way, they can confidently respond to customers’ questions. Reprint new menus instead of editing the current copies with stickers or marker pens for a more professional look.
Other than an increase in prizes, opt for new menu and find the next crowd favorite to further boost your business! Look no further and browse our list of recipes here. Ajinomoto Food Biz Partner have your back all the way on your food business journey. Sign up today for exclusive recipes, tips, tricks and more!
Ajinomoto Food Biz Partner
