Pricing strategies that perform
The restaurant industry has long relied on a cost-based approach when setting menu prices. It seems simple. If the price of chicken increases for the operator, then the customer should pay more for a chicken sandwich.
RMS understands pricing strategy is more than a simple “if a then b” equation.
How we work smarter
We add consumer behavior into the equation, relying on demand-based pricing principles. Using a series of patented statistical models, we analyze historic Point of Sales (POS) data at the store- and item-level to estimate the relationships between price changes and performance. Our analysts and data consultants use the outputs to pinpoint price sensitivity and trading relationships and generate pricing strategies for our clients.
Data makes a difference.
Leading the industry
New data sources and the ability to quickly retrieve data have led us to develop data-driven solutions that serve the evolving needs of our clients.
We expanded our portfolio of regression-based models with new methodology such as clustering, machine learning and data mining algorithms.
The result is a practice that goes far beyond pricing strategies. Using the latest data science, we provide insights and actionable recommendations for all of your restaurant operations.
The key element is data management. We clean, classify and store billions of records in a standardized manner, despite variation in quality, format and detail of data collection. With a standard set of data, we can quickly obtain profit-making insights for our clients. Our restaurant consultants work beyond the data to validate and ensure the financial benefits of our recommendations.
Is the latest in data making a difference in your business?
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