No matter the economic environment, for restaurant operators, one question persists: “How are my competitors pricing their menu items?”
In the past, the answer required benchmarking indexes, such as the market-wide Food Away from Home (FAFH), “shopping” for competitor information yourself or turning to third-party data providers that provide only that: data with no context or analysis. To say that these approaches are laborious and lack real context is an understatement.
Now, as recession concerns continue, brands are asking new questions: “How much price should I be taking? Does my pricing strategy hurt or help my business? How does our pricing relate to competitors?”
In response, Revenue Management Solutions (RMS) leveraged its expertise in menu engineering and pricing strategies to build its Competitor Price Intelligence solution. The competitive price platform includes its proprietary Restaurant Price Index (RPI), which allows users to analyze menu price evolution and benchmark themselves across up to 170,000 quick-service, fast casual, casual dining and fine dining locations.
Competitor Price Intelligence a game changer for restaurants
It provides easy access to timely data and insights about the entire restaurant pricing landscape, including where you and your stores stand relative to your competitor’s price strategy, locally and beyond.
Here’s how and why that matters to your restaurants and brand.
Intelligent insights give you a competitive edge
It’s important to know where your menu prices fit in relation to the competition. Reviewing FAFH data for your market is one way to go about it, but finding the answers is time-consuming and manual, and doesn’t reflect a complete picture.
Now, restaurant operators can access clean, monthly price change data. Using proprietary AI technology, Competitor Price Intelligence continually compares menu prices for all restaurant segments across 50-plus brands.
Updated monthly, Competitor Price Intelligence uncovers hidden price opportunities so restaurant brands can make thoroughly informed menu decisions. These unmatched, timely insights into the increasingly competitive pricing landscape empower you to build smart, dynamic pricing strategies, as you need them.
Choose the competitor data you want to view
Competitor Price Intelligence gives restaurant operators a meaningful snapshot of price direction — not a data dump. Leveraged on RMS’ expertise and combined with the products, competitors, markets and locations you select, the solution delivers pre-categorized, like-for-like menu item comparisons. Once you’ve selected your competitor set, you can count on the solution to extract clean competitor data, delivering comprehensive in-store and delivery prices to your dashboard each month. Or take a broader approach and track price trends such as changes by product, category, stores and markets — it’s up to you.
Comprehensive competitor data that goes deep
Want to see a comparison of when competitors changed prices, where and in what category? How about also comparing like-for-like individual menu items? Easily run the report from your dashboard — with the option to tag and compare your stores and filter results by geography and menu category.
Move staff off less-rewarding tasks (like manually scouring the internet for menu item pricing) to priorities that directly impact your bottom line. The main point? Never lose a customer or miss a revenue opportunity because you can’t access reliable, competitive data.
Gain a competitive edge with RMS’ Competitor Price Intelligence
Finding the correct balance of taking price while maintaining customer loyalty is more critical than ever. The restaurant brands that will outlast their competition? The ones who can act with speed.
With Competitor Price Intelligence, RMS delivers crucial insights you need when defining the pricing strategy for your restaurants and brand going forward. Learn more about Competitor Price Intelligence. We’re here to help.