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Business leaders networking at the Peach 20/20 Conference  

05 May 2022

Finding the balance: prices or quantity?

By Gary Goodman, CEO of Yumpingo
Inflation and rising food and labour costs are top of mind challenges as the industry collectively tries to determine how to best offset losses to margins.

Raising menu prices can only take you so far - especially if sales data is your only determining factor to understand how much and how long prices increase. I know restaurants want to hear from their customers to better understand what they value in each menu item and the overall experience. 

Dish-level data and customers’ value and quality perception give restaurateurs the tools to make proactive menu adjustments, rather than reactive, less effective changes. Establishing the right basis for menu changes can de-risk the impacts of inflation, ongoing supply chain issues, and the rise in the cost of ingredients, global gas prices, and labour. And it starts by understanding the who, what, when, where, and most importantly - why.

To read more about how individual companies are approaching the issue, see the latest Yumpingo blog here.

Peach 20/20 founder Peter Martin adds: “Cost pressures are global. So it’s good to understand how others are approaching the issue - and more importantly measuring how customers are reacting to price increases and menu adjustment. Gary Goodman will be sharing his insight with us on the Peach 20/20 Atlantic Club Miami tour next week.”

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