My memory was jogged the other day about a restaurant I heard about in London that, like many other restaurants was generally very busy / packed on Friday and Saturday but half empty the rest of the time, especially at the start of a week.
They came up with what I thought was a brilliantly simple and very effective solution…
Instead of having a fixed price on the menu where a main course would typically costs £15, they decided to vary the price you paid for the main course depending on which day of the week it was.
The price would go up in incremental amounts as the week progress and, on a Friday and Saturday they would charge a premium rate as there was always more demand than they could cope with.
So on a Monday you might pay £8, Tuesday £9, Wednesday £10, Thursday £12, Friday / Saturday £17 and back to £10 on a Sunday.
Net result? Almost full capacity every night resulting in a very significant increase in turnover and profitability.
We’ve changed several of our pricing tactics over the years such as a move to an hourly paid / no placement fee recruitment model and delivered some remarkable results…
So, questions is, how could you apply this in your business?
The Urquhart Partnership Ltd.