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Adopt a flexible and transparent pricing policy
Adopt a flexible and transparent pricing policy
In times of inflation, adjusting prices becomes a necessity to ensure the financial viability of your business. However, price increases must be accompanied by strategic considerations to maintain the balance between profitability and customer satisfaction.
Clear and targeted communication
Before making any changes, communication is key. Customers are increasingly aware of the causes of price fluctuations. Explaining the direct impact of inflation on your operating costs, whether for raw materials, equipment or wages, will help you maintain a relationship of trust.
A general increase in all prices is not the best idea; instead, opt for a detailed analysis of your menu. Identify the drinks or products with a higher margin and those whose costs have risen the most. This will enable you to determine where a price increase is justified, while keeping certain items more accessible or even lowering them so as not to alienate price-sensitive customers.
Offer attractive alternatives and create promotions
Offering more affordable alternatives while maintaining customer appeal is essential as prices rise. Incorporating drinks from local distilleries or even creating a homemade drink or two can not only reduce supply costs but also add an authentic dimension to your menu. These local or homemade products can often improve your margins while meeting the growing demand for environmentally responsible and artisanal options.
What’s more, by adopting creative strategies such as discounts or drinks of the day, you can maintain customer interest without compromising your profitability. Temporary offers can pique curiosity and build loyalty, and these initiatives are often particularly well received in times of economic uncertainty.
Top Tip 2025
Honesty about the need for an increase is often better received, and an informed customer is generally more inclined to accept these changes.
