What is Revenue Management? Revenue management is the business discipline that predicts consumer behavior at the micro-market levels and optimize product availability and price to optimize and/or maximize revenue There are several components to revenue management: product + customer + timing + pricing. The goal of revenue management is to align all four in such way that it [...]
By Craig Singleton, Director of Restaurant Strategy, Iris Pricing Solutions Spring is here and it's the ideal time to re-evaluate menus and reconsider pricing. Producing new menu items or switching to a seasonal menu necessitates a consideration of current pricing. Many large, multi-unit restaurant brands procrastinate on pricing out of fear that an increase [...]
Last year we asked the question Can You Protect Your Business and Clients from Cost Shocks? While we may have all hoped that the surge in the cost of raw materials and Pandemic-related disruptions would dissipate, the truth is that we're now in a significant period of inflation with most companies needing to increase [...]
Cost pressures and an increasingly competitive market have resulted in severe price increases across the restaurant industry. Research by the National Restaurant Association has found that menu prices on average have increased 4.7% percent last year, and quick service has increased by 6.7% - which was the highest increase U.S. consumers experienced in over [...]
For medical technology suppliers, the COVID-19 pandemic is fraught with possibilities and challenges. Navigating these challenges and reaping the opportunities requires careful consideration of the financial impact of COVID-19 on hospitals and the health care industry as a whole. Translating this understanding into relevant offerings and thoughtful pricing strategies is critical to the survival [...]
Subscription Pricing in the Leisure IndustryA Private Equity firm with portfolio interests in the cinema and general leisure industriesWithin the cinema industry, they wanted to understand the role of loyalty programs, including ‘all-you-can-eat’ subscription offersDue to constraints on their resources, there was no access to sales data, internal staff information, or other marketing materialsThe client [...]
“If you have to have a prayer session before raising the price by 10 percent, then you've got a terrible business.” – Warren Buffett By: Ed Heskins, Director of Pricing Strategy (UK) Prices are going up. As supply costs start to bite, wages increase and government relief is withdrawn, more and more companies [...]
Our client was a global e-commerce platform with over 600K active users, consisting of small to large-sized online merchants. They contacted the Pricing Solutions team to help them develop a value-based pricing strategy, for maximum financial impact. Our team: Gathered & Analyzed Data Conducted Market Research Improved Existing Pricing Model using Value-Based Pricing The [...]
Iris Pricing Solutions has launched a special report entitled ‘Pricing and Digitization: Parallel Journeys to Success and Survival’, demonstrating how pricing, marketing, and sales can benefit from better data capture and use that data to increase customer segmentation, improve value propositions, and better understand consumer behavior. Companies in the B2B sector are increasingly employing [...]
By: Greg Thomas, Vice President of Pricing Research and Insights In our recent article Should You Be Concerned about Price Collusion? we discussed the ethics behind artificial intelligence and pricing. Most people are familiar with artificial intelligence (AI) and machine intelligence (MI), terms that are used interchangeably to describe the field of computer science in [...]
