Member Gains 16.8% Revenue Increase Through Cohesive Pricing
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The Challenge:
This management company recently embarked on a partnership with Foodbuy Hospitality with the goal of improving procurement processes across the board. However, they brought the Member Success team a specific pain point. The Member’s team felt they were unable to effectively control or influence food costs. This meant that they weren’t collecting optimal revenue on food sales through inconsistent pricing.
The Solution:
The Foodbuy Culinary Solutions and Strategic Projects – Value Pricing & Analytics teams evaluated market and industry benchmarking standards to identify food cost recommendations.
The teams targeted the Member’s most popular menu offerings to deliver a wholistic fair value assessment and provide optimal value.
Armed with the right data points and culinary expertise, the Member is now able to ensure the right items are being charged at the right cost.
The Results:
- 16.8% savings off invoice for food spend.
- 100% greater consistency in menu pricing across the enterprise.