Datassential, the leading food and beverage intelligence platform connecting the dots between consumers and the food industry, today announced it has introduced a new pricing solution, Price Monitor, that leverages AI to standardize and code menu items to give restaurant companies an unparalleled view of price variations across menu items, locations over time, and in comparison to local competitors.
Historically, large restaurant chains have had visibility into their own pricing, but access to competitor pricing at a location-by-location or “street” level has typically been done manually, sporadically, or not at all. And recent inflationary pressures have exacerbated the risks of both overpricing and losing volume or underpricing and sacrificing margin. With a comprehensive and consistent solution like Price Monitor, access to this information is now available at the touch of a button.
“For clients who were doing this type of work manually, we have both increased the speed and completeness of their efforts,” said Dana Konwiser, Chief Product Officer at Datassential. “For those that weren’t doing it, we have opened up a world of new information ripe for mining of insights and guiding actions.”
Price Monitor employs artificial intelligence to allow Datassential clients to not only examine pricing strategies across a number of major competitors, but to see how these strategies change over time. Menu items are coded to allow for easy comparisons across competitor restaurant chains, even when they don’t offer the exact same items.
Clients have access to the data in easy-to-read dashboards. Dashboards can be customized to make the data easy to access, download, and use to plan a winning pricing strategy.
Price Monitor now captures data across 90,000 location specific major restaurant brand menus each month and growing. If you’d like to know more about Price Monitor by Datassential or for a demonstration, reach out here.
Datassential is the data intelligence platform guiding the biggest names in food and beverage on trends, innovation, and sales intelligence. Through a suite of software and research solutions, customers rely on Datassential to know what’s next for the industry and how to stay ahead of it. Founded in 2001, Datassential powers insights and sales intelligence for brands including Burger King, DoorDash, General Mills, Land O’ Lakes, Pepsi, Starbucks, Target, and more.
Datassential Media Team