Bibendum unveils new pricing insight tool
Bibendum has launched a new tool to provide customers with a "complete picture of the market" thus helping them to list the right products at the right price and to identify gaps in the market.
The new Pricing Database monitors every wine and every price on every list for over 100 of the UK's biggest eating out and drinking out brands, enabling analysis of listing by country, grape, region, tasting note, serve, and price.
The Conviviality-owned wholesaler said the tool aims to eliminate error when choosing what to stock and how to price.
Alex Linsley, head of market insight at Bibendum explained: "Consumers might be happy to pay more for a premium favourite like Kiwi Sauvignon. We want to help our customers understand the wider market and price their products accordingly to make sure they reap the rewards. Or perhaps we can advise them to free up some space on the list to trial something new.
"If Albarino is selling well across the market, why not replace a poor selling wine from the list with this? As with all of our tools, the Pricing Database can be applied in different ways with the same goal: to work with our customers to provide the best drinks offer for their customers, enticing them to come back for more."
Bibendum is planning on working in tandem with customers and the database to improve wine lists by identifying openings to introduce something new; highlight sectors where consumers might be happy to pay a more premium price; pinpoint varietals which command a larger share of by-the-glass listings; and offer advice on alternative, more premium wines that could be added to the list.
Bibendum has been trialling the new tool with selected customers over the past few months.
The company said that one premium venue in London has made significant changes to its pricing of Sauvignon Blanc which was found to be priced 56% below average for a bottle of white wine.
Sauvignon Blanc is generally priced at 13% above average.
Bibendum identified that visitors to the restaurant were 42% more likely to drink Sauvignon Blanc.
As a result, the restaurant increased the price of their Sauvignon by 14% and maintained volume sales, according to the company.
Bibendum's Pricing Database works alongside Bibendum's other data sources such as Mode and Consumer Portraits.
Keywords:
Search
56-58 Church Walk, Burgess Hill, West Sussex, RH15 9AN
Registered in England No. 6646125. VAT No. 938 4452 95
