How to Adjust Your Wine List Pricing
A wine list is a dynamic, living thing that needs to respond to the needs of its customers. If your bottle is not selling at its anticipated rate, it should be removed at the earliest convenience. Unfortunately, wine lists can’t generally be changed each and every day, or week, or even month. Many establishments put as long as six months in between rotations.
To solve this issue, don’t hesitate to change the price or offer specials on any given wine. While you may miss out on some profit margins, selling some wine is better than letting it sit unopened. Of course, lower prices are going to seem very enticing to customers—it just may convince them to order a wine in which they otherwise had no interest.
In addition to lowering the price of a wine, raising the price can actually have a beneficial effect as well. According to one survey, restaurant wine drinkers actually preferred higher-priced red wines. When given a list of wines between $8 and $15, drinkers strongly preferred those wines in the $11 to $15 range. This is likely because diners are looking to splurge and enjoy themselves when they go out. They aren’t interested in the same wines which they’d buy at home.
Trends Change...and So Do Prices!
Really, wine pricing isn’t a set-in-stone sort of thing. The prices of a given wine should be changing based on the needs and wants of the world around it. There’s a wealth of resources available from which to source data, and we strongly recommend doing just that when pricing wine. Wine can be one of the most profitable items on your menu, after all—when handled correctly!