Products

A Smarter Way to Price Your Cocktails

Restaurant manager running numbers
BevSpot's new tool aims to simplify and streamline the process of pricing out a drink menu. (Photo: andresr via iStock)

Determining the right price for a drink requires a little business savvy, a little arithmetic, and — perhaps most of all — time, especially when you're working on pricing out a whole cocktail menu, or calculating costs for a complex drink that involves a lengthy list of esoteric ingredients. Making a mistake in either direction can potentially alienate your guests, or result in pouring money down the drain (literally).

Enter this nifty online drink-pricing tool from a tech company that’s working to help ease the pain of some of the more mind-numbing tasks that bartenders, managers and operators occasionally have to tend to. “Our goal is to help the industry by giving beautiful, easy software to do things they’re already doing on pen and paper,” explains Rory Crawford, CEO of BevSpot. “We also want to provide people with free services, and it’s fun and challenging for us to give people value immediately.”

While their drink pricing calculator isn’t new itself (the original version launched in January 2016), the company has just recently made a few key updates with additional features. “We put out the first version and, all of a sudden, tons of people started using it, repricing their entire menus with the tool,” says Crawford. But, he adds, at the time there wasn’t a way to save any data. Now, the 2.0 version includes the option to create a user account and store your drinks.

Crawford tells us that BevSpot’s retooling was an effort to improve the functionality, make it easier to use, and overall create a better interaction, but also to set the foundations for more free offerings in the future. “We have a goal to offer free tools for all sorts of things,” he says.

As far as what that could look like in the near future, Crawford says that managing distributor relationships is on their radar, with hopes for adding functionality to not only price products but also communicate those orders out to the distributors as well. The tool also stores data on the drinks themselves, meaning that BevSpot could potentially provide recommendations for trending cocktails by city, or spirits and ingredients growing in popularity, to name a few examples.

“This first free tool is one small step in the direction we’re headed; we’re excited about it but we’re even more excited to roll out more free tools,” says Crawford. “This industry has unique challenges and we get excited about the opportunities that presents.”

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