Value promotions are getting guests back into restaurants. But how will this conversation evolve for full-service brands?
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William Blair’s recent survey pointed out something we're probably all feeling—people are getting tired of the rising costs of eating out. Higher menu prices, fees, and tips are pushing more guests to the drive-thru to avoid extra costs. And when it comes to digital ordering, we’re seeing more folks, especially under 60, getting comfortable with QR codes and kiosks, though many still prefer physical menus. One last thing worth mentioning: brand loyalty programs are gaining traction. 55% of people now say they’re using them, and for 41%, these programs actually influence where they eat. Loyalty seems to be making a real impact on dining decisions. Anyone else seeing these trends play out in your own restaurant habits?
Which Restaurant Chains are Getting the Most Credit for Value?
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Founder & CEO of Craveworthy Brands | Top 25 Fast Casual Executive | Franchise Development Visionary | Expert in Restaurant Innovation | Future of Hospitality
According to the Bureau of Labor Statistics, restaurant prices have surged by 27.2% since June 2019, a spike that has led many to tighten their belts when it comes to eating out. In response, major players like McDonald's, Burger King, and Taco Bell are doubling down on value promotions, rolling out enticing $5 meal deals and other budget-friendly options. This focus underscores a broader shift in the fast food industry, where innovation is not just about new menu items or technology, but also about rethinking pricing strategies to keep pace with consumer needs. It's a reminder that in a rapidly changing market, those who adapt and meet customers where they are will continue to thrive. #FoodTrends #ValueMeals #RestaurantAdaptation #MenuInnovation
Fast-Food Chains Promote Value as Restaurant Prices Climb
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As the fast-food industry battles shrinking foot traffic and rising costs, major chains like McDonald’s and Wendy’s are leveraging strategic price bundles to attract value-conscious consumers. Yet, with McDonald’s reporting a decline in sales growth and Wendy’s exploring dynamic pricing, the sustainability of such promotions remains in question. Restaurants must balance enticing deals with profitability, considering new menu innovations and loyalty programs to sustain customer interest. As Modern Retail analysts suggest, the challenge lies in finding a pricing model that maintains customer appeal while managing operational costs in an increasingly competitive market. Our Take 💭 Things move at a fast pace in casual dining and quick services restaurants. That is the point: readily available value-priced meals, often grab and go, chosen from menus are reliable and appealing, and experiences that breed loyalty and repeat visits. And it is far from easy! Restaurant brands need to be nimble to reach, engage and compete for customers, bringing them back to the table through promotions, new menu items and even the announcement of new locations or regional expansion. In an increasingly competitive market, where and how you allocate media spend is an exercise that needs to be as responsive and effective as you are. Measuring and optimizing marketing performance is essential to achieving equilibrium in the operations of your business. Finding the right partner to help you achieve it should be the easy part. To learn more about how we can support your media scenario planning, contact us today at [email protected]. Read the full article, “Fast-food chains like McDonald’s & Wendy’s are locked in a price war” on Modern Retail: https://lnkd.in/emvu6GFT
Fast-food chains like McDonald's & Wendy's are locked in a price war
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Discover how the 4 P’s - Product, Price, Promotion, and Place can help your restaurant thrive in 2024! Our latest blog covers everything from creating a well-defined menu to implementing strategic pricing and leveraging digital marketing. As a bonus, we have also included a practical case study on how McDonald’s is leveraging these strategies to grow its business! 🍔✨ Read Now. Link in Caption 🔗 #Restaurant #Marketing #MarketingStrategy #FoodBusiness #Food #RestaurantSuccess
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Business Leader | Protecting My Customers Against Up-Front Fees & End-of-Lease Penalties & Additional Charges.
Convenience stores are better known for their beverage and snack offerings, but with a growing focus on food service, they are becoming dinner destinations. This Restaurant Dive article discusses the enhancements C-stores are making to grow their dinner sales, such as new menu offerings and bundle opportunities. #foodservice #foodandrestaurant
Can c-stores become dinner destinations?
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It used to be burger wars. 🍔 Now it’s beverage wars. 🧋 Everyone’s after their fair share of the beverage category. Convenience stores have athe right to dominate but they have to start thinking like QSRs. Kyle Drenon and I shared our perspective how with CSP Daily News. #foodservice #marketing #marketingandadvertising #conveniencestores #beveragecategory #qsr
To Grow Fans, Convenience Stores Must Pinpoint What Makes Them Different in Craveability
cspdailynews.com
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Convenience stores are better known for their beverage and snack offerings, but with a growing focus on food service, they are becoming dinner destinations. This Restaurant Dive article discusses the enhancements C-stores are making to grow their dinner sales, such as new menu offerings and bundle opportunities. #foodservice #foodandrestaurant
Can c-stores become dinner destinations?
restaurantdive.com
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Convenience stores are better known for their beverage and snack offerings, but with a growing focus on food service, they are becoming dinner destinations. This Restaurant Dive article discusses the enhancements C-stores are making to grow their dinner sales, such as new menu offerings and bundle opportunities. #foodservice #foodandrestaurant
Can c-stores become dinner destinations?
restaurantdive.com
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Convenience stores are better known for their beverage and snack offerings, but with a growing focus on food service, they are becoming dinner destinations. This Restaurant Dive article discusses the enhancements C-stores are making to grow their dinner sales, such as new menu offerings and bundle opportunities. #foodservice #foodandrestaurant
Can c-stores become dinner destinations?
restaurantdive.com
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Restaurants Combat Inflation with Value Deals In the midst of numerous menu updates and item additions, numbers have come out on several major chains' value offerings and boy are they cooking. 1. Buffalo Wild Wings: Their "Unlimited Boneless Wings" promotion every Monday and Wednesday for $19.99 ran for just over a month and resulted in: 8.1% increase in total YoY visits 45.6% increase in Monday visits 49.3% increase in Wednesday visits 2. Chili's: Introduced the "Big Smasher" burger on their "3 for Me" menu for $10.99, with an option to add a classic margarita for $3.99. This promotion peaked at a 27.5% increase in YoY visits. 3. McDonald's: Launched a $5 value meal (including a McDouble or McChicken, 4-piece McNuggets, small fries, and a small drink), resulting in a 7.1% average increase in YoY visits. 4. Starbucks: Offered a 50% Friday discount for app users throughout May, leading to: 20% peak increase in visits the first week 11% average increase throughout the month While SMBs might not be able to offer such large-scale discounts regularly, these examples demonstrate that customers are highly responsive to value, especially during times of high inflation. Even offering smaller incentives like a free drink, a small side, or a minor discount can make customers feel like their dollar is stretching further. #RestaurantTrends #CustomerValue #InflationStrategies #RestaurantPromotions #CustomerEngagement https://lnkd.in/dA7ycR8Q
Restaurants are Searching for the Value-Minded Customer
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