Value for Both Consumers and OperatorsW ith as much change that’s happened within the last year, value has never been more important for operators. With nearly a third of consumers planning to spend less on dining out in 2021, it’s imperative for operators to thrive in the margins to keep their business going.
There are plenty of opportunities for operators to help meet their customers’ expectations while ensuring that they meet their own business needs. Operators across the country started to unveil family bundles. Chains like KFC, Texas Roadhouse, and Pizza Hut, for example, have created big meal packages that effectively combine the need to feed the entire family while being light on the wallet for customers.
Making add-ons more accessible, creating new combos that pair familiar favorites and create an easy & affordable way for consumers to purchase a complete meal, and $1 beverages and happy hour deals are all examples of ways that operators are innovating in these times. Restaurants like McDonald’s offer any size $1 soft drinks with the hopes of being able to attach that to any meal that goes out the door. A strategy like this could allow operators the ability to move cases of beverage product like a Pepsi or Mountain Dew. Even after all of these strategies are implemented, there may be no other option but to increase prices. Most operators have or plan to increase menu prices, including on the delivery menu. About half of delivery consumers are willing to pay a higher menu price on delivery items, but transparency is key so as not to alienate customers.