The decline in consumer discretionary spending has had many restaurants looking at value to drive traffic and make the most of their guest experience. Maintaining margins is key, but creating a successful value menu doesn’t mean you always have to compromise your profits. Often, consumers ordering off the value menu will order more items, adding to your cheque totals while maintaining perceived value. One of the keys to successful value meals and campaigns is offering something that is going to attract guests and help restaurants stand apart from the competition.
Staying cost-effective
According to Shannon Chirone, senior vice president of marketing at restaurant tech company HungerRush, restaurants should choose items that add to kitchen efficiency and don’t require much extra inventory to avoid additional costs for special ingredients. She also suggests offering simple, cost-effective add-ons like cheesy bread, cinnamon sticks, or a drink to maintain those margins.
Adding value
It’s important to remember to add value with your menu, rather than devaluing your restaurant. Operators looking to increase traffic should focus on attracting the right audience with their offerings. Relying on data is key, advises Brendan Sweeney, CEO and co-founder of restaurant marketing firm Popmenu, so that operators don’t inadvertently drop the price of high-profit items or plan to eliminate a loss leader that brings guests in who spend more. Drill down on your data to choose higher-margin, lower-cost items while taking into account purchase frequency, popularity, trendiness, and craveability in real-time.
Marketing your menu
Standing out and attracting a new crowd means marketing like a pro. Think about your target customer when planning your campaign. Are you targeting students? Consider creating some study session meals to choose from. Looking for families? Think about something that will appeal to busy customers on the run. Once you know your target, come up with a creative way to solve an issue they’re having to get their attention. Next market to your audience. If you are targeting students, Facebook may not be your best choice. Find out where your target customer spends their time and use that platform to create a buzz around your new menu. Use clear, interesting messaging and images to catch their eye and get them into your restaurant.
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Creating a value menu that stands out in a very crowded space requires creativity, data, and knowing your customers. Offering value can raise interest in your restaurant, offer something unique to your guests, and build your bottom line.
