Price + Quality + Service + Portability = Value
Incremental Value = Constantly Changing Menu (Seasonally / Sustainability with creditability).
Added value = New Product Innovation and or introduction or less salt, less fat, less calories
Now look at what has happened at different companies recently. While Subway started the focus on the $5 foot-long propelling double digit sales gains two years in a row. The picture is changing again.
1. Taco Bell now is offering a meal bundle at $2.00
2. T.G. I. Fridays announced it will offer Jack Daniel's® Burgers and Jack Daniel's® Chicken Sandwiches for $5 and will offer $5 off all Jack Daniel's® Grill entrees for a limited time at approximately 600 US based participating restaurants.
3. Steve Davis, Arby’s CMO said $5 has become a magic number for fast food.
4. Shane’s Rib Shack has a family meal (feeds 4) for $20.
5. Popeye’s now as value meals from $1.99 & $2.99
6. McDonalds has three mini meals for under $3.00
7. McDonalds had introduced 5 $ 1.00 breakfast items.
Brand marketers must be aware of the new product and price points that non-traditional competitive channels will introduce. Including attractive packaging, new product bundling options which in turn will contribute to establishing new long term price value models going forward.
With new channels of distribution in fresh prepared food coming into the marketplace specifically retail drugstores Walgreens and CVS, and dozen’s of new mobile food trucks companies expanding rapidly.
Grocery stores, Convenience Stores, Restaurants those new companies are zeroing in on the grocerant prepared food ready-to-eat and ready-to-heat food niche and it is booming. How are you staying relevant with your consumers in the fresh prepared retail food space?
Outside eyes can deliver top line insights and bottom line profits. Invite Foodservice Solutions to provide brand and product positioning assistance. Since 1991 Foodservice Solutions of Tacoma, WA has been the global leader in the Grocerant niche for more on Steven A. Johnson and Foodservice Solutions visit http://www.linkedin.com/in/grocerant or on Facebook at Steven Johnson