Wendy’s CEO Emil Brolick during the recent earning call stated “We know our Right Price, Right Size menu is not a sufficient value proposition to continue to attract value-seeking customers,”
When companies the ilk of Wendy’s utilizing food market measuring metrics of the 1990’s and 2005 what else would one expect. Boomers, Millennials, Gen X are all equally resetting the Price, Value, and Service Equilibrium in retail foodservice. A Danish Philosopher once said: Life can be understood by looking backward, but must be lived by looking forward.” Looking forward new metrics are needed for new results. The customers have evolved and it is time for the metrics to evolve.
Brolick went on to say “The disappointment is focused in the performance in the price-value area, and a lot of that comes at the lunch daypart,” Foodservice Solutions® Grocerant Guru™ stated that ‘”Today evolving industries require evolving metrics the restaurant industry and its customers are evolving. In a world where all shopping has become faster, food has become more portable, and price is increasing important foodservice operators must leverage metrics that reflect today and tomorrow not yesterday.”
Foodservice Solutions® Grocerant Guru™ has developed a formula for establishing positive consumer price value and service equilibrium. Here is his formula:
(Mobile Access X Food Transparency + 1.5 ) + (Price + Quality + Service + Portability) = Value
Incremental Value = Constantly Changing Menu (Seasonally / Sustainability with creditability).
Simple facts change the landscape one such fact is the United States census reports that 50% of adults over the age of 18 are single. Restaurateurs need to be particularly mindful of developments within the Ready-2-Eat and Heat-N-Eat fresh prepared grocerant niche for they are driving the change within the price, value, service equilibrium in ever sector of retail foodservice.
Today while boomers are fast becoming a generation of Point, Click, Eat. Millennials are becoming a generation of Seek, Discovery, and Migrate. An unlikely commonality at first glance but a technology bond has evolved into a new food retail commonality. Here are some of the new combined consumer’s commonalities:
- Prefer, Ready-2-Eat Fresh Food Transparency
- Prefer, Fresh, Local “Better for You” Food Authenticity
- Prefer, Portion Size Options, Single Serve Full Flavored Meal Components Mix & Match
- Prefer, Entrée’s with Multiple Vegetables Options Empowered Choice
- Portability and Price Synergistic Purchase Drivers
- Heat-N-Eat Fresh Prepared Portioned Customized for One or More
When the Danish Philosopher said: Life can be understood by looking backward, but must be lived by looking forward”, We now know who looked back successfully, built a foundation of consumer relevant metrics, and built a successful vision and those that did not.
Looking back we have learned that Success does leave clues; during the past 20 years, senior executives at Tacoma, WA based Foodservice Solutions® have an outstanding record of uncovering consumer commonalities, understanding the evolving fresh food retail space, while edifying clients brand positioning.
Are you trapped doing what you have always done and doing it the same way? Interested in learning how Foodservice Solutions 5P’s of Food Marketing can edify your retail food brand while creating a platform for consumer convenient meal participation, differentiation and individualization? Email us at: Steve@FoodserviceSolutions.us or visit: www.FoodserviceSolutions.us for more information