Dining For Dollars
Nearly one-third of consumers indicate they are using coupons at restaurants more frequently than they were six months ago, according to Technomic. Sixty-six percent get their coupons from newspapers, most likely from Sunday’s free-standing inserts. The biggest reason consumers cite for using coupons? To save money on an item they’ve ordered before; 21% reported that they use coupons to try a new or seasonal item.
Deals increase by more than 20%
According to The NPD Group, deal traffic for discounted pricing and the $0.99/value menu enjoyed double-digit growth for the quarter ending August 2008 over the year-earlier period. Consider Subway’s successful $5 footlong “Everyday Value” meal. “The traffic response has been remarkable,” says Jeff Moody, CEO for Subway Franchisee Advertising Fund Trust. “That price point is magic. Everyone in the world is copying it now with a $5 [price-point item]. In this economy, you have to have value.”
Business Implications
Consider dealing coupons, but only if you can do so without compromising your brand.
* Introduce new items that can be sold at a lower price point, rather than lowering prices on an existing item.
* Menu half-portions that can be sold at more than half-price.
* Utilize less expensive cuts of meat, like chicken thighs instead of chicken breast.
Source: Nestle Professional Market Insights
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