Demonstrating Value Is Critical

Luckily, operators can provide consumer value in a variety of ways. Superior experiences, through seamless transactions or attentive service, are one avenue, and value can also be offered through the menu.  In fact, 34% of consumers say value through high-quality items is very important when deciding on visiting a full-service restaurant.* Consider unusual or craveable ingredients, and dishes that are difficult to replicate at home. Premium drinks or mocktails can also speak to beverage quality and make any occasion feel more special. With rising costs, it may be tempting to swap out ingredients for lower-cost alternatives.

But as consumers look to enhance the value they get for their money, it is critical to ensure any cost-saving initiatives meant to improve profitability don’t negatively impact the customer experience. For example, focus on improving yield or reducing waste rather than degrading quality of ingredients used. Now is the time to consider premiumization of ingredients to ensure a memorable experience and higher perceived consumer value. Look to restaurant brands such as those listed below for inspiration, as consumers rate them highly for providing value through high-quality items. What do they have in common? They all tout the quality of their ingredients and signature sauces.

Nestle Recommends: Preferred beverages  Offer patrons specialty hot or iced coffee drinks featuring Nescafe and allow them to customize their drink with their favourite Coffee Mate flavour. High-quality, elevated ingredients  Easily create unique signature dishes by starting with Trio gravies and sauces and Minor’s bases and flavour concentrates developed with high-quality ingredients.

The information presented here offers a general industry perspective and may not directly apply to your specific business operations. Consult with the appropriate subject matter experts before making any business decisions.