It seems that everyone today is looking for a “good value.” But how can we create offerings that communicate a good value to our guests?
I love this question because the minute that someone says something is a good value or that you need to offer a good value, the knee-jerk response is about something cheap or inexpensive. But that is not the meaning of a good value.
Achieving value is about the customer’s perception of what they are getting for a specific price. Value can be based on a product, a service or both. When someone recognizes a good value, the net result is always a happy customer. Thus, it is wise to focus on providing value to our customers.
The “how” part of your question is where things can get creative. Bundling is a good strategy for conveying value. Fast-food operators have capitalized on this strategy (e.g., combining a burger with fries and a drink). They have done it not only to provide value, but also to simplify ordering and to increase sales and profits. For c-stores, think about a free cup of coffee to go with a specific morning pastry. There is nothing like something free to communicate value and an overall sense of hospitality. Or offer a reduced-price juice with a morning yogurt and granola breakfast. You can even create a breakfast frequent-customer card with rewards.
As c-stores increasingly offer meal solutions, think about providing value by offering a quick, hot food pickup for consumers on the way home from work. Having delicious and healthy dinners that are ready to consume is already a good value because they provide meal solutions for busy people. Could you also increase value perception by bundling dinner elements or by adding an extra portion once two or three are purchased? Maybe it is a low-cost dessert that is thrown into the mix once you reach a certain order volume. Perhaps you could offer different, competitively priced and complete meal packages on different days, with a little extra here or there, and publish them through social media.
Talk to your guests, study what they buy and then go about creating value packages that they will perceive as worth the money. And remember, getting them into your store may also incentivize them to buy other items.
Christopher Koetke is vice president of Kendall College School of Culinary Arts in Chicago. He is a certified executive chef and certified culinary educator by the American Culinary Federation. Have a question for him? Email awestra@winsightmedia.com, subject “Ask the Chef.”
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