As consumers become more price sensitive, there are strategies to keep them buying.
- Flavor innovation is at the top of the list, according to Martin. “Flavor is key. It’s never going away,” she says. “Hot and spicy and Asian-inspired flavors are huge and have been brewing for five-plus years. … As a manufacturer, you have to align the right flavor to the right product—establish that harmony.”
- Communication is important, too, says Wyatt. As new flavor and packaging innovations role out, make sure consumers know what’s coming and where they can get it. Digital and mobile strategies help identify a “verifiable audience—known consumers—and deliver the appropriate message to them.”
- Promotions are important. “Give [perspective customers] incentive to try you. Maybe it’s a coupon or a BOGO [buy-one, get-one offer],” Wyatt says. “On the flipside, with your power customers, you need to get them to buy one more time a week, [to] increase frequency. Maybe thank your power customers by giving them a discount on their next purchase.”
- Understanding daypart usage is important, as well. According to IRI, convenience is enjoying its most robust snack velocity period between 2 and 8 p.m. “They can do better. In 2021, late-night snacking was off the charts,” says Wyatt, citing that in the evening when many QSRs closed at 10 p.m., hungry customers found their way to c-stores.
“With your power customers, you need to get them to buy one more time a week, [to] increase frequency.”
“Remind consumers that if they can’t get what they’re seeking at quick-serve, they can get it here. Plus, establish the right mix for different dayparts and aggressively push that.”