Lisa Bertagnoli’s article in Chain Leader discusses the need for innovation as a survival skill:
“And that, in a nutshell, is the future of innovation: letting customers have a say in how they're marketed to, what they buy, and how they experience a brand and its menu.
“Innovating is not an option,” Wahl says. “If we're going to survive, we need to be innovative. If we're not thinking of the next thing, we won't be that unique brand.”
Differentiation is necessary for growth because value conscious customers abound. Remember though Value = Price + Quantity + Quality + Service. Value is all about how the customers feel! Before you cut your menu prices and offer so called value options, ask yourself how are you making your customers feel? How they feel has a great deal more to do with your business than the price you charge.
