In the world of sales and marketing, it is important to come up with gimmicks every once in a while. For Fast food chains, this gimmick may be in the form of freebies, discounted prices, reward systems, or limited time offer menu items. It is easy to see why this is so alluring for consumers; freebies can be valuable when they have collectible sets, discounts or rewards obviously mean getting savings, and with limited time offer items, consumers feel a sense of urgency to have to taste the offers from fast food restaurants.
Statistics Behind the Income of Some Fast Food Chains
The main goal of any business would be to have income and the same thing goes for fast food places or even casual restaurants. Because of this, it is important to devise marketing plans that result in a flock of people coming to buy what they offer.
For McDonald’s in particular, their breakfast entries alone account for 25% of their total sales and this is a crucial factor for any of their stores. Although the breakfast offers from McDonald’s are staples, other fast food chains such as Jack in the Box or Dunkin Donuts among others do their best to offer competitive items by being on the healthier side of breakfast options. One of the top tactics to get attention from people who enjoy fast food breakfast items and other items include having limited time offer items. Read this to see what are the other tactics being used.
Like any other sales situation, having a lead is important to getting the return of investment and limited time offers from fast food places is one of the best ways to entice people into trying a product. The fact that the word “limited” is present in the offer already creates the sense of urgency that works well in closing a deal or making a sale. With the feeling that they may never be able to try that offer again, people would get the first chance they can to purchase and taste the new items and make sure to have repeat orders when they deem that the offer tastes great.
However, fast food chains ought to be careful with their limited time offer menu items since it can backfire and careful planning about how to price as well as the duration of the offer lasts should be taken into consideration. One of the top things to think of would be how good the product will taste and if it can sustain the attention as well as please the appetite of the consumers.
If a limited time offer menu item from fast food places succeeds, it may bring additional revenue compared to their usual income when they have only their standard menu items. Despite the need to invest in new packaging, ingredients, and advertisement, the strategically planned price and positive attention from the consumers can bring in the ROI. On the other hand, if a limited time offer menu item fails, this may mean a drawback in the budget and not being able to come up with new offers for a while while trying to regain the lost investments.
The New Trend on Limited Time Fast Food Chain Offers
Despite the positive feedback and additional income that fast food chains get from introducing their limited time offers, the newest trend being observed is that there is a decline in the production of new menu items that last only for a limited period of time. Why so?
It has been observed that the consuming public cannot get enough of popular limited time offer items such as the Shamrock Shake from McDonald’s, the Pretzel Bacon Cheeseburger from Wendy’s, and the favored Pumpkin Spice Latte from Starbucks. The success behind these limited offer items lies in the fact that the sales gamesmanship of having successfully created that sense of urgency makes people come back for more.
Unfortunately, a new observation has been made concerning these limited time offer items from various restaurants. Because fast food chains have been using this tactic to lure more customers in, the word “limited” is losing its appeal mainly because after every new “limited” item goes away, another offer comes up to replace its spot. This is counterproductive when trying to magnet consumers in by making them think of a once in a lifetime chance to taste something new.
The consumers are no longer responding the same way to limited item offers and they are no longer as interested as they were before when it comes to these new food innovations. This is a marketing and investment failure on the side of fast food chains and not being able to attract consumers to try out new items would mean loss of budget and stagnant income.
The Future of Limited Time Offer Items
Because of the not so favorable response from consumers, top names in the fast food industry such as McDonald’s, Wendy’s, Jack in the Box, and other similar fast food places are now considering holding back on how often they release new limited time offer products to hopefully revive a more positive spark from the customers. Because of the recently observed situation of negative or no response for new limited time offer products, these fast food places are now thinking of just sticking to their classic menu items and give a rest to tapping the zone of unfamiliar menu offers.
This move will be less expensive for companies since they can cut on production as well as advertising costs which can reach up to millions for new items. Sticking to classic offers and spending their money on these items that people already love and continue to purchase is the seemingly wise thing to do for today’s situation concerning limited time offer menu items.
It may feel different for a while, but this move can help strategically create a new “wanting” for more items and when the time comes to release a new limited menu item, the consumers may respond as they positively have before. Limited time offer menu items aren’t permanently out, but this is the time for consumers to miss them for a while.