As some chain restaurants struggled to generate consistent traffic flows, they turned to an old friend to lure back customers. I am referring, of course, to the value meal. Quick-service restaurant chains like McDonald’s and Wendy’s were among the first chains to roll out value meals. And when Starbucks got into the value meal game, well, you knew things were getting serious. 

Joe CarbonaraThe early returns on these efforts were generally positive as they started to do what they were supposed to do: lure customers back to the restaurants. Who doesn’t love what they perceive to be a good deal? 

Any traffic gains these meal deals generate will most likely be short-lived unless operators can deliver on the other elements that help create value. As Profitality’s Juan Martinez notes in a blog post on FESmag.com, value also includes product quality, service and other factors that contribute to the overall experience of doing business with an organization. Over time, customers’ emphasis on specific elements may shift a little, but they never fall completely out of the equation. “Companies that are leaders in their fields understand the need to attack value in all aspects of their business,” Martinez notes. 

Given that everyone expects a quality and safe meal regardless of venue, in my opinion it all starts with service. It’s worth noting that 58% of consumers say the service at restaurants has declined since the pandemic, per data from Chicago-based Datassential. With this data point in mind, it should come as no surprise that 54% of restaurant operators report their customer traffic has declined or stayed flat over the past 12 months. 

Delivery was the lifeblood for many restaurants during the pandemic. In fact, 43% of customers said they ordered food for delivery for the first time during the pandemic, per Datassential. While this clearly was a boon for restaurants during the pandemic, the impact of delivery may be starting to wane. Only 20% of restaurants report an increase in delivery orders over the past year, per Datassential. And a whopping 48% say they do not offer delivery. This could be due to any of a variety of factors that impact the value equation, including the difficulty of maintaining food quality in transport and the additional labor costs and fees associated with delivery.

That does not mean consumers no longer value off-premises consumption of restaurant food, though. In fact, according to Datassential, 73% of restaurants report ordering frequency for pickup/takeout food has increased or not changed. And only 20% of restaurants do not offer takeout. So, consumers clearly value the ability to enjoy their restaurant-quality meals off-premises, but how they choose to do so has evolved the past few years.

Most of my comments have applied to the way consumers choose to use restaurants, but it is worth noting that similar fundamentals apply in the business-to-business world, including in the foodservice industry. 

Successful members of the supply chain clearly articulate what makes their products different from their competitors’ offerings, and they do so without bashing other companies. Being the supplier of choice requires being thoughtful, and communication needs to be timely and on point.

Being able to deliver on these value elements can take business relationships from being purely transactional interactions to trusted partnerships — and that’s when the value kicks in for everyone involved.