Given inflation driving food prices higher in 2022 and into 2023, restaurants across the globe have developed strategic plans to combat inflation and respond to consumer needs. When prices rise, consumer loyalty tends to drop as a result, leaving restaurant operators faced with the question of how to maintain their customer base.
In order to combat inflation and maintain a customer base, restaurants are making adjustments to menus, asking for customer feedback and conducting extensive consumer testing. With a greater understanding of customer needs and a logistical approach to rising prices, restaurants are able to create innovative ways to address the issue inflation presents.
As the trending chicken segment is seeing a dramatic rise in chicken prices, it is leaving chicken concepts no other choice than to find additional savings that work for consumers and still support franchisees’ bottom line. For example, Bonchon began sourcing key ingredients, such as proprietary sauces, to decrease overseas shipping costs, and introduced the Crunchy Chicken Bowl, an LTO that outperformed the brand’s bibimbap, an item on its menu featuring similar ingredients. The Crunchy Chicken Bowl was created using existing ingredients on the menu in order to cut down food costs for franchisees and present a more affordable option for consumers.
In an effort to show customers their feedback is valued, brands are also rolling out consumer testing to find the sweet spot between budget-friendly and satisfying. By taking note of customers’ needs and translating that feedback to their menus, restaurants are finding that now is a prime opportunity to bring back fan-favorite items with added elements. Most notably, Bonchon brought back its hand-battered chicken strips as part of a special strip-and-fries meal for $10.99 after doing its own research and finding out customers missed the brand’s hand-battered chicken strips.
As chicken concepts continue to pique interest in the franchise industry, chicken brands like Bonchon are focused on finding franchisees who support the mission to provide top-tier customer service, product quality and operational excellence that will subsequently combat inflation and actively satisfy and attract a loyal customer base. Simultaneously, restaurants are utilizing menu innovation to support their franchisees’ bottom line. This approach is what has helped lead brands such as Bonchon to 120 locations across the country and 400-plus locations globally.
For more information on franchising with Bonchon, visit franchising.bonchon.com.
This post is sponsored by Bonchon