Menu innovation is coming at a faster and more intense pace as competition for customers heats up. In restaurant and retail foodservice, limited-time offers have become a popular way to introduce new menu items. Over the past five years, there’s been a 64% increase in LTO launches, according to Restaurant Business sister company Technomic.
And there’s good reason. Lauren Hallow, consumer insights manager with Technomic, dug into the data and revealed these findings:
• 68% of women say the introduction of innovative dishes is an important factor when choosing a restaurant to visit.
• 72% of millennials say new flavors and menu launches are an important attribute when visiting restaurants.
• 30% of QSR customers would visit a limited-service restaurant they don’t normally visit for a unique LTO.
Based on the Technomic Ignite menu concept development program, these are the essential ingredients for developing and marketing a limited-time offer or new menu item that’s right for your operation.