With fall and the holidays just around the corner, is your business prepared to offer something that is different and unique for you customers to try? Have you taken the time to develop an LTO program that will increase your current sales?
As a business operator, it is your responsibility to ask yourself those very questions. You are in the business to increase your profit margins and placing new beverages in your customer’s hands. Developing these opportunities will help your customers see the value of your store.
LTO programs have been around for decades. By creating a limited-time and seasonal offerings can spice up the menu and gauge your customer’s interest in new flavors. Today fast casuals view LTO’s as more than effective marketing strategies; they also see LTO’s as a chance to experiment creatively, stay on top of trends and build community.
In recent research conducted by Los Angeles based Instantly, LTO’s have become a regular draw for one of every five consumers. The survey of 6,000 plus US consumers found that 20% purchase restaurant or supermarket LTOs often. The prime reason, cited by 60% of the LTO fans, was the opportunity to try new flavors.
Consumers are becoming more adventurous and are driving the demand for something that is different and millennials are leading the charge. Not only do they want something that is unique and fresh, they are also willing to try something that is completely new.
LTO Trend data:
• Limited time offers have become a regular draw for one of every five consumers. (Source: Restaurant Business News 2015)
• Restaurants and other foodservice venues are keen on ramping up LTOs and seasonal changes. Suppliers are adapting their equipment to that demand. (Source: Restaurant Business Daily 2015)
• More than 50 percent of consumers crave nostalgic desserts such as these (pumpkin and apple).
(Source: Dataessentials 2015)