Supersizing Customer Value or Illusions? Assessing McDonald’s $5 Bundled Meal
Stacy Sherman?????
Professional Speaker, Author & Advisor ? Helping Business Leaders Retain Valued Customers and Top Talent For Lasting Success ? Culture Builder ? LinkedIn Learning Instructor ?Award-Winning?? Podcaster: Doing CX Right??
McDonald’s recent promotional move, resulting in an 8% jump in foot traffic on day one, has the industry buzzing. This highlights the undeniable power of an enticing offer. However, before rushing to copy this strategy, it’s crucial to critically examine the broader implications of value and opportunities it presents.
Customer Value vs. Worth: The Real Happy Meal
Offering a $5 meal deal caters to price-sensitive customers, but value encompasses more than just a low price. True value involves delivering an exceptional overall experience, maintaining high quality, and ensuring that products and services meet the evolving needs of customers. Instead of focusing on price cuts, consider what value truly means from the customer’s perspective. Is it possible to create a “Happy Meal” of experiences that satisfies deeper needs?
Rethinking Bundling: More Than a Combo Meal
Bundling has become a successful strategy, offering customers more for less. However, it’s worth considering new approaches. Imagine offering highly customizable bundles instead of standardized combos. Allowing customers to choose components that suit their preferences can lead to greater happiness and a stronger connection to the brand. This move could transform the traditional combo meal into a tailored dining experience.
Inclusive Digital Promotions: No Customer Left Behind
McDonald’s use of app promotions highlights the power of digital engagement. However, it is crucial to ensure these promotions are accessible to all customers, regardless of their tech proficiency. Developing user-friendly, inclusive digital platforms can enhance the customer experience for everyone, ensuring no customer is left behind in the tech age.
Harmonizing Corporate and Franchise Goals: The Perfect Recipe For Customer Value
Some franchisees have expressed concerns about the financial pressure from promotions. Creating strategies that benefit both corporate and franchise operations is like perfecting a recipe—it requires balance and the right ingredients. When all stakeholders, from executives to front-line employees, are aligned and engaged, the organization becomes more cohesive and successful.
Building Long-Term Loyalty: From Drive-Thru to Loyalty Lane
While low-cost deals attract immediate attention, building long-term customer loyalty requires more than just short-term offers. Focus on creating experiences that keep customers returning even after the deal ends. Personalized services, quality interactions, and consistent value delivery are key to fostering lasting relationships. It’s about transforming a quick drive-thru visit into a journey down loyalty lane.
Innovative Customer Experience Approaches: The Ultimate Combo
To lead in customer experience innovation, consider these strategies that balance cost and customer value:
2. Tiered Pricing Models: Offer different pricing tiers that provide various levels of value and experience. This approach caters to both price-sensitive customers and those willing to pay more for enhanced experiences.
3. Continue Reading on my Doing CX Right? blog.
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Chief Experience Officer at billquiseng.com. Award-winning Customer CARE Expert, Keynote Speaker, and Blogger
4 个月Stacy, I??? your post to express my appreciation for sharing, and my kudos to McDonald's for their marketing team to future-proof the customer experience. They're not just good. They're GREAT out there! And I'm lovin' it! In appreciation and in the spirit of paying it forward, offer this: ?? QUI TAKEAWAY: Future-proof the customer experience. In addition to asking, "What happened?" to your people after they have engaged with your customers, ask them, "What if?" Exceeding the expectations of current customer needs and innovating future potential customer wants will maximize the ROI of CX.? Stacy, thank you for sharing your #DoingCXRight insight which prompted me to share mine. For that, I very much ?? appreciate you.?
Keynote Speaker | The Service Culture Guide
4 个月You're so right that loyalty comes from more than just short-term offers! Price is generally what you talk about when you have nothing else to talk about. There's a McDonald's and an In-N-Out two blocks away from each other near my home. Last Thursday at 3:30pm... There was a long line in the In-N-Out drive-thru. No cars were in line at McDonald's. In-N-Out doesn't offer discounts or promotional offers. You can bundle your meal... for the same price as a la carte. (It's just there to save time when ordering.) What In-N-Out does do (that McDonald's doesn't): 1. Makes every meal to order 2. Uses only fresh ingredients 3. Provides remarkable consistency 4. Has unfailingly friendly employees
Keynote Speaker | Host of the 'SIMPLE brand' podcast | Helping you create loyal customers and loyal employees - all through the power of simplicity.
4 个月Customizable bundles are a great way to help customers get something they feel is valuable to them. BUT we shouldn't fall into the danger of opening the gate wide of how we let them customize as that may end up overwhelming them and cause them to not even make a choice. So simple customization is key.