In the new Millennial-inspired Participation Economy, the old definition of brand value — the one that worked for decades — is dead. Millennials don’t just want to buy your brand, they want to be a part of it. They’re looking for ways to participate. And they want to understand why you do what you do not just what you want to sell. As a result, the brand value equation has morphed to include participative benefits. This is key for tapping into Millennial passion — and therefore, Millennials’ dollars.Brand value for restaurant operators has more variables today than ever before. Here’s a few that may be impacting your brand:
Food qualityYou ain’t nothin’ if you don’t have great food – 60% of Millenials consider it the most important criterion for choosing a restaurant, according to a Barkley survey. However, Millennial loyalty only goes so deep. From there, look at other important considerations such as good value for the money, order accuracy and key basics that are “price of admission” factors but rarely differentiating.
Unique Flavor ProfilesMillennials want affordable adventures, tasting and sampling. Barkley’s research with The Boston Consulting Group and Service Management Group found that 77 percent of Millennials enjoy eating a variety of different ethnic cuisines, which gives restaurants ample opportunities for appealing to the Millennial palate.
This doesn’t apply only to exotic flavors. For example, Millennials love chicken wings – after all, the variety of different dipping sauces with every order is almost as exciting as the actual wing.
Transparency & AuthenticityAccording to Barkely’s research, Millenials place a high value on the transparency and authenticity of the restaurants they do business with. Chipotle and McDonald’s are two well-known brands that have focused on letting consumers know more about the food products and practices of their growers. Just recently, Chipotle added an Ingredients Statement to their online menu flagging which ingredients are local and organic, as well as those containing GMOs, hydrogenated oils and preservatives.