Famous Toastery finds new menu items can be worth the risk.
As operators wrestle with tightening margins, many have found that innovative new menu items can be dependable catalysts for driving profits across all industry segments and day-parts.
Famous Toastery’s chief executive and co-founder, Robert Maynard, notes that margins and menu complement are indeed crucial, but sometimes taking a risk can also bring dividends. “Ninety percent of the time you have to take margins into consideration. But that other 10 percent is a chance for a brand to try something new and different, and that’s what Famous Toastery did,” he says.
The company decided to fly in fresh Maine lobster, and it turned out to be a big deal to offer a product that is so fresh. And because fresh Maine lobster isn't regularly available in the Carolinas, it makes people want to order that special menu item.
“We then tightened up margins, and we took a chance, but it was something that helped us a great deal.”