BOSTON (MainStreet) -- Little things can mean a lot.
The business world is filled with "why didn't I think of that" examples of straightforward product and service additions that have pumped sales and pleased patrons.
|Simple ideas can be a boost to the bottom line. How about if Dunkin' Donuts had soy milk for vegetarians and the lactose intolerant?|
Two of McDonald's' (MCD) best-selling items -- the Egg McMuffin and Big Mac -- were the brainchild of single franchisees looking to spice up their menu. Perhaps the single greatest thing ever to happen to Subway is the modest price promotion a Miami franchise launched that became the omnipresent "$5 footlong" phenomenon.
The notion of selling breakfast was hardly a radical idea when McDonald's looked to extend their sales day in the 1970s, but it was a novel one that has paid off. Today, breakfast sales account for roughly 25% of all revenue for the chain and its competitors -- including, recently, Subway and Taco Bell (YUM) -- are stepping up their morning efforts. About 60% of restaurant traffic growth over the past five years has come from breakfast sales, according to analysts at NPD Group, a leading market research company.Improving coffee offerings has also been a small improvement that has paid off big for McDonald's. Its so-called McCafe locations average about 15% more in revenue because of those selections. When Starbucks (SBUX) pulled the word "coffee" from its signs, some wondered what it was up to and whether it signaled a move toward an expanded menu. Among the simple changes driving increased revenues: juice. Last year it bought juice maker Evolution Fresh in a $30 million deal intended to make itself more attractive to non-coffee drinkers.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV