A National Restaurant Association email this afternoon lead me to an interesting article about consumer anxiety over the economy.  As could be expected, many consumers polled for the article are cutting back their spending, but the ways they cut back are a little surprising:

“At the initial stages of anxiety, consumers will first look for ways to get what they want for less before giving things up…”

With this in mind, the article notes that smaller portion sizes are one way a consumer can get what they want (great food) for less (smaller price tag).  The article notes that consumers are extremely hard-pressed to give up product quality.  I’d count myself among those people who really don’t want to give up the convenience of eating out, but I just can’t bring myself to eat at certain places because the food quality is subpar.  I’d rather eat a smaller portion of good quality food—or stay home and make my own meal (another option many consumers favor these days).

I’ve read elsewhere that the practice of splitting plates is also becoming more common.  For me, it’s a relief; I’ve always embraced the opportunity to split a meal, but have sometimes felt that it upset the server or somehow offended the establishment.  Some places also add an additional plate surcharge, which might make me less likely to split a dish, but also far less likely to frequent the restaurant.  This would not be considered a “value proposition,” as they say.

And a “value proposition” is what it’s all about these days; it’s the current buzzword for the industry, from fast food to casual, and even into the ranks of fine dining.  If your restaurant offers a good value at the right price point for your customers, you’ve got an automatic edge on the competition.  Witness Subway’s stunning growth in the past few months—despite the economic downturn.  Their $5 footlong promo has had everything to do with it.  Competing sub sandwich shop Quiznos has even started a $5 promo of its own in response!

Besides marketing your restaurant’s value-oriented offerings, your business may also stand above the crowd if that crowd can find you on the web.  The aforementioned article notes that consumers are more likely than ever to “do their homework” on a restaurant before spending their hard-earned dollars there.  That means firing up the computer and tracking down a restaurant’s hours, menu, prices, and more (including the sometimes loved but often feared customer reviews).  If your restaurant doesn’t yet have a website, now is a great time to get one set up; a simple site costs little and could yield great returns in customer traffic.