Unless you've been living in a cave for the last year or so, you've no doubt seen Subway's $5 Footlongs commercials.
Anyway, this morning, I was reading an article in BusinessWeek about how a Miami Subway Sandwich franchisee, Stuart Frankel came up with the idea for Subway's $5 footlongs 5 years ago.
After noticing that sales sagged on weekends, he came up with the idea of offering every footlong sandwich on Saturday and Sunday for $5, about a dollar less than the usual price.
Now get this: Frankel says he came up with the $5 price because he likes round numbers. Can you believe that? Apparently, customers liked his round number, too. Because suddenly, Frankel had lines out the door, and store sales exploded by double digits.
Anyway, Frankel's idea eventually caught the attention of Subway's corporate headquarters. They turned it into a national campaign that to this point has generated a mind-boggling $3.8 billion in sales nationwide.
The secret to the success of Frankel's idea was that nobody else was doing it at the time. Sure, now everybody has jumped on the $5 bandwagon. But before, it was a novel approach.
Are your sales sagging? Do something about it! Start thinking creatively like Stuart Frankel did. What can you do that your competitors aren't doing to jumpstart your sales?
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