Marketers at Banquet, the frozen ready meals brand of Omaha, Nebraska, USA-headquartered ConAgra Foods, say more value is being brought to the table with the restaging of a well-known product line that dates back to 1953. A variety of enhancements, ranging from 25 percent more food and better protein to improved ingredients, are now being offered.
“Consumers want quick, warm and satisfying meals for a good value,” said John Pawlowski, brand manager. “That’s why we’re proud of the changes we’ve made, which improve the dinner experience with more food, improved ingredients and what we believe to be an even better taste.”
With the restaging comes updated packaging featuring a new logo and high-definition food shots that highlight the changes to quantity and quality of the food – changes that include adding 20 percent more chicken to the pot pies, real cream and margarine to the mashed potatoes, real cheese to the mac and cheese dishes, replacing dark meat chicken with 100 percent chicken breast, and more.
As part of the restaging, Banquet is back on television – the first time since 2009 – boasting the heaviest advertising nationally in the brand’s history. Eighty percent of the marketing budget, which has been quadrupled, is dedicated to TV commercials.
“Consumers are evolving and it’s a priority for the brand to continue meeting their needs,” said Pawlowski. “With a tagline of ‘Now Serving a Better Banquet,’ our new ads highlight how we’re doing just that with bigger portions and better ingredients.”
Banquet meals are available in the freezer aisle at grocery stores throughout the United States for a suggested retail price of $1 to $1.25.
The company’s aim is to gradually raise the retail price of a product line that has long been perceived as value for money by bargain-minded consumers. Sean Connolly, president and chief executive officer of ConAgra, recently told food industry stock analysts that the comprehensive program to restage the Banquet franchise will “liberate it” from the $1 price point, where it has hovered for many years.
“Higher price points enable us to invest in higher quality, including more protein,” he said.
The Banquet sales and marketing team is no doubt aware that increased prices will be resisted by a segment of penny-pinching shoppers, especially those living on fixed or limited incomes.
“Not every consumer will transition with the brand because some are only about price,” said Connolly, “but given the higher quality we will attract new consumers to the franchise over time, as well as improve the buying rate of brand loyalists.”
