Restaurant Brands International (QSR) fast-food giant Burger King has typically been known as the silver medal holder in the race for the top fast-food brand. For several years, the King sat on a throne just beneath McDonald's (MCD), which is the top performer by far.
But recently, the chain has slipped behind Wendy's (WEN) when it comes to winning over the hearts and bellies of fast food consumers.
One of Burger King's strongest assets is its brand recognition -- as evidenced by the recent success of its infectiously catchy “Whopper Whopper Whopper Whopper” earworm jingle that has taken the internet by storm. And the Whopper itself is hugely recognizable, a fact that Burger King takes advantage of frequently. Burger King has released all manner of weird and wonderful Whoppers. Sometimes, the choices are a genuine bid for a new fan favorite or a customer hack-turned-menu item. Other Whoppers are really gimmicky, but entertaining nonetheless.
This year could be very interesting for the fast food chain as it continues to court consumer attention with new menu items. Fast food chains of all kinds will have to curtail fancy new menu additions in favor of more value offers as price-conscious consumers continue to look for the best burger bang for a buck.
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Burger King Brings Back the $5 Your Way Meal
The famous deal combo gives customers a little bit of all the best BK has to offer. Now rolling out nationwide for a limited time, you can get a value-priced combo that includes either a Whopper Jr., Bacon Cheeseburger, or a Chicken Jr. with a small French fry, 4-piece chicken nuggets, and a small soft drink.
Burger King has been restructuring some of its value meals over the last month. The Whopper has always been the restaurant's premium product, so the company previously moved to keep it off of value meals in order to protect the brand. But BK decided to reverse that decision in December, adding the $5.99 Choose a Meal Deal, which offers a choice of a Whopper or BK Royal Crispy Chicken Sandwich with a small fries and drink.
The moves come at a good time -- fast food industries have seen a rise in the price of several ingredients used to keep menus afloat thanks to inflation.
Burger King Adds Leadership & Brand Strategy
Last year, Restaurant Brands International hired former Domino’s (DPZ) CEO Patrick Boyle as Executive Chairman of Burger King. The company also recently brought on the former Chief Marketing Officer of PepsiCo (PEP) brand Mountain Dew, who will serve in the same position for Burger King.
Changes have already started taking shape thanks to a $400 million brand overhaul Burger King announced in September 2022. The strategy, nicknamed "Reclaim the Flame," aims to refresh public interest in the brand and hopefully push it back into that #2 fast food restaurant spot. The brand wants to drive more traffic and sales growth in the upcoming year, as RBI CEO Jose Cil laid out in the company's third-quarter earnings call.
