breakfast. One estimate puts the value of the fast-food breakfast market at $50 billion. McDonald's has had a commanding share of this market for many years, but now Taco Bell wants to ring the breakfast bell.
The centerpiece of its breakfast buzz is a waffle wrap that was cooked up in a day by the company's director for product development, adapted from a photo of a waffle breakfast she noticed on Facebook. After a period of test marketing, which drew high customer interest and media coverage, the new waffle taco was launched earlier this year.
Customers flocked to try it, more media coverage ensued, and fast-food competitors are watching closely to see how this affects the burgeoning breakfast market. Remember, no matter what brings customers in the door, simply getting them to a Taco Bell before lunch gives the company an opportunity to sell them something, whether it's a breakfast taco or a Cinnabon menu item. This change in consumer behavior can only work to Taco Bell's advantage if it has breakfast foods that are in demand.