Launching A Better Pizza (DPZ)

What does it take to launch a better pizza? Domino's Pizza Inc.

knows. Having celebrated its 50th birthday last year, the pizza giant is well aware of the ups and downs of the industry, and the fickle tastes of the consumers that it feeds. “I think one of the important changes we made was to recognize that pizza has lost some of the value perception that it had with consumers,” Patrick Doyle, CEO of Domino's, told Benzinga during a recent interview. “I think the industry has been a little too aggressive about moving up prices in the last few years.” Full Interview:

Price, however, is a small part of the equation. “It's really interesting, because if you look back over the 50-year history of Domino's, we've always been known for service and good value, and people generally haven't given us credit for selling a great pizza,” Doyle said. “We thought it was pretty good, but we didn't get credit from consumers for that.” Domino's attempted to reinvigorate its brand with the You Got 30 Minutes campaign, but consumers weren't impressed. “Honestly, America yawned,” Doyle revealed. “They just didn't care. They said, ‘Yeah, we already knew that. We already knew that you guys are the service brand. Tell us something new.'” It was at that point that the company realized it was time for a change. “We needed to re-launch with a pizza that was gonna open us up to consumers who were looking for a great pizza,” Doyle said. “We spent 18 to 24 months looking at every component of our pizza – the dough, the sauce, the cheese.” Ultimately, Domino's decided to change everything. “We're a new Domino's,” Doyle insists. “This isn't a promotion like we've done in the past. This is a re-launch of the brand and the business. We're changing people's minds and it's our job here in Ann Arbor to see how we can keep the momentum going in the next few years.” To hear more from Domino's chief executive – including his response to a controversial story by the New York Times – don't miss Benzinga's

with Patrick Doyle.