Exploring Dynamic Pricing and Off-Premise Dining Trends with Carl Orsbourn

Exploring Dynamic Pricing and Off-Premise Dining Trends with Carl Orsbourn ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [Facebook]( [Instagram]( [Youtube]( [Linkedin]( July 18, 2024 Exploring Dynamic Pricing and Off-Premise Dining Trends with Carl Orsbourn Join us as Carl Orsbourn, Co-author of "Delivering the Digital Restaurant," explores the future of dynamic pricing in the restaurant industry. He talks about his entrepreneurial switch to data-driven decision-making and the critical role of customer data. Plus, we dive into tips for standing out in food delivery marketplaces, the potential of drone delivery, and the importance of understanding gig workers’ experiences. Don’t miss Carl’s practical insights and forward-thinking strategies for navigating the digital evolution of restaurants. Welcome to the 'WISKING IT ALL' Podcast – the series where we engage with hospitality professionals and trailblazers who've wagered it all in their pursuits. Join us in exploring their journeys, understanding their motivations, and uncovering the secrets behind their success. Every week, we'll deliver two impactful ideas and one essential insight from our podcast episode, offering perspectives that could fundamentally transform your hospitality business. If you find value in our show, please consider subscribing and leaving a rating on [Spotify](. Your support is vital in helping us grow. Curious about the challenges and lessons I learned while building WISK? Sign up [here]( and join me as I reveal exclusive insights and effective strategies from our successful journey. Your Host, Angelo Esposito THIS WEEK’S EPISODE Meet [Carl Orsbourn](. Carl Orsbourn is the Co-author of "Delivering the Digital Restaurant," a pivotal book on the digital transformation of the restaurant industry. With a career spanning BP-owned ampm and Kitchen United, Carl has driven significant innovations in food and beverage operations and ghost kitchen models. A recognized industry leader, Carl advises several cutting-edge companies and co-hosts "The Digital Restaurant" podcast. His expertise helps restaurants adapt to evolving consumer demands and leverage technology for growth. In this episode, Carl Orsbourn, Co-author of "Delivering the Digital Restaurant," takes us through the intricacies of dynamic pricing and shares his insights on the impact of fluctuating prices in an inflationary environment. We also tackle the complexities of digital maturity in restaurants, the importance of a vertically integrated tech setup, and the role of data in making informed decisions about menu pricing and customer engagement. For deeper insights and strategies, be sure to check out this episode! Key Insights You Can't-Miss: - Understand the pros and cons of dynamic pricing in restaurants and how it compares to industries like airlines and hotels. - Learn how data can drive better business decisions, from price adjustments to loyalty programs. - Get the lowdown on driver churn issues and innovative delivery solutions like drones and robots, featuring Walmart's partnership with Wing in Texas. - Discover strategies to move customers from third-party platforms to your own direct channels and the importance of capturing customer data. - Hear Carl’s journey from a corporate career to entrepreneurship, including key experiences that shaped his approach to the restaurant tech space. [Watch the full episode]( 2 IDEAS FROM THE PODCAST Idea #1 Marketplaces as a Tool for Customer Acquisition Carl emphasizes the crucial role that marketplace platforms like DoorDash and Uber Eats play in helping restaurants gain visibility and reach new customers. These platforms offer a significant advantage for smaller, independent restaurants by providing access to a broader customer base beyond their immediate geographic location. Key Action Items: - Leverage Marketplace Platforms: Register your restaurant on popular delivery platforms to increase visibility and attract incremental customers who might not be aware of your brand. - Optimize Delivery Efficiency: Ensure that your orders are prepared quickly (within 10 minutes) to meet the delivery timeframes that these platforms favor, which can enhance your ranking on the platform. - Enhance Customer Experience: Focus on getting great customer ratings by fulfilling orders accurately and promptly, as this will improve your restaurant’s ranking and visibility on these platforms. - Branding Through Packaging: Use branded packaging and include promotional materials to encourage repeat business through direct channels, thus converting marketplace customers to loyal direct customers. Idea #2 Transition from Third-Party Marketplaces to Direct Channels Carl discusses the strategy of transitioning customers from third-party marketplaces to direct ordering channels. This approach not only helps in reducing the commission fees paid to third-party platforms but also allows restaurants to gather valuable customer data for targeted marketing and improved customer relationship management. Key Action Items: - Promote Direct Channels: Use packaging and in-bag inserts to inform customers about your direct ordering options, offering incentives like discounts or loyalty points to encourage them to order directly from your website or app. - Develop a Robust Loyalty Program: Implement a loyalty program that rewards customers for repeat business, both for on-premise and off-premise orders, to drive direct engagement and retention. - Utilize Customer Data: Collect and analyze customer data (such as email addresses and phone numbers) to personalize marketing efforts and send targeted promotions that encourage direct orders. - Optimize Online Presence: Ensure your restaurant’s Google My Business profile and website are optimized for direct ordering, making it easy for customers to find and use your direct channels. [Listen on Spotify]( [Listen on Apple Podcast]( 1 KEY LEARNING On Direct Ordering Channels ❝ Invest in keeping customers coming back by offering incentives for direct orders, ensuring a great experience to convert third-party customers to first-party. [❞]( Investing in direct ordering channels reduces reliance on third-party marketplaces and fosters customer loyalty. Carl Orsbourn highlights the importance of offering incentives and a great experience to convert marketplace customers to direct ones. This approach saves on commission fees and provides valuable customer data for personalized marketing and targeted promotions. Focusing on direct channels ensures high standards, boosting customer satisfaction and reinforcing brand reputation. Prioritizing direct orders is a strategic investment in long-term success. [Listen & Subscribe]( P.S. Love our podcast? Share your feedback and recommend our podcast to other restaurateurs who might appreciate a sprinkle of our episodes! #WiskingItAllPodcast [Facebook]( [Instagram]( [Youtube]( [Linkedin]( [TikTok]( Sent to: {EMAIL} [Unsubscribe]( © 2024 Wisking It All... by WISK.ai WISK.ai, 488 Wellington St W , Suite 304, , Toronto, ON M5V 1E3, Canada