Building a Comprehensive Loyalty Solution for Restaurants: Zach Goldstein's Approach with Thanx

Building a Comprehensive Loyalty Solution for Restaurants: Zach Goldstein's Approach with Thanx ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [Facebook]( [Instagram]( [Youtube]( [Linkedin]( August 01, 2024 Building a Comprehensive Loyalty Solution for Restaurants: Zach Goldstein's Approach with Thanx Join Zach Goldstein, Founder and CEO of Thanx, as he delves into the dynamic world of restaurant loyalty programs. Discover the challenges of offering incentives in a tight-margin industry and the impact of CRM and AI on guest engagement. Learn how loyalty programs turn VIPs into influencers and achieve data-driven personalization without compromising privacy. Explore proprietary technology that simplifies integration with various point-of-sale systems, making advanced loyalty programs accessible for mid-market and enterprise brands. Don't miss out on these insights to transform your guest engagement strategy! 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 [Zacharcy Goldstein](. Zach Goldstein is the CEO and Founder of Thanx, a leading guest engagement and loyalty platform for restaurants and retailers. Thanx leverages proprietary credit card integrations to capture accurate customer transaction data, allowing for highly personalized marketing campaigns and effective loyalty programs. Under his leadership, Thanx has become known for its innovative approach to maximizing customer lifetime value through digital solutions. Zach is recognized as a thought leader in the restaurant-tech space, frequently sharing insights on improving customer loyalty and engagement. His work has earned Thanx a reputation for helping businesses enhance customer retention and drive revenue growth. In this episode, we dive deep into the world of restaurant loyalty programs with Zach Goldstein, Founder and CEO of Thanx. Zach shares his incredible journey and insights into transforming the restaurant industry through data-driven decisions and leveraging cutting-edge technologies like AI and machine learning. If you’re curious about the future of loyalty programs and how restaurants can use data to create personalized experiences, then this is a must-listen! Key Insights You Can't-Miss: - Discover why giving money away in restaurants is tougher than you might think and how to balance generosity with profit. - Learn from the big names like Velvet Taco, Chipotle, and Taco Bell on how exclusive menu items can boost loyalty and engagement. - Understand the next phase of loyalty programs and how AI and CRM systems can help segment guests more effectively for personalized marketing. - Get a glimpse into future loyalty program features, including AI-driven insights and natural language query capabilities for fast, efficient data access. - Hear about the real obstacles in building credibility and integrating new technologies into existing systems, and how modular solutions can bridge the gap. ** Fun Fact ** Did you know that 75% of a restaurant's revenue typically comes from just 25% of its guests? Tune in to find out how a three-time visiting guest can be worth up to twelve times more than a one-time visitor! [Watch the full episode]( 2 IDEAS FROM THE PODCAST Idea #1 Utilizing Data to Drive Traffic and Sales Zach highlights the importance of using data to drive traffic and increase sales. Understanding customer behavior and purchasing patterns allows restaurants to create targeted campaigns that effectively drive customer visits and enhance overall revenue. Key Action Items: - Analyze Purchase Patterns: Regularly review customer purchase data to identify trends and opportunities for targeted promotions. - Target Slow Periods: Identify slow periods using data and create specific promotions to boost traffic during these times. - Track Campaign Performance: Continuously monitor the performance of marketing campaigns to understand what works best and adjust strategies accordingly. - Segment Customers for Targeted Marketing: Use data segmentation to create personalized marketing campaigns that address the specific needs and preferences of different customer groups. - Incorporate Feedback Loops: Implement systems to collect customer feedback and use this data to refine marketing strategies and improve the overall customer experience. Idea #2 Importance of a Robust Technology Ecosystem Zach discusses the significance of having a modular and integrated technology ecosystem in the restaurant industry. This approach allows restaurants to seamlessly connect various tools and systems, enhancing operational efficiency and enabling better data utilization. Key Action Items: - Invest in Modular Solutions: Choose technology solutions that offer modularity and flexibility to adapt to your restaurant's specific needs. - Ensure Seamless Integrations: Work with vendors that provide robust integration capabilities with your existing systems, such as POS, inventory management, and CRM. - Focus on Data Portability: Prioritize solutions that allow easy data export and integration with business intelligence tools to gain valuable insights. - Regularly Update Technology Stack: Keep your technology stack up-to-date to leverage the latest advancements and maintain compatibility across systems. - Collaborate with Trusted Partners: Build strong relationships with technology vendors and partners to ensure reliable support and access to innovative solutions. [Listen on Spotify]( [Listen on Apple Podcast]( 1 KEY LEARNING ❝ One big lesson I realized in this space is that we had underinvested in the value of the ecosystem... That was a switch I had to flip in my head and it's pretty unique to this industry. [❞]( Zach reflects on the importance of ecosystem partnerships in the restaurant technology space. Initially, Thanx focused on building the best possible solution and sales and marketing team, but they later realized the crucial role of partnerships with other technology providers. The ability to integrate seamlessly with various point-of-sale systems and other solutions is essential for meeting the diverse needs of restaurant operators. This approach allows Thanx to offer a more flexible and comprehensive solution, enhancing their value proposition and fostering innovation within the industry. [Listen & Subscribe]( P.S. Love our podcast? 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