ACQ2 by Acquired Arming the Restaurant Rebels with Tock CEO Nick Kokonas
Jul 27, 2020
Nick Kokonas, CEO of Tock and co-founder of the Alinea Group, dives into the challenges independent restaurants face against giants like DoorDash and Uber Eats. He shares revolutionary strategies for restaurateurs, emphasizing the importance of owning customer data and innovative pricing models. Kokonas discusses groundbreaking ideas to reduce no-show rates with deposits and how Tock's adaptive strategies during the pandemic are reshaping customer experiences. His insights into blending technology with hospitality reveal a new era for the food industry.
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Own Your Customer
- Own your customer data to understand their preferences.
- This allows for personalized hospitality and targeted marketing.
Lease Negotiation
- Restaurant leases should not exceed 7% of gross revenue.
- Higher percentages create existential problems for businesses.
Tuesday Is Not Saturday
- Restaurants should use variable pricing based on demand fluctuations.
- Weekdays have different demand curves than weekends, necessitating pricing adjustments.