The Restaurant Technology Guys Podcast brought to you by Custom Business Solutions Unveiling Dynamic Pricing and Analytics in Restaurant Tech with Mike
In this episode of the Restaurant Technology Guys Podcast, the hosts dive into a compelling discussion with Mike, a veteran in the field of restaurant technology with over 25 years of experience. Introduced by Tammy Billings, Mike shares his journey from restaurant operations to mastering the quantitative aspects of pricing, analytics, and data during a time when the concept was still novel. He delves into his early work with McDonald's and his ventures into data-driven businesses during the financial collapse, focusing on leveraging AWS cloud technologies. Mike introduces his latest venture, SignalFlare, and the advanced methodologies they use to analyze consumer behavior and pricing dynamics. They explore the impact of COVID-19 on demand patterns, the importance of understanding the emotional connection consumers have with restaurants, and the future of dynamic pricing. Mike explains how SignalFlare helps both large chains and smaller operations make informed pricing decisions, driven by extensive data sets and machine learning. He emphasizes the incremental ROI and the evolving intelligence of these systems over time. The discussion concludes with insights on decision intelligence for the restaurant industry, urging operators to adopt advanced pricing methodologies to stay competitive.
00:00 Welcome to the Restaurant Technology Guys Podcast
00:19 Introducing Mike and His Journey in Restaurant Tech
00:32 The Evolution of Restaurant Data Analytics
01:59 Launching a New Venture Amidst Financial Collapse
03:59 Rethinking Data Analysis Post-COVID
06:15 The Power of Modern Data Sets in Restaurant Pricing
08:55 Making Data-Driven Decisions Accessible to All Restaurants
10:43 The Importance of Context in Data Analysis
12:18 Understanding Customer Behavior Beyond Price Elasticity
26:15 Introducing SignalFlare: A Decision Intelligence Tool for Operators
31:22 The Future of Pricing and Menu Management in Restaurants
38:45 Why Embracing Data-Driven Decisions is Crucial for Restaurants