The Restaurant Report

In this episode of The Restaurant Report, Paul Barron, a forward-thinker in technology and media, engages in a thought-provoking conversation with the CEO of ConverseNow, a company at the vanguard of AI-driven drive-thru technology. Together, they delve into the transformative power of artificial intelligence in reshaping customer service within the fast-food industry and beyond. Highlights of their discussion include:The Evolution of AI: An in-depth analysis of the current state of AI technology and its potential trajectory. They explore emerging trends, potential breakthroughs, and the ethical considerations of increasingly autonomous systems. The conversation illuminates how AI's rapid advancement will continue to alter the landscape of various industries, emphasizing adaptability and innovation.Adoption Process in the Restaurant Business: A comprehensive breakdown of how restaurants can integrate AI-driven solutions like ConverseNow's technology. They discuss the step-by-step process for onboarding, the challenges restaurants face during this digital transformation, and the tangible benefits such as improved efficiency, personalized customer experiences, and increased profitability. The dialogue also covers strategies for overcoming resistance to technological adoption within traditional business models.Building In-House Large Language Models: The dialogue critically examines why many enterprises or brands choose not to develop their large language models, despite the apparent advantages. They explore the complexities, costs, and expertise required to build and maintain these systems. The conversation highlights the importance of partnerships with specialized AI companies that offer scalable, customizable, and cost-effective solutions, enabling businesses to leverage the power of AI without the need for in-house development.This episode offers a rare glimpse into the future of AI in service industries, providing valuable insights for entrepreneurs, business leaders, and anyone interested in the intersection of technology, innovation, and customer service. Join us to uncover the practicalities and possibilities of AI, through the experiences of two industry pioneers leading the charge towards a more efficient, personalized, and tech-driven future.Savor.fm is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Welcome to The Restaurant Report, where we delve into the exciting resurgence of casual dining trends in the hospitality industry. As consumers start to venture out again for dining experiences, casual eateries are seeing a significant uptick in popularity. In this episode, we explore the reasons behind this shift and what it means for the future of casual dining establishments.Today’s Guest - Hal Lawlor, President and COO of Smokey BonesSmokey Bones is a growing casual dining brand known for its delicious barbecue and creative menues. At the helm of this culinary adventure is Hal Lawlor, a seasoned professional with years of experience in the restaurant industry. Join us as we discuss:The factors driving the renewed interest in casual dining include changes in consumer behavior, the rise of the foodie culture, and the desire for unique dining experiences.Social media and online reviews shape consumer preferences and how restaurants can leverage these platforms to attract more customers.The importance of menu innovation and the role of seasonal and local ingredients in attracting and retaining customers.The future of casual dining trends and what to expect in the coming years, including the influence of technology and the growing demand for personalized dining experiences.Please tune in to our podcast as we chat with industry experts, restaurant owners, and food enthusiasts to uncover the latest casual dining trends and what they mean for the hospitality industry. Don't miss out on this informative and engaging discussion!

Sean Kennedy, Executive VP of Public Affairs at the National Restaurant Association, discusses regulations impacting restaurants. Topics include swipe fee challenges, joint employer rule implications, franchise systems and 'junk fees' regulation, and digitization of restaurants.

In this episode, Paul Barron discusses the fascinating world of dynamic pricing strategies and the potential role of AI in reshaping menu modeling. Ashwin Kamlani, the CEO of Juicer, joins him as they explore the exciting possibilities that lie ahead in the food service industry.Ashwin Kamlani, CEO of Juicer: Ashwin Kamlani, an expert in AI and its applications, joins Paul Barron to discuss the potential of AI in revolutionizing menu modeling. As the CEO of Juicer, Ashwin has a unique perspective on how artificial intelligence can be harnessed to optimize menu pricing and enhance customer experiences.The Evolution of Dynamic Pricing: Dynamic pricing is not a new concept, but it's gaining newfound significance in today's fast-paced and data-driven world. Dynamic pricing has entered foodservice traditionally associated with industries like airlines and ride-sharing services. Ashwin takes us through the fundamental principles of dynamic pricing and why it's becoming increasingly essential for restaurant businesses.The Role of AI in Menu Modeling: Artificial intelligence is poised to transform the way restaurants approach menu modeling. With AI-driven algorithms, businesses can analyze vast amounts of data to determine optimal pricing strategies, taking into account factors such as demand, time of day, and even weather conditions. Ashwin Kamlani shares insights into how Juicer is at the forefront of this technological revolution.Benefits of AI-Powered Menu Modeling: In this episode, Paul Barron and Ashwin Kamlani explore the myriad benefits of integrating AI into menu modeling. These advantages include:Personalized Pricing: AI can analyze customer preferences and behavior to offer personalized menu pricing, enhancing customer satisfaction.Real-time Adjustments: Dynamic pricing powered by AI allows for real-time adjustments, ensuring that menu prices are always competitive and aligned with market demand.Optimized Profit Margins: AI can help restaurants maximize their profitability by finding the perfect balance between pricing and customer demand.Enhanced Customer Loyalty: By offering customized pricing and promotions, restaurants can build stronger relationships with their customers, fostering loyalty.

In this episode, Amy Hom, a veteran of the restaurant brand and technology space, and Paul Barron delve into the challenges faced by fast casual restaurants in the current landscape where technology's role in driving top-line revenue and profits is not as promising as expected. This issue is rooted in the collision between technology and consumer behavior, placing restaurant brands in a complex position.One of the fundamental dynamics at play is the dominance of millennials in the social commerce market. In 2023, the global social media audience was estimated to comprise approximately 4.9 billion people, marking a substantial increase from previous years. Among these users, the 25-34 age group, which consists mainly of millennials, stands out as the largest demographic.The episode explores why technology companies may be experiencing a significant downturn, mainly when fast-casual restaurant operators are increasingly focused on cutting expenses and demanding that technology becomes a performing asset rather than just an operational cost.Adding to this intricate situation is the shifting demographic landscape. Baby Boomers, who are on the cusp of retirement, will range in age from 60 to 78 next year. Simultaneously, Generation Z, aged 12 to 27 next year, is rapidly graduating from school and entering the workforce. Gen Zers are emerging as the leading consumers of fast-casual restaurant food.This shifting demographic trend forces restaurant CEOs across the industry to reflect on their strategies and adapt to these changing dynamics. The interplay between technology, consumer preferences, and demographics presents challenges and opportunities for the fast-casual restaurant sector.To gain a deeper understanding of this complex issue, don't miss the full episode, where top analysts and consultants in the restaurant sector provide insightful discussions and analysis.

In today’s podcast, we dive into the future of technology and innovation that seem to dominate the consumer landscape; there is a growing paradoxical trend among millennials. Many of them are embracing traditional values while seeking unique and creative experiences. This shift in consumer preferences has not gone unnoticed by brands like Chicken Salad Chick, which has successfully tapped into this emerging trend. We will explore how Chicken Salad Chick connects with millennials through its blend of traditional values, technology, and creative experiences.The Rebirth of Traditional ValuesMillennials, often characterized as the generation of change and progress, are also known for their appreciation of traditional values. Many are redefining what these values mean in the modern context. Chicken Salad Chick is a brand that has recognized the power of nostalgia and tradition, offering a menu rooted in classic Southern recipes and comfort food. Their commitment to quality ingredients and home-style cooking resonates with millennials looking for authenticity in a world filled with fast-food chains and processed options.Tech-Forward ApproachWhile Chicken Salad Chick embraces tradition in its menu offerings, it doesn't shy away from technology. The brand has leveraged digital platforms to enhance the customer experience. With user-friendly mobile apps and online ordering systems, they make it easy for tech-savvy millennials to access their favorite comfort food conveniently. Moreover, data-driven marketing strategies and loyalty programs cater to the digitally connected millennial consumer, ensuring that they stay engaged with the brand.Creative ExperiencesOne of the ways Chicken Salad Chick connects with millennials is by offering creative experiences beyond just the food. The brand hosts events, promotions, and collaborations that appeal to the generation's desire for unique and Instagram-worthy moments. Whether it's themed pop-up shops, limited-time menu items, or partnerships with local artists, Chicken Salad Chick keeps millennials engaged and excited about their brand.Predictions Based on Historical AnalysisBased on historical analysis and current trends, it's likely that Chicken Salad Chick will continue to thrive among millennial consumers. Here are some predictions:Expansion of Nostalgia-driven Brands: As millennials age, their appreciation for nostalgia and tradition will likely grow. Brands like Chicken Salad Chick that tap into this sentiment will see continued success.Tech-Enhanced Convenience: The fusion of tradition with technology will become even more critical. Chicken Salad Chick and similar brands will invest in AI-driven personalization, improving the digital ordering experience.Sustainable Practices: With millennials' strong emphasis on sustainability, brands like Chicken Salad Chick may incorporate more eco-friendly practices in their operations to align with consumer values.Community Engagement: Expect Chicken Salad Chick to strengthen its ties with local communities through charity initiatives and partnerships, aligning with millennials' desire for social responsibility.

In today's podcast, we delve into the world of Taziki's Mediterranean Cafe with the extraordinary Julie Wade. Join us as we embark on a culinary adventure, exploring the vibrant flavors and rich history of Mediterranean cuisine. Julie, the visionary behind Taziki's, shares her insights on creating a thriving restaurant business, fostering a passionate team, and delivering an exceptional dining experience that has captivated guests for over two decades.The restaurant industry is constantly evolving, and with the emergence of the next consumer generation – Generation Z – it's more important than ever to adapt marketing strategies to resonate with this tech-savvy, experience-driven demographic. This generation is characterized by their digital fluency, social consciousness, and preference for personalized experiences. To effectively capture their attention and cultivate loyalty, restaurants must focus on three key pillars: branding, technology, and consumer experience.Branding: Building a Resonant IdentityIn today's competitive landscape, a strong brand identity is essential for any restaurant. Gen Z is drawn to brands that align with their values and reflect their personalities. Restaurants should craft a brand that is authentic, engaging, and stands out from the crowd. This can be achieved through consistent messaging, visually appealing branding elements, and a unique brand voice that resonates with the target audience.Social media platforms like Instagram and TikTok offer excellent opportunities to showcase the brand's personality and connect with Gen Z consumers.Technology: Embracing Convenience and InnovationGen Z is accustomed to seamless digital experiences, and restaurants must keep pace with their technological expectations. Embracing technology can enhance convenience, streamline operations, and create a more personalized experience. Consider implementing online ordering platforms, mobile payment options, and interactive digital menus. Explore the use of social media marketing tools to target specific demographics and engage with potential customers. Leverage technology to gather customer feedback and tailor offerings to their preferences.Consumer Experience: Creating Unforgettable MomentsGen Z is not just looking for a meal; they seek memorable dining experiences that go beyond the food. Create an atmosphere that is inviting, trendy, and Instagram-worthy. Consider incorporating interactive elements, such as live music or cooking demonstrations, to keep customers engaged. Offer unique menu items that cater to their dietary preferences and values, such as plant-based options or locally sourced ingredients. Host events and workshops that align with their interests, such as cooking classes or sustainability seminars.Bridging the Gap: Combining Branding, Technology, and ExperienceThe key to successful restaurant marketing lies in seamlessly integrating branding, technology, and consumer experience. A cohesive brand identity should be evident across all digital platforms, physical spaces, and customer interactions. Technology should be used to enhance the overall experience, not replace it. And every aspect of the dining experience should contribute to building a loyal customer base.Visit www.savor.fm for more podcasts like thisFollow on X: Savor_fm

In this episode of The Restaurant Report, we sit down with Mike LaRue, a 16+ year franchise veteran who has, since the beginning, maintained a focus on emerging brands. Mike is the VP of Franchise Development for Angry Chickz, a fast-growth Nashville hot chicken brand. We discuss how this brand could build 20+ units without an infrastructure, which could be its secret weapon to success.Link here for full access to our 5 brand growth tips -~ Check out all our podcasts on savor.fm~ Looking to take your restaurant into the next generation of Web2 and build a new loyalty or brand IP opportunist? Check out Rever Networks

In today’s podcast, we interview Robert Hersch of Mastodon Ventures and discuss the market for raising capital and what you should be doing to prepare. We break down a variety of ideas.What are some areas you are watching for capital deployment in 2024 within the restaurant sectors?How the market will respond to consumer spending pressure?Will brands grow in 2024?Is franchising a viable option for early-stage brand growth?How do you go about selecting founders and understanding the business mission?What's most important to invest in brands or assist brands to recover?What are the best capital structures for startup brands?My 8-Step Plan for Raising Capital As a startup, this can be a daunting task, but it's also an essential part of growing your business. Here are some of the best steps for taking on capital and what to watch out for:1. Know your funding options. There are a variety of ways to raise capital for your startup, including:Bootstrapping involves using your money and/or reinvesting profits to fund your business.Friends and family: This is used for a pre-proof of concept and can be a good way to get early-stage funding from people who know and trust you.Angel investors: These are high-net-worth individuals who invest in early-stage startups and are more likely to invest in you vs the startup so make sure you have all your accolades and history out there and easy to find.Venture capitalists are professional investors investing in startups with high growth potential, looking at full return on investment. This is where your P&L performance comes into play; make sure you have a top-notch accounting firm and attorney to prep for these engagements.Crowdfunding: This involves raising money from many people, typically through online platforms. While somewhat new, this model is gaining more popularity, especially if you have a brand and a following - you may be able to tap into your most loyal customers, fans, and advocates.Grants: These are non-repayable funds typically awarded by the government or non-profit organizations. This will need a professional grant writer and an angle that provides significant benefit to society along with a vision and business plan that is easy to understand.2. Determine how much funding you need. This will depend on your stage of development, your business model, and your burn rate (the rate at which you are spending money). This is also an area that can become very sticky with valuations of your business or idea, which you may think is more than the investor - get a third party to help you evaluate.3. Write a business plan. This is a document that outlines your business strategy, including your target market, your competitive landscape, and your financial projections. You matter more at this stage, and the narrative is the killer app, so know what your mission is and understand the total addressable market along with the competition and a good SWAT plan is always welcome.4. Identify potential investors. Research investors with a track record of investing in startups in your industry. This is critical and is kind of like choosing a family member - choose very wisely this can come back on you very easily.5. Network and make connections. Attend industry events, join online forums, and connect with other entrepreneurs. But best of all referrals and high-value connections are the ones that will make a difference in getting your idea out there to those who matter most.6. Practice your pitch. Your pitch is a short presentation that you will give to potential investors to explain your business. Focus on the mission and revenue opportunity - don’t get too tactical, and try to keep it simple.7. Be prepared to negotiate. Investors will want to make sure that their investment is protected, so be ready to negotiate terms such as equity and board representation. Structure your deal or term sheet with a full understanding of what you are giving up as a founder - don’t write yourself out of the deal just to get it going, unless of course, you are looking for an exit.8. Be patient. Raising capital can take time, so be patient and persistent.Here are some things to watch out for when taking on capital:Dilution: This is giving up ownership of your company in exchange for funding. Make sure you understand the dilution terms of any investment before you agree to it.Warrants: These are financial instruments that give investors the right to buy shares of your company at a specific price in the future. Be aware of the terms of any warrants before you accept them.Liquidation preferences: These terms dictate how investors will be paid if your company is sold or goes bankrupt. Make sure you understand the liquidation preferences of any investment before you agree to it.Raising capital for your startup can be a complex process, but it is also essential to growing your business. Make sure to get good legal and financial representation to start the process right, you will thank me later if you do this alone!

Erle Dardick of Lunchbox, a leading restaurant e-commerce platform, discusses the top tech and consumer trends for 2024. Topics include the impact of AI, the shift towards internal tech stacks, the future of customer service, and the success of Cava restaurant chain.