Sep 23, 2014

Revenue Management for restaurants…Touristology’s point of view! Part 2

The other day I shared this tweet:
In the video attached to the tweet, they talk about resy a new app for restaurants reservations that charge a premium (to split with the restaurant) to get a table without queues, for a price (usually, $10 or $20 bucks).
Let’s see the video…

Some of my Touristologists reply to me… Why the excitement, Jordi? At the end of the day, this is just basic Revenue Management… Original, not done before in this sector but, basic: You charge a premium in the peak hours. That’s all! A lot of theme parks (portaventura...) practice that; a fast entrance without a queue for a price!!!!
I agree, Touristologists! To mark down the price with weak demand and mark up the price with strong demand is not rocket science (as a matter of fact, I always relate these tactics more with copyologists than with Touristologists!!!) BUT… as you know, I’m a Touristologists builder and my, almost, 25 years dealing with the tourism sector had sharpened my skills of seeing students, start-ups, enterprises, tourism destinations… Not for what they are today BUT for what they can be in 10 years.
I remember went to OUR class and see YOU for first time and knowing, without a doubt, that you would be special. I was thinking of YOU when I wrote… “… on average I have two or three students able to make a difference in the sector, in every class.” I had the same feeling when I saw this video… I, clearly, visualized how this app will allows restaurants to know who is making the reservation and therefore it will open doors to practice the use of the web 2.0 business model.
Recently, I also share this video…. enjoy it, Touristologists!!!

As you see, it introduces the new initiative of Groupon, to help you to fill up your occupancy tables’ calendar. This day at this hour you don’t have customers? Just make an offer in Groupon’s website!
Jordi, what is the difference with Resi? Easy! You don’t know your customer so, forget about YOUR customization, syndication or Pro-amization actions!!!!! Not knowing who is your customer is not a minor issue, we could talk about some jerktech like ReservationHop. Please, read those links and… Be aware!!!
On the other hand, knowing who is your customer open the door to apply the web 2.0 business model. I’m sure that YOU will explain these ideas better than me! I just provide a few humble examples…
Customized: Well, the geo-location is obvious! What about versions of me? Do you think we can offer different content, commerce, community based on… now I’m with my family, now I feel like having a romantic dinner, now I’m with my old friends from when I was doing my military service… What about real-time web and the powerful customization tools that it provides as we saw here?
Syndicated: Don’t worry, dear customer! We also can provide other things that are important in YOUR chain of value… A babysitter for your kids? You got it!  Tickets for the play next to the restaurant? You got it! Willing to repeat the dining experience at home? Do you need the recipe and the ingredients (like the forage enterprise is promoting)? You got it ... Is it, so difficult, to make a win to win deal with these providers and let the customer manage the whole experience in your web, mobile app…??? Just listen carefully to Touristology’s voice…
“Let’s clarify this once and for all… My business is NOT selling rooms or F&B… My business is to satisfy my customer, providing what they need, when they need it, in the way they need it!”
Pro-amized: Are your customers able to bring a group? Are they able to bring this enterprise, this man/woman that you always wanted in your restaurant?
To finish…Can you link these videos with the picture that we saw in Revenue Management for restaurants (part 1)
To me, this link is obvious… as obvious as the fact that you will be the future of the tourism sector! But, as always/usual, the important thing is NOT my vision BUT your willingness to act, the faith that you have in yourself, your motivation to keep fighting even with problems or under pressure… Are you one of the best minds working in the best sector ever? Time to prove it!!!!

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