Description

In this episode of Rising Tides Live, the conversation dives into the transformative potential of dynamic pricing in the restaurant industry and beyond. Featured guest Ashwin Kamlani, a seasoned expert with over two decades of experience in travel, hospitality, and revenue management, shares his journey of applying innovative pricing strategies to new industries. Ashwin joins host Shawn Walchef to explore how dynamic pricing, coupled with storytelling and data-driven insights, can reshape consumer behavior, boost profitability, and create value for businesses and their customers alike. Together, they tackle the opportunities, challenges, and cultural nuances of this evolving practice, leaving listeners with actionable takeaways for navigating the future of pricing in a competitive marketplace.

Interview Takeaways:

• Redefining Dynamic Pricing – Dynamic pricing is more than just adjusting costs; it’s a strategic tool that allows businesses to respond to market demand, enhance profitability, and stay competitive. By leveraging technology and real-time data, restaurants and other industries can create pricing strategies that adapt seamlessly to changing conditions while maximizing value for both customers and businesses.
• Balancing Transparency and Trust – Introducing dynamic pricing requires clear communication with customers. Educating them about the reasons behind price fluctuations—whether due to demand, delivery platforms, or operational costs—helps build trust. Framing dynamic pricing as an opportunity for deals, loyalty benefits, and exclusive offers fosters positive engagement and reduces potential backlash.
• The Power of Data-Driven Insights – Successful dynamic pricing starts with understanding your data. From customer preferences to market trends, analyzing key metrics allows businesses to make informed decisions. Ashwin emphasizes the importance of simplifying insights into actionable steps, helping restaurants optimize not only pricing but also promotions, labor, and overall operations for sustainable success.

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