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Trends Across Menu Data: Insights into Consumer Preferences with Mike Lukianoff, CEO and Founder of SignalFlare.ai
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Welcome back to the show! Today's guest innovator is Michael Lukianoff, seasoned restaurant revenue and analytics manager and current CEO and Founder of SignalFlare.ai by Extropy 360.
In this episode, Mike offers a data buffet that emphasizes understanding and adapting to economic shifts in the general food service industry. He shares his insights on leveraging data for high-impact decisions and expertly navigating the challenges and changes in the restaurant industry by using pricing and menu data analysis. The conversation pivots into how the right pricing strategy can make or break a restaurant's profitability and how it's intertwined with marketing and consumer behavior.
Mike further details the importance of understanding consumer behavior and the impact of economic disparities on spending habits. We also explore the industry's struggle with staffing post-COVID and the potential for technology to address these issues. And as always… we wrap up by emphasizing the value of community and conversation in the food supply chain.
Thank you, once again, for tuning in.
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Timestamps
02:48 - Meet Michael Lukianoff
04:24 - The Evolution Of Restaurant Menu Pricing
08:35 - Exploring The Significance Of Menu Pricing In The Restaurant Industry And On Profitability
12:44 - How Consumer Behavior Influences Menu Pricing And Trends Across Menu Data
17:37 - Mike’s Insights Into The Current State Of The Consumer Economy
24:29 - Changes In Consumer Habits During The Pandemic
25:25 - Tackling Lower End Consumer Pricing
27:15 - The Difficulties Faced By The Food Service Industry And The Need For Reinvention.
32:10 - Mike Elucidates Traffic Trends In The Restaurant Industry And The Strategies To Drive Positive Traffic
36:42 - The Shift Towards Simplicity In Menus And Their Impact On Execution And Profitability
39:22 - The Impact Of Menu Price Increases On Consumer Traffic
43:45 - Introduction To Signalflare.ai
47:06 - What Does Signalflare.ai Offer?
51:18 - Detailing The Value Of Network And Data Licensing For Restaurants
52:57 - Data's Value In The Supply Chain
54:54 - Mike Dishes On The Future Of Data And Decision Intelligence
57:29 - Data Science Field Growth And Specializations
59:20 - Mike Notes The Maturation Of Data Use In The Restaurant Industry
1:00:42 - Wrapping Up!
I’d like to introduce you to Datum Advisors, a new offering from Datum FS. Our team is composed of seasoned Food Supply Chain Executives from every sector. We stand ready to offer valuable advisory services for your company.
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