5 Business Ideas With High Demand & Low Supply | Start These In 2022 (#374)
Topics covered
Popular Clips
Episode Highlights
Menu A/B Testing
The concept of A/B testing restaurant menus is gaining traction as a way to boost customer engagement and sales. and discuss how restaurants can use A/B testing to optimize menu pricing and descriptions, leading to higher conversion rates. Shaan shares an example where increasing menu prices by 50% resulted in higher conversion rates, demonstrating the potential of this strategy 1.
We just started adding all these extra words that were, like, meant nothing, changed nothing... And it's like, oh, people love that. And then they would buy more.
---
The idea is to create software that allows restaurants to easily implement these tests, potentially transforming menu design into a profitable business 2 3.
Digital Menus
Digital menus, especially those accessed via QR codes, are revolutionizing how restaurants interact with customers. highlights the shift towards digital menus, which allows for more sophisticated data analysis and customer interaction 4. This digital transformation opens up opportunities for A/B testing, similar to what successful internet companies do to optimize user experience.
With the pandemic, a bunch of restaurants have gone online, quote, unquote. They have the QR codes, right?
---
The potential for software that integrates with these digital menus to enhance customer engagement and sales is immense, offering a new frontier for restaurant innovation 5.
Rebranding
Rebranding strategies for restaurants on delivery platforms can significantly boost visibility and sales. discusses a startup that rebrands local restaurants for platforms like DoorDash and Uber Eats, enhancing their online presence with better photos and descriptions 6. This approach can increase revenue by 30% without the restaurant having to change its operations.
They were already restaurants that already existed. All we did was just rebrand them for Postmates and Uber Eats and DoorDash.
---
Such strategies highlight the importance of digital presence and marketing in the restaurant industry, offering a low-risk way to test new concepts and reach more customers 7.