When Shark Tank's
"[Restaurant] owners are getting the business they need, and customers get savings, and that's what they want."
On the face of it, it's a relatively innocuous snippet from a speech that touched on grand concepts like trust and innovation. But, if we dig into it just a little, it reveals why
In a moment, we'll take a look. But first, here's the man himself,
https://www.youtube.com/embed/oLVTqTT9FBQ
First, Let's Talk About Creating Value
There's a common piece of advice given out in life and business -- if you want to make money, create value, then capture it.
But, as everyone knows, that's easier said than done.
Of course, hard doesn't mean impossible. That's why, over the years, common methods for thinking about value have emerged. One of the most common here is the problem-solution framework.
For those who've never heard of the problem-solution framework before, the concept is rather simple. Identify a problem, and provide a solution. If you can do that, then people will flock to you. It's just basic common sense.
Second,
We won't delve into all the intricacies of the
So let's take a quick interlude to cover the basics. If you're already familiar with the platform (millions already are), feel free to skip ahead.
Restaurant.com For Diners
How this looks in practice for a diner is pretty simple. By simply browsing through the
Here's one example offer:
Restaurant.com
As for how this looks for restaurants, that's a bit more involved. But first, let's just get one thing clear.
In reality, once we scratch the surface of the simple discount offers and user interface, what we find in
For now, we're simply going to gloss over what being a restaurant martech platform means. After all, we're really here to discuss what
Restaurant Marketing Component #1: The first of these is a remarketing tool. For those who don't know, remarketing is basically what happens when you browse something on Amazon and suddenly see ads for it everywhere.
Restaurant Marketing Component #2: The second key component of the Restaurant.com
What's Any of This Got to Do With
If you've been paying attention, there's a good chance you've picked up on why that one innocuous phrase
But just to make sure we're all on the same page, let me spell it out for you.
Problem: Every restaurant owner wants more customers. But most marketing is difficult, expensive, and comes with zero guarantees.
Solution: Provide a zero-risk marketing platform that drives diners to their tables and only charges them for successful conversions.
And there you have it - the value-generating problem-solution statement for
As a reminder, here's Harrington's key phrase once again: "[Restaurant] owners are getting the business they need, and customers get savings, and that's what they want."
If you break this statement down, there are actually two possible problems and two possible solutions hidden in there. The first, we already touched on.
As for the second problem-solution, here it is.
Problem: Most people would love to dine out more often, but not everyone can afford it.
Solution: Offer a way to dine out for less.
In a nutshell,
Guess there's no surprise now why
By now, it's pretty clear that
Here's why.
When
Over the course of that year, the company traded for around the
Fast forward to today, and
And let's not forget there are revenue figures to back this up (
In other words, in
- Extreme value creation by addressing two sides of a massive market at once.
- A deeply undervalued company given the current lack of a full recovery in its post-Covid stock price.
- An enduring cost of living crisis which has resulted in substantial growth in consumer demand for
Essentially, what we have is one of those rare opportunities to capture an undervalued asset at an opportune moment.
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