Increasing Restaurant Profitability With Revenue Management | Season 8, Vol. 15

In the latest episode of Hospitality Hangout, Michael Schatzberg “The Restaurant Guy” and Jimmy Frischling “The Finance Guy” chat with Tablz chief executive officer, Frazer Nagy. Tablz is an immersive 3D booking experience that is redefining the future of dining by enabling diners to select and to the table of their choice.

Nagy talks about getting started in the restaurant industry, he says, “I think like a lot of successful founders and a lot of people in our space that make this jump, it's because we started in the industry. I was 13 when a family friend got me working as a banquet server at a golf course for weddings.” He adds, “I've just been in the industry my whole life, from busing to dishwashing, a little bit of even prep cooking. But I always had the gift of the gab. So the minute I turned 18 it made a lot more sense for me to be on the floor.”

They talk about starting a tech company and Schatzberg says, “I just love when you have a restaurant operator turned techie because who better to know what restaurant operators need.” Frischling adds, “I love that they're the ones leading the technology revolution.”

Nagy shares the news about relaunching the brand. He says, “for us brand and design is just at the center of what we do and that's not always the case for restaurant technology, I think often it's overlooked. But we have really created a culture here of a design-centric culture.” he adds, “This is many months in the making and this is something that's really really important because we are taking the Tablz brand and really turning it into this beautiful mature website platform in the digital ecosystem.”

The discussion turns to the difference between the terms dynamic pricing and revenue management. Nagy shares, “Revenue management is the big thing. It's what all of those other terms you described fall underneath. So revenue management is really the combination of premium seating which is one element with dynamic pricing. When you add those things together you get revenue management and this is a big part of my life and our thesis and our belief about this industry is that we quite simply are the last industry in the world to do revenue management.”

To hear the Tuesday Trivia answers plus get more insights into revenue management and enhancing the customer experience check out this episode of Hospitality Hangout.