THE IDEAS PROJECT — DAY 23
Day 23. Pfft, this is hard. Struggling to fit this into my daily routine. Need to get up earlier. Anyhow, went out for a lovely meal on Monday evening with friends at the Ivy in Clifton, courtesy of Rishi’s ‘Eat Out to Help Out’ scheme. Our friends eat out regularly, and we wondered if something like the funding scheme could be sustained from a commercial perspective.
OLD IDEA 1: Subscription
OLD IDEA 2: Eating Out
NEW IDEA: Diners enjoy discounted meals, restaurants hate ‘no shows’. Connect customers and diners through a subscription platform that allows diners to enjoy discounts on meals out, in return for a monthly subscription. Restaurants, receive a steadier income by participating in the scheme thereby mitigating some of the financial risk of ‘no shows’.
Five Whys:
- Restaurant are fighting back against ‘no shows’, diners who book but do not turn up.
- These empty covers are lost revenue, on already volatile and thin margins.
- Diners like discounted meals, as evidence by the recent ‘Eat Out to Help Out’ scheme.
- A digital subscription, could provide a win-win outcome.
- Diners pay a monthly subscription to receive discounted meals, restaurants participate to receive a steadier revenue from subscription income, in return for offering discounted meals.
Question: How often do you eat out? Would you pay for a subscription which offers you discounted meals? Do you own a restaurant? Would you trade some revenue at the point of transaction for a steadier income stream?
