A short YouTube video by Donna Genie introducing dynamic pricing using Wendy's as an example. The presenter explains how raising prices during busy periods and lowering them during slow periods can help businesses optimize staffing, smooth customer demand, and improve service; she invites viewers to comment with business scenarios for deeper follow-up videos.
Have you heard about how Wendy's is looking to increase prices in their busy time of the day and decrease prices in their slower times of the day? Yes, we know that's called dynamic pricing. What do you think about Wendy's having different prices depending on the different times of the day? And how would that apply to your business if you were to do that? Well, I'm Donna Bordeaux with calculated moves, so let's dive in just a little bit deeper. So Wendy's is trying it. There have been many other businesses that try this and at different points. Airlines have been doing it for years and so have hotels. So why not you? So let's take a look at what that would look like. So let's use a really easy example. Let's say it's a retailer now, obviously retail. We know the weekends are usually busier. Mondays, Tuesdays, they might be closed or because it's slower. But what if your pricing was dynamic and dealt with the supply and demand of people? What would that help you achieve? Well, first it might help out with staffing. You would know now that you could staff differently based on the ebb and flow of the people and even it out. Maybe your weekends aren't quite as crazy, but you have the same revenue. Wouldn't that be okay? Maybe your staff could take more time to treat your guests better and have better customer guest experience and service levels. That would be great. And on those slower days, maybe we ramp up the number of people who come in so it's not so crowded in your business and you have the capacity to handle that staff and those guests who come in. Maybe not a bad idea. Think about how dynamic pricing could work for you. And I'd love to hear your scenario and take some specific businesses and we'll dive into how you could implement dynamic pricing in your business. Post down the comments. I'll watch for you and watch for a future video that dives right into that. Sam.
