SIMPLE, RELIABLE AND INNOVATIVE BENCHMARKING FOR RESTAURANTS GLOBALLY
REMS Market share provides the information used by the next generation of revenue optimizers.
PRODUCT SET UP
REMS Market Share is available to all venues that can:
- Track daily revenue sales and daily covers sold
- Track inventory usage
- Track hours of operations
No matter what your food type is, your restaurant size, location or price. REMS Market Share is available for you.
Each venue participating in REMS needs to complete our online profile setup which includes the following information:
- Restaurant type
- Take Away available
- Bar available
- Terrace available
- Private space available
- Price range
- Hours of operations by day of week
- Restaurant size
*Groups with more than one venue must complete the profile setup for each individual restaurant.
You can start using REMS Market Share from day one. If your prefered set of competitors is not available yet, we will create a temporary one until your's become avaialble. The venues we will choose will be based on you restaurant's profile to ensure you are comparing yourself with similar venues.
This will allow you to start understanding your place in the market straight away!
DATA SUBMISSION GUIDELINES AND DATA QUALITY
You only need 30 seconds per day and per venue to submit your data using our online tool! The information we need to fuel REMS Market Share is:
- Total net sales by day (excluding take away sales and bar only-drinks revenue)
- Total number of covers sold by day
- Hours of operations if they differ from your original submission
- Restaurant capacity if it differs from your original submission
REMS Market Share needs data for each day of the week. We recommend submitting your data on a daily basis but you can create your own submission schedule based on your preferences. We only ask that all data from the previous week must be submitted by Monday 12pm (GMT). This is so we can consolidate all the market data and create our weekly report.
REMS Market Share will consolidate all the submitted data on Monday at 12pm (GMT). It will then crunch the numbers and have your weekly report ready on Tuesday at 12am (GMT).
Data can be overwritten as many times as required before the final submission on Monday at 12pm (GMT).
Any changes in data after that period must be communicated to us as soon as it is noticed by sending an email to email@example.com with the correct figures.
If you change your hours of operations or restaurant capacity, this will impact only future dates. The historical figures will remain the same as they were.
In REMS we are commited to your data protection and we will never share your individual data with any of your competitors. REMS Market Share will always aggregate your data with other venue's data before sharing it so you indivual performance can't be identified.
If you feel your data looks incorrect, please contact us at firstname.lastname@example.org and we will investigate it. We have implemented data quality checks in place to spot data anomalies but mistakes can happen.
COMPETITIVE SET GUIDELINES
A competitive set is a group of restaurants that directly competes with your restaurant. This can be due to similar size, pricing, location, or type of restaurant.
A competitive set must include a minimum of three participating venues (excluding the subject restaurant). All venues must be able to submit data and belong to a minimum of two different groups.
Charges are only applied once your competitor set is complete. A minimum of 3 competitors are required (excluding the subject property) and they must be available in our database. Those competitors may not be your primary choice but will be considered as your competitors as long as they share a similar price range, are within walking distance and have a similar number of covers.
If your preferred restaurants are not available in our database, please contact us and our sales team can seek to onboard them.
We will only provide competitive analysis reports if a minimum of three restaurants plus the subject restaurant submits data consistently. We have strict data checks in place to ensure data quality remains a priority for all our restaurants.
If the submission of incorrect data is noticed, we will contact the restaurant and ask for correct data to be submitted.
If you notice data that appears to be incorrect please contact us at email@example.com
You can change your competitive set up to 3 times per year*. To ensure that your strategy is consistent, we do not recommend more than two competative set changes per year.
To ensure we maintain the confidentiality of your data, the following rules are applicable when you want to apply changes to your competitive set (rule of change):
- Changes in the set must involve a minimum of 2 restaurants that are submitting data consistently*. This is to ensure data for a single restaurant is not exposed.
- A minimum of two competitors can be added, remove or replace at any time.
If a non-consistent restaurant wants to be removed from the set, a minimum of 2 other consistent restaurants need to be removed.
*If a restaurant in your competitive set does not submit data continuously, you will be entitled to change it without using your yearly allowance.
*A consistent restaurant is the one that has submitted consecutive daily data for the last 2 weeks.
This might happen If you do not have enough restaurants in your competitive set submitting data (minimum of three restaurants) and consequently your data is blank. We will get in touch with the restaurants that are not submitting data. We are actively asking our participating restaurants to submit data.
If the situation continues for 2 weeks, the restaurant not submitting data might be removed from your competitive set and replaced by another one (following the rule of change).
We will provide you with different admin rights when you login into our platform.
Only users with super-user access will be able to request a change in the competitive set.
Rems recommendations are a great compliment to help you capture your fair market share and generate more revenue. We have written these recommendations from our own experience working in the industry, extensive research, and feedback from people working in the hospitality industry.
REMS Market share will analyse your results and share a *recommendation with you every two weeks. We offer a large variety of online support in yield management and optimisation Our recommendations a generic and some might not be suited for your venue, however, we highly recommend you reading them, as they may come in handy in the future!
*All recommendations are generic and are not intended to target any restaurant in particular. Therefore, it is at your discretion to action them or not. Our business nature is data management for the restaurant industry and for that reason, we cannot act as consultants and provide individual advice to any restaurant.
Review table utilization at your restaurant
Are your tables used to their optimal capacity?
If you have a restaurant with different table sizes, there will be times on the day when you are underselling your tables. This means you are allocating a party of 2 where you could be fitting 4 people. Or you are offering a table that could fit 5 people to a party of 3.
You can allow this when the restaurant is not busy, however, at your peak times, you should never undersell your tables.
To guarantee you are using your capacity effectively, you can run a report that shows how many times each table gets filled with its maximum covers. Having tables undersold constantly will impact your RevPash negatively as you are not using your space at its best.
Try to always allocate your bookings at the right table and spend some time training your team on this.
Tip: If you have large tables that are often undersold, please consider changing the layout of your restaurant, and bring in tables that would suit your demand better.
Restaurant capacity refers to all inventory that can be sold during the opening hours where guests can consume food and drinks.
How to calculate your restaurant capacity.
For example if your restaurant has 60 covers in the main restaurant, 10 covers in the terrace, 10 covers in the bar, and 20 covers in a private room and you can serve food and drinks in all those spaces, regardless of how they are sold (online or walk-ins), you will need to submit 100 covers as your restaurant capacity.
You can amend your capacity on a daily basis at the same time you input your finacial results and your hours of operations.
We will give you the opportunity to update your restaurant capacity on a daily basis if you need to.
All your inventory must be added to your total cover capacity as long at it can be sold at some point during of the day.