In the online world, travellers have a wide range of hotels to choose from. Experienced Hoteliers know that just having a great hotel is no guarantee of success. There are hoteliers who sit back and wait for success to come; and those who go out and grab it. Independent hotels need to adapt some techniques from big boys by first performing a simple competition analysis.
Why to Assess your Competitor Hotel Landscape?
Online Distribution requires fierce competitiveness. Assessment of competitor landscape is a critical starting point but must be reviewed frequently. Unlike offline distribution, for online distribution often “the winner takes it all”
- To judge the true effectiveness of their marketing programs
- Improve the hotel positioning in the market place.
- Define competitors comparative weaknesses vis a vis your hotel strengths
- Identify the specific competitor hotels and get to know them well
- Get more knowledge about the market and let them create new ways to capture business.
What are the next steps?
- The pricing strategy is where you position your hotel price structure for the year or fiscal period. Regular price reviews to check on how the hotel is positioned online vis a vis key competition and what actions should be taken
- Systematic study to check if hotel is maximising revenue potential. What are the gaps & opportunities online currently? Request Free Audit
- Regular study of new opportunities from OTAs to promote hotels with creation of packages and special deals. Get More from OTAs
- Productivity monitoring for year on year progress.
- OTA Monitoring & Review for rate and content parity while maintaining good visibility.
These 5 steps will help you to prevent your competitor from stealing your customers:-
- In today’s connected world your hotel can find it difficult to be different – Most hotels are online and they are working with the same channel partners as you. They have pricing strategies aligned to the competitor set (which you are definitely part of) and are focused on their guest satisfaction scores and online buzz. http://www.tnooz.com/article/eight-things-smart-hotel-revenue-managers-do-differently/
- Competitive Intelligence Dashboards for Smart Travel Marketers – SkiftIQ is a competitive intelligence service, built around digital metrics that matters to brands in travel. Think of it as the dashboard for smart travel marketers http://skift.com/2013/11/25/launching-skiftiq-competitive-intelligence-dashboards-for-smart-travel-marketers/#1
- Why and how can a hotel use Google Hotel Finder Tool for Competitive Intelligence? – Hotels can use the tool to understand where they stand versus their competition and use the information to enhance their offering. http://blog.milestoneinternet.com/website-promotion/google-hotel-finder-benefits/
- Tips for successful pricing strategy – When setting rates, having pricing data on a hotel’s competitive set is crucial. Exhaust the data and ensure the hotel is comparing apples to apples. http://www.hotelnewsnow.com/Article/7950/5-tips-for-a-successful-pricing-strategy
- How consumers evaluate a hotel room purchase in a social world? – Most industry insiders agree that social media impacts consumer purchasing behaviour, particularly reviews and ratings. http://www.tnooz.com/article/price-reviews-and-ratings-how-consumers-evaluate-a-hotel-room-purchase-in-a-social-world/