Competitive intelligence provides you with actionable insights to increase your hotel revenue. With the emerging channels, shifting buyer preferences and the evolving technologies that are impacting a booking environment, buyer’s expectations continue to increase. Today’s hoteliers are challenged from everything to manage social media, to monitoring share of wallet and thousands of other elements that impact the shopping process.
This week we focus on really having a grasp of knowing what is going on around your hotel. What is your competition up to? Where is the business going? What rates are they paying? What are they saying about your hotel? The key is not to just keep up with these but to actively manage the information that you have available.
Here are some tips on creating and using the best competitor set metrics for your hotel:
Include the basics
- Location of your hotel and the distance to other properties in the market
- Type of hotel (Boutique, standard or resort)
- Star ratings and the brand positioning
- Number of rooms (A 50 room property might or might not really compete with a 300 room chain hotel)
- Online visibility for your hotel versus other properties on different OTAs.
Listen to your customers
In today’s competitive hotel environment, where consumers have immediate access to property, reviews when making hotel choices, corporate leaders and property managers need to parse through volumes of information for local level competitive insight.
Be open to change
Where can you improve your set to see more depth in your comp set and understand better performance at your property and surrounding properties? You should be looking at your competitor set frequently and re evaluating whether it still works for your hotel or not.
Consider multiple sets
It is better to have additional competitor sets like regional, local, aspirational, niche, seasonal and group and transient mix.
Include non traditional competitors in the mix
The swift ascent of sharing economy websites such as Airbnb means hotels might be facing a new set of competitors that are harder to identify.