If you’re a part of the hotel revenue management or hotel booking business where every move counts, staying ahead of the competition is crucial.
You need an essential weapon that gives you a bird’s eye view of the market and helps you make strategic decisions.
In this blog post, we’ll break down the basics of a hotel competitive set, including what it is and how you can identify the correct one for your hotel for an effective hotel competitive analysis to gain a competitive edge.
Because we believe that success is measured by how well a hotel performs compared to its comp set.
So, stay attuned till the end.
What Is a Hotel Comp Set?
These are generally the set of hotels that you majorly want to get an insight into in the nearby area.
This hotel comp set analysis will give you the leverage to accordingly optimize your business strategy and attract more customers to your property.
These comp sets are typically the hotels you compete against in the immediate area.
Such hotel competitive set analysis examples include hotels with the same star ratings and hotels that have similar amenities like pools, restaurants, suites, etc., and much more.
To understand more precisely, learn how to do comp set analysis for your hotel our hotel by watching this video:
How Do You Identify Your Hotel Competitors?
To analyze your hotel competitors, it is essential that you are well acquainted with your strengths and weaknesses.
List the key features and benefits your property offers and compare those to the benefits of area hotels.
Your major focus should be on the area hotels that are similar in size and offer similar amenities.
You must know that successful sales strategies are centered on accurate comp set breakdowns. Moreover, by leveraging AI, you can enhance the efficiency of your sales strategies.
This is why you must take time and research well while taking the assistance of other employees.
Here are different tips for identifying your hotel competitors: –
1. Monitor Fluctuating Pricing
Using competitor’s price intelligence for hotels. You might find some hotels that consistently drop their rates in the evening while others do in the morning.
Also, you’ll be able to identify the best results obtained through both of the strategies. Accordingly, choose a perfect fit for your hotel to maximize your profits.
Hotel competitor intelligence tools will also keep you updated with the price hikes to increase your hotel occupancy rate substantially.
Without a doubt, pricing is the most important thing that you can get right to attract more guests to your hotel, but you also need to look into their overall strategies to be one step ahead of them. Check out these Hotel API Providers that offers different hotel data intelligence services such as content, reviews and more to help you dominate your target market.
2. Subscribe To Emails
To keep a close eye on your competitors, you can subscribe to all of your competitor’s newsletters.
This will help you to recognize their strategy and how they use emails to stay at the top of the mind of their guests.
Also, you will be updated with any new promotions and news that they are using at the present time.
3. Checking Competitors’ Websites And Blogs
You must go through your competitor’s websites each month and read their blogs on a regular basis.
This will provide you a comparative hotel comp set analysis of what they are offering to that of your own.
If you come across a particular amenity that is becoming a major selling point, you can take note of it.
Think of something else that would solve the similar problem of the customers and also helps you stand out from the competition.
This is an effective method to constantly check up on trends in the current market.
4. Check Out Their Packages
While monitoring your competitors, you will come across different packages that they offer to their guests in exceptional cases.
These can be meeting packages, food and beverage packages, welcome baskets, and much more.
Create a unique and affordable package of your own that will help you stand out from your competition in the respective area.
Inclusive packages are a great option to attract more customers to your hotel as it becomes easy for customers to avail of the benefits instantly.
A Hotel comp set analysis for your hotel is a crucial tool for understanding your market and staying competitive in the hotel industry. By identifying the right comp set for your property, you can gain valuable insights into your competitor’s rates, occupancy levels, and overall performance.
Using this information you can make strategic decisions to outpace your competitors and improve your hotel’s revenue growth.
If you want to stay competitive in the ever-evolving hotel industry, utilizing a hotel comp set is a must. And to make your job even easier, don’t forget to check out MakCorps hotel API to easily access your competitor’s rates and stay ahead of the competition.