Hotel Competitor Analysis
Today’s savvy traveler is more informed than ever before and they use this information to their advantage when planning travel. With just a few keystrokes, any interested party can access comparative pricing based upon the date of stay, geographic area, or number of guests staying at one time – making it important that hotels understand the competition and what they’re offering in comparison. Is there another hotel nearby? How many rooms are available at each price point? What amenities does each hotel offer? The answers to these questions will not only give you insight into pricing and operational decisions to make, but they’ll give you an idea of the customer service standards that are expected by guests.
Why is a Competitor Analysis important?
Competitor analysis is just one of innumerable aspects to consider when marketing your hotel, but it’s important for any hotelier who wants to know how their property fits into the larger industry. Why? Because information solves problems and leads to increased profitability for hotels. It is important to know how your hotel stacks up with the following:
- ADR (Average Daily Rate)
- Occupancy
- REVPAR (Revenue Per Available Room)
- Minimum Stay Requirements
- Special Rates and Discounts
It is very important to know what your competitors are offering potential hotel guests. You need to make sure your hotel is priced competitively and maximized for revenue.
Why Competitor Analysis is important for Independent Hotels
Hotel Competitor Analysis is vital for independent hotels because they have less information available to them. Big Chains like Marriott have all the tools and software imaginable. They can also see their compset in the STR report and OneYield. Many times independent hotels do not sign up for the STR report. And even if they do, there may be nothing to compare your hotel against because nobody else is signed up for the STR report.
This creates a need for Competitor Shop Calls to obtain this information. Some information is publicly available on websites and booking engines, but it can be very time-consuming. And most hotels do not want to share information with other hotels. Hotel QA provides a solution to this with our Competitor Shop Call Service.
Revenue Management
Knowing your competitor’s rates, occupancy, strategy, and minimum stay requirements helps your hotel to optimize revenue. It is vital to know when to drive rate or drive occupancy. It is critical to know when you should have a must stay of 2-3 nights or whether to have no restrictions. Having a proper Revenue Management Strategy can be the difference of hundreds of thousands of dollars a year. At Hotel QA, we offer our Revenue Management Service for Independent Hotels to help maximize revenue.
Online Competitor Analysis
In addition to investigating other hotels’ rates and occupancy, Search Engine Optimization is also very important for independent hotels. You want your website to show up in different Google Search Results. It is important to know what your competitors are ranking for and how their guests are finding their website. Hotel QA will compile a complete list of keywords that your competitors rank for. We offer a SEO plan for independent hotels that will help your hotel rank for the desired keywords in your area. Example: Boutique Hotels in Leavenworth would be a great keyword to rank for in the search engines.
Contact us Today!
If you are interested in learning more about our Hotel Competitor Analysis Service, contact us today through the website or call us directly at 206-497-0025. We offer options for big, small, and medium hotels. Our hospitality experts are ready to help your property obtain information and increase revenue!
