Revenue Management Plan - Actions Steps 8 by Xotels

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Revenue Management Plan - Step 8

Tuesday, 02 March 2010 00:00

Am I comparing myself in terms of pricing against the market and my competition or am I working in a vacuum? Know what you are competing against. Understand the pricing strategy of competitor hotels. Step 8 in our hotel revenue management plan...

Step 8 in our strategic hotel revenue management plan is:

Develop benchmarking of your competition: public rates by LOS and arrival days.
Benchmark periodically your competitors' rates on other market segments
Anticipate the rate strategies of your competitors: what will be their rate positioning in the coming year, per periods
How that will affect the demand to come to your hotel. How can you differentiate your hotel in terms of Pricing & Value?

For more information on how to implement yield strategies in your hotel click here: hotel revenue management.

Cheers,

Patrick - Xotels