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?
Patrick - Xotels