Revenue Management Plan – Step 8
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?
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About the Author: Patrick Landman
As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn hotels and resorts into local market leaders. XOTELSยด diverse expertise and deep-knowledge across revenue management consulting, hotel management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.
