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:

 

  1. Develop benchmarking of your competition: public rates by LOS and arrival days.
  2. Benchmark periodically your competitors’ rates on other market segments
  3. Anticipate the rate strategies of your competitors: what will be their rate positioning in the coming year, per periods
  4. 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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