How do consumers look at my hotel vs. the competition? You need to create some tools to define the difference between your hotel and your competitive set. Check out step 9 in our revenue management strategy plan….
Step 9 of our hotel yield and revenue management strategies implementation plan exists of the following:
- Value how consumers understand and appreciate the Quality and Experience staying in your hotel versus those of your competitors.
- Perform periodic check of your competition value. Develop a check list to evaluate and compare your hotel to your competitors thanks to a Price/Value Matrix.
- How can you differentiate better your hotel? Challenge your positioning in terms of pricing and value. Do you target the right clientele in terms of revenue development? Could you target higher spenders? What would be the improvements and changes needed?
- Anticipate the strategies of your competitors. Can you identify changes in the value they deliver? Does that match the clients’ expectations?