Evaluate the Value Proposition of your Competitors
Do you really know what you are up against? Is your product and service level better or inferior compared to your competitor hotels? To develop a well-balanced revenue management strategy, you have to evaluate the value proposition of your hotel’s competition. And there is only one way, go check them out…
You might remember from back in the days during marketing class, a SWOT analysis… Strengths, Weaknesses, Opportunities, Threats… It still applies and can be used as a revenue management tool!
You can take the following steps to analyze your hotel’s value and increase revenue:
Identify the strengths and weaknesses of your hotel
Develop a checklist to evaluate your competitors in terms of product & quality score of your competitors
Welcoming and openness of the employees
Quality and cleanliness of the bedroom
F&B outlets and other services
Score your competitors
You can make your hotel competitor survey look something like this:
In the day and age of internet and social media you can of course also put into the mix score from hotel review sites like TripAdvisor, TravelPost, IgoYouGo, HotelsCombined, HolidayWatchDog, Zoover, Vinivi, Trivago and reviews featured on IDS / OTA channels.