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 companered to your competitor hotels? To develop a well-balance 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!
You can take the following steps to analyze your hotel value:
- Identify the strengths and weaknesses of your hotel
- Develop a check list to evaluate your competitors in terms of product & qualityScore the quality 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.