How do the clients compare your hotel to the other hotels? Develop knowledge not only on their selling rates but also on the value they offer. Actually, when is the last time you stayed at a competitor hotel? Benchmarking is a key topic in revenue management.
Benchmarking your competitors means benchmarking on the following criteria:
- Level of service
- Distribution channels
A competitor may be competing only on few segments and at a different time (i.e. weekends).
Anticipate the Rate Strategies of your Competition!
Benchmark your competitors’ rates in order to anticipate their strategies. How will their selling and hotel revenue management strategies by segments evolve? How will that impact your demand that comes to your hotel?