P&L data enables you to supplement key top-line metrics and measure impact of top-line decisions on profitability relative to competitive sets
Benchmarking data is used by all stakeholders in the industry; from hoteliers to management companies, owners to asset management companies
Sometimes your competition’s rates will be applicable, but moderation is key. Do not let your competitors drive your rate strategy
You may need a different comp set for different market segments and specific need periods as markets continue to grow and change
Can benchmarking help losers take action and create a plan to beat the competition, or distract the team from creating a strategy that could be a winner?
To effectively shape your pricing strategy and make informed rate decisions, you need to ensure you compare the true amount a customer will be paying
Some may argue that competitor data shouldn’t impact your pricing strategy, we believe the pandemic has reinforced it can and should be an indicator