comp set

Those CompSets themselves are being driven by irrelevant factors like employee emotions and outdated RM systems that are not fit for purpose

Benchmarking data is used by all stakeholders in the industry; from hoteliers to management companies, owners to asset management companies

Analyzing your hotel’s compset unveils information to help you stand out. Basically, you must identify the competition to beat the competition!

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

Our guests’ motivations and needs have changed substantially over the last two years, and so must our revenue strategies and focus

In the hotel industry, and other industries, we can use competitive analysis to gauge the market. But what is it, why should we do it and how to we do it