In the hospitality industry, understanding who you’re up against is crucial for crafting killer pricing and marketing strategies.

NB: This is an article from Topline Revenue, one of our Expert Partners

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As RoomPriceGenie rightly points out, it’s not just about knowing your competitors – it’s about getting the scoop on their pricing strategies and figuring out your best countermove. Inspired by their in-depth exploration of competitive benchmarking, this blog explores fresh ways to rethink competitive sets in today’s changing market landscape.

Understanding Traditional Competitive Sets

Traditionally, hotels have chosen their competitors based on proximity, similar star ratings, or amenities. But this outdated approach misses the mark in today’s landscape, where travelers have a wider range of options than ever.

The truth is the competition isn’t just next door anymore. To stay relevant, hotels need to broaden their view and account for all the choices travelers are considering before making a booking.

The Case for Expanding the Competitive Set

Why stick to the old ways of competing when the market is evolving in diverse directions? Nowadays, travelers are eyeing everything from trendy boutique hotels to homey vacation rentals. Clearly, the traditional comp set needs a serious update. It’s not just about geographical proximity anymore; it’s about who’s winning the hearts and wallets of your potential guests across multiple platforms.

The digital age has changed the rules of the game. A traveler might weigh your classic hotel against a cool Airbnb or even a quirky treehouse. Keeping up means broadening your horizon and redefining who really counts as competition.

Identifying New Competitors

If your hotel has traditionally been the go-to choice, are you losing out to more innovative options around the corner? Expanding your comp set means considering:

  • Alternative Lodgings: Like that hip Airbnb with the killer rooftop view.
  • Niche Boutiques: They might not match your price, but they’re stealing the spotlight with their unique themes.
  • Tech-Savvy Stays: Hotels that offer app-based check-ins and smart rooms could be drawing in your tech-forward clientele.

It’s no longer enough to skim the surface for potential rivals. Today’s landscape requires a deeper analysis to understand how various accommodations are stepping up their game to meet evolving guest expectations.

Leveraging Social Media Insights to Identify Emerging Competitors

Social media is more than just a place to catch up on memes – it’s a treasure trove of competitive intel. Keeping an eye on platforms like Instagram and Twitter helps you spot who’s climbing the ranks and tapping into new trends.

Deploy analytics tools to track which accommodations are buzzing on social media. Notice a spike in posts about a particular type of getaway? That’s your cue that it’s resonating with travelers and possibly drawing interest away from more traditional spots.

Read the full article at Topline Revenue