Monitoring your competitors is important in setting the best prices for your guests and at the same time optimizing your revenue. But, who are actually your competitors?
The hospitality industry is a highly competitive market and at the same time the traveler’s behaviour has been evolving over time. Today’s travelers are tech-savvy and confident about researching their options. They are eager for new and unique experiences anywhere in the world.
Tip: When selecting your competitive set, do not just go by distance! Instead, look for similarities between you and other accommodations that matter to the travelers. Researching images of your competitors' rooms, stars and facilities will give you a good indication of whether you will attract similar guests.
Log in to your RateManager platform and make sure that you have selected the right competitors.