Ok, let’s get this straight: Yes it is important to have a comp set, a list of competitors to watch, but you should not heavily rely on it to build your strategy and pricing because we believe you are unique and so is your demand!
- Comp set is not set in stone and is not an exact science, it needs to evolve
- Define what matters the most: the geographical competitors? Looking at aspirational brands? At similar products or services? Make a list of what you have and brainstorm on who you think your comp set is.
- Check on the hotels comparators and look at what “people that look at you also looked at” section – you may be surprised!
- Talk to the teams: sales, reservation, FO will have great insights on whom your clients think you compare to
- Ideally you should have various comp sets as it is very unlikely that you will find few hotels that would match exactly your product/offer, location, market or pricing, etc. You may need weekday/weekend for example, or seasonal, or realistic and aspirational.
- Define the KPIs against the set(s) and communicate about them- the aim is not always to be at 100, maybe you would be happy to sit at 95 if you know that it is an aspirational set for example!