Comp SetCompetitorsDistributionRevenue management

May I Do #15: Review your Comp Set

By May 15, 2020 No Comments

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! 

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