Knowing where you sit within your market is very important to position yourself and assess your performance. This should not be the main driver, but definitely worth to be looked at.
- Following our topic on Competitors (cf Day 15: review your comp set), we need to now make sure you analyse the data and get some insights
- Lots of systems you use, free or contracted, have a competitor tool – where you can see where you sit vs a set of competitors
- OTA: have a look at the set(s) defined. OTAs will give you some information on the availability, pricing, reviews, etc.
- GDS: Most partners will be able to give you access to the stats by agency and market that will highlight your performance and potentially some business you could tap into and/or are missing
- STR: the Graal of data source (only if well used!). Once your set(s) is(are) well defined, analyse your strengths and weaknesses by period/DOW and set some targets for each index. The must being growing faster than the others!
- Tripadvisor and co: some companies offer to analyse your scoring vs the comp set and quickly highlight the strengths and weaknesses of each hotel
- Make sure you have KPI defined for each metric above and review on a regular basis to see the evolution (use Excel rolling average function to help see the trends)