Competitive Market Analysis
Although hotels continue to operate in a volatile demand climate, the need to monitor and project trends in Occupancy, ADR, and RevPAR has never been more vital. The ability to track this at several levels, including the competition, is the key to efficient staffing strategies and predicting market penetration.
Initiating a Competitive SWOT Assessment with the Sales, Front Office, and Revenue disciplines is always enlightening and aligns the team on who their competitors are to target a shift in market share. In most cases, hotels can identify an opportunity to create or adjust a secondary STAR set. Many luxury hotels have found they are competing within a broader range of hotel tiers and tracking those competitors’ performance against their own, can lead to significant strategy changes and ultimately — produce positive results.
As third-party channels continue to grow in popularity with customers, while remaining an essential medium for exposure for independent hotels, On-line Travel Agency Production and Placement is a critical component to your hotel’s success. Managing the relationship with the Market Managers can increase placement, production, and ultimately RevPAR Index. King Hospitality Consulting has represented over 40 branded, boutique, and independent hotels’ Market Manager relationships with top providers such as: Expedia, Orbitz, and Travelocity. In major markets such as New York City and San Francisco, Ms. King’s relationships secured her hotels first page, and in many cases, top 10 positioning.
Most hotels receive ongoing competitive shops, but how often is your team looking at the promotions and packages being used by your competitors to target leisure and business travelers? King Hospitality Consulting will deliver an extensive shop, including OTA placement, to propel identity package opportunities. This can also validate whether your current offerings are indeed optimal for market penetration.