Hotelogix

OCTOBER 19, 2023

To get a clear picture of your hotel compset analysis, you need to start with the following steps: Define your goals for competition, such as attracting more guests or increasing prices for greater revenue, or improving services compared to competitors. Pricing - Take out the average pricing of rooms of the inventory.

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Revenue Hub

NOVEMBER 9, 2022

Data is now readily available to track and analyse market demand and identify market segments. This article discusses the three most important strategies hotel revenue managers must use to boost revenue and how a revenue management system (RMS) is being used to forecast demand and automatically perform dynamic pricing.

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Revenue Hub

JUNE 22, 2023

This data aggregation scope is simply impossible for hotels relying on legacy pricing strategies. The tool analyzes historical trends, consumer buying habits, market dynamics, and consumer willingness to pay. GroupIQ is a comprehensive group pricing tool developed for and by hospitality industry professionals.

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Revenue Hub

FEBRUARY 20, 2024

Those hotels that remained open during the pandemic closures and implemented careful revenue management strengthened their position in the market. Key Revenue Management Trends for 2024 Effective revenue management includes a blend of technology, smart online marketing, competition analysis, and demand forecasting, to name a few.

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Les Roches

JANUARY 25, 2024

Hotel industry players who can leverage data effectively gain valuable insights that can influence their strategic decisions, from setting room prices to designing hotel marketing strategies. It ranges from simple database management systems used for basic statistical analysis to sophisticated predictive modeling techniques.

Competitive Analysis 52

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SiteMinder

SEPTEMBER 11, 2022

Depending on your priorities, you can perform a SWOT analysis of the hotel industry, a multi-hotel portfolio, or a specific hotel in its local market. Performing a SWOT analysis can help you and your team: Uncover unexpected courses of action as a result of focusing on both external and internal factors.

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7 Shifts

OCTOBER 31, 2022

Section 3: Market Analysis. Section 4: Marketing Plan. A business plan should include information on your target market, competition, business model, marketing strategy, and financial projections. Your market position and competitive advantage. Section 3: Conduct a market analysis.

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7 Shifts

NOVEMBER 22, 2021

Customer Analysis : discuss the types of customers you will attract and serve. Competitive Analysis : document local competitors and show how you will be able to carve out a niche in your market. Marketing Plan : detail your pricing structure (e.g., social media marketing ) you will employ.

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Document Competitive Analysis Information Pricing 157

SiteMinder

OCTOBER 5, 2023

Data-driven insights : With tools like Rev+ for revenue management and competitive set analysis, hotel owners can make informed decisions to optimise rates and stay ahead of the competition. Beyond just presenting data, Rev+ provides rate recommendations based on various market factors.

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The Restaurant Times

FEBRUARY 25, 2022

So take your time choosing food products and buying them at more reasonable prices. Do your market research, count the inventory, find the COGS (Cost of Goods Sold) numbers, and consider the indirect costs. Doing sufficient market research before finalizing a location always helps. Utilize Effective Marketing Strategies.

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Lithos POS

JANUARY 27, 2022

Ensuring Best Customer Service Management of Vendors, Inventory, and Equipment HR Objectives Marketing Planning menu Health and safety standards Managing costs. Marketing plays an important role in every business. You cannot succeed without a proper marketing plan. Some people think that marketing is just about spending money.

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The Restaurant Times

SEPTEMBER 15, 2020

Conduct a location analysis on factors such as demographics, real estate prices, crowd density, target audience, expected footfall, average income, accessibility to market, and parking spaces. . It is highly advisable to do a competitive analysis to understand how your competitors are doing in that location.

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The Restaurant Times

MAY 25, 2021

With lockdown restrictions easing and restaurant business slowly picking up the pace in the UK market, it is an excellent time to revisit your restaurant’s business plans. This involves a detailed analysis of why you plan to open a cafe, the expected ROI, targeted clientele, etc. Promotion/marketing strategies .

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Xotels Hotel Revenue Management

SEPTEMBER 1, 2020

Hotel Market Size & Opportunities. At the core of any successful pre-opening phase are well thought through elements of product pricing and positioning such as: Room type strategy (e.g. Marketing Experience. Coming up with a marketing strategy might look simple, but coming up with something exceptional is a different story.

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eZee Absolute

NOVEMBER 19, 2023

Change in marketing trends and dynamics Challenge Marketing is one of the most common challenges faced by the hotel industry. Changes in the advertising and marketing trend often create problems for hoteliers. Also, traditional marketing methods aren’t that effective now. It is inevitable that with the right strategies.

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SiteMinder

AUGUST 18, 2022

At your hotel you also need to perform regular competitive analysis to see where you stand in the local market and how you can gain an advantage, or at least maximise your potential revenue and profit. This blog will tell you everything you need to know about hotel competitor analysis.

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Pricing Competitive Analysis Budgeting Blog 52