How to be better than your competition, beat your competition & know what's going on in your market.
Strategies & Tips to increase your business in a large market.
Unraveling the Mystery of the Hinterkaifeck Murders.pptx
Hotel Competitive Set Analysis
1. Competition
Competitive Set Intel
• How to obtain information about your competition
S.W.O.T Comp Set Analysis
• Comparisons between you & your competition
Business/Marketing/Action Plans
• Goals & Tasks to keep your plan of attack on track!
Parking Lot Sweeps
• New leads & effective ways to find new business
2. Competitive Set Intelligence
Definition:
• The focus is on the external business environment.
• A process of gathering information, converting it into intelligence and then
utilizing this in business decision making.
• The use of public sources to locate and develop information on competition and
competitors.
Goals of Competitive Intelligence:
•Detecting competitive threats
•Eliminating or lessening surprises
•Enhancing competitive advantage by lessening reaction time
•Finding new opportunities
Primary Objective for Competitive Intelligence:
The objective of competitor intelligence is not to steal from a competitor.
It’s to gather information in a systematic, overt (i.e., legal) manner that when
collated and analyzed provides a fuller understanding of a competitor’s structure,
culture, behavior, capabilities and weaknesses.
3. Competitive Set Intelligence
Be Creative, Think ‘outside the box’
How would a prospective guest look for a hotel?
Learn 'who' your competitor's Top Clients are
Are your competitors more Corporate or Leisure oriented?
What specials do they offer? (Can you match)
Daily Call A Rounds: Calls to surrounding hotels to check their occupancy & rate.
(Standard in most areas)
These calls will give you an idea of how the market is currently performing &
can help with rate negotiations.
Set up a hotel visit & see what your competitor's property looks like.
Visit their website, check rates, check amenities
Revisit your competitive set analysis sheet (next slide)
4. Comp Set Analysis
o Comp Set Analysis
o Research your market & competition
o Lists of how you match up against your competition (Analysis Chart)
o Main sources of Business
o Update Comp Set Info
o New Properties to the area
o Any changes in the market
o Amenities (You vs. Comp)
o Comp Set’s Top Clients
o Advantages/Disadvantages
5. Comp Set Analysis
Who are your main competitors?
• Make list of comparisons
• How do you match up?
• Location (Top Attractions)
• List of Amenities (Condition, Size)
• Top Accounts
6. S.W.O.T Analysis
A SWOT analysis is a structured planning method used to evaluate the
strengths, weaknesses, opportunities and threats involved in a project or in a
business venture.
7. Strategy
Implementing strategy: Getting a game plan together (ahead of time) is crucial!
EXECUTION! 80% of the battle is executing your strategy. Pick up the phone, get off your butt!
Market analysis
The overall market: Understand seasonal demand & the level of rate flexibility.
Changes in the market: New projects, construction & events will help when posting rates.
Market segments: Leisure, Corporate, Group/Tour, Government, University (see next page)
Target market and customers: What is your hotel’s specialty? (Family, Corporate or Leisure)
Customer characteristics: Is your hotel more Group, Corporate or Construction-Oriented?
Customer buying decisions: Are there a lot of hotels near you? What are your key selling points?
Competitive analysis
Industry overview: What is the primary demand in your market? (University, Vacation, Business)
Nature of competition: Do you work with certain hotels in area (same brand) or is WAR?
Changes in the industry: Are there large projects starting (or ending) in the area?
Primary competitors: Competitive Set, specific hotel that you are constantly competing against.
Competitive products/services: How do you compare (amenities, service, location) Be HONEST!
Opportunities Threats and Risks: New Hotels being built, more competition & partnerships.
S.W.O.T Analysis
9. Action Plans: S.M.A.R.T Goals
Action planning is a process which will help you to focus your ideas and to decide
what steps you need to take to achieve particular goals that you may have. It is a
statement of what you want to achieve over a given period of time.
13. Marketing/Business Plan
Business Plan:
A business plan is an essential roadmap for business success. This living document generally
projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.
15. Comp Set Parking Lot Sweeps
Pick 4-6 Hotels (preferably in your comp set)
Parking Sweeps 1-2 times per week (after 7pm)
Monday – Thursday (more worker truck leads)
Take a quick picture & edit later
Make sure you follow up on leads IMMEDIATELY!
Mention you ‘noticed’ their vehicles in the area
Don’t say you saw them at ‘X Hotel’
Be able to explain why you’re contacting them
It’s not ‘stealing’ if you’re just viewing public areas
Keep an excel list of leads to track (example next page)
16. Comp Set Parking Lot Sweeps
List of Leads from 1 Night
Less than 1 Hour (5 Hotels)
Parking Sweeps:
• Recognize repeat vehicles
• Understand why they’re in
town
• Immediately research that
company & get started!
Recruit Others: (Staff)
• Simple as being observant
while driving around town.
• Ask staff members to look
for out of town vehicles.
• ‘Ask’ for their input & ideas