Keep always control your competitors
To follow your hotel competitors is the most important point in the developing hotel sector. You can control competitors, compare prices, analyze the situation and reply to differences.
People have many ways to follow their competitors. Some of them are they:
Marketing strategy
Monitor their profiles to see their social media and engagement strategies. Look at what kind of content they’re creating, how it’s distributed, and who’s linking to it. Then see what they’re doing with influencer marketing in hotel competition.
Public relations
Track your competitors’ PR coverage and campaigns. See which bloggers they’re working with, and how. Build a relevant media list based on the journalists that write about them.
Business development
See what consumers think of your competitors’ products and how they handle customer support. If you see an unhappy customer, it could even be a sales opportunity!
But none of them are not exact and they don’t give any information about price, sale, room type. Only HotelRace gives you complete and detailed information.
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Monitor competitors’ room
Watching your competition in the sales channels and multiple hotel websites. HotelRace provides you a chance to follow competitors’ room. You can adjust smoothly to your hotel strategy by seeing competitors’ full and empty rooms.
Here’s the problem: Most of us don’t really know what our differentiators are because we haven’t researched our competitors. It’s hard to do well, but it’s critical if you want to dominate and win. If you use HotelRace online program it will be certainly so easy for you.
- Knowing your competitors well helps you:
- Understand specifically what your competitive advantages are
- Get clarity on who your competitors really are and how they work
- Design your different plan to maximize your advantages
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Follow annual price of competitors
First of all, follow the annual prices of your rivals to manage hotel business in selling channels and various websites. Because this key feature provides you to create a business structure. By this way, you can improve your hotel opportunities and gain more revenue in hotel competition.
Every business report – including communication – must be written in hotel competition. Annual reports are almost always intended to improve efficiency and here have three important aims:
1. to increase sales
2. to promote the brand
3. to reassure current or potential shareholders
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Be Aware of price changes
HotelRace ensures you notifications about a difference of prices between your hotel and other hotel websites. For instance, when your competitors made changes in cost, you immediately know it owing to the online hotel system.
We want to introduce you two terms about the price to understand clearly the importance of price’s awareness and HotelRace’s strong feature:
Price Awareness
The degree to which buyers are knowledgeable about the prices of alternative products and services that they are interested in buying.
Price Consciousness
The degree to which buyers are sensitive to differences in price between alternative choices. Generally, a price-conscious person seeks to minimize the price paid for an item in price comparison.
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Decrease wage
According to price strategy, when you see that your rivals diminish their price. You also should decrease your wage for price comparison. The reason is that customer explore and select cheaper one. In that case, if you don’t reduce your pay, you will lose your customers and give your revenue yo other hotels.
Good pricing strategy helps you determine the price point at which you can maximize profits on sales of your products or services. When setting prices, a business owner needs to consider a wide range of factors including production and distribution costs, competitor offerings, positioning strategies, and the business’ target customer base.
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Increase charge in hotel competition
Our online system informs you when your competitors increase wage. With that info, you can set your price plan and rise surely your charge. Because you are an only option for customers, so they will absolutely choose you despite the price.
Customers need to perceive products as being worth the higher price tag, a business must work hard to create a value perception. HotelRace price comparison feature helps you in this process.
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Sum of room sale
You can see sum sale of other hotels owing to our hotel online management system. And prepare annual reports about them. The reports can be linked to selling amount, price’s difference, sum’s distinction, reasons for sum difference etc.
In fact, the aware sum pricing of a product is one of the most important aspects of your marketing strategy. It also includes product, promotion, placement (or distribution) and people.
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Room sale’s speed
We also ensure you the ability to track competition’s speed in your various online sales channels. So using our system you will know speed details of your competitors. For example, duration and reservations’ types. So, they can be weekly, (monthly, yearly, daily) overnight and or single or group.
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Room Price Strategy
Above all, HotelRace analyzes all competitors in your region and old information’s sale date in your PMS, and by this way, our system provides you a perfect strategy for your rooms’ sale price in hotel competition.
Generally, pricing strategies include the following:
- Price Comparison
setting a price based on what the competition charges
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Price Skimming
setting a high price and lowering it as the market evolves
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Penetration pricing
setting a price low to enter a competitive market and raising it later
