How Individual Hotel Locations Can Monitor Competition to Win in Local Markets
By Jonathan Sockell Product Marketing Manager, Medallia | November 10, 2013
Co-authored by Linda Wiley, President & CEO, Munford Mark Management Consulting
In today's competitive hotel environment, where consumers have immediate access to property reviews when making hotel choices, corporate leaders and property managers need to parse through volumes of information for local level competitive insight. Anonymous website visits, website searches, and competitor call-arounds provide all sorts of information on occupancies, amenities, or room rates, but many of these methods miss the very data that consumers use to make a booking decision: social reviews. Furthermore, they also don't include the feedback that consumers give directly to the brand, in a timely enough fashion as reports are typically delivered weekly and only to managers, versus to the front line who can take action to affect change.
So, how can property managers determine which actions to take locally to beat the competition to improve occupancy rates and ultimately revenue? There are three key sources of competitive intelligence that can inform a strategic plan to steal market share and drive revenue in local markets:
- First, leverage the very feedback that your customers use to make decisions: social media reviews. This data not only gives you a clear view as to what customers think are a property's strengths and weaknesses, but it also tells you what guests think of the local competition too, so you know what you can do to differentiate.
- Second, track and benchmark your performance through survey feedback, so you know where you are today in terms of where you excel and where there's room for improvement.
- And third, proactively curate local hotel staff insight into what guests are telling them. In most cases, your frontline is well aware of immediate opportunities for improvement.