What makes a Competitor? – the customer determines your competitive set.
You could have a different competitive set for Weekday vs. Weekend business
Your competitive set is based on –
- Level of Service
- Quality of Guest rooms
- Brand Awareness & loyalty programs
- Public Area Physical Quality
- Online Presence
- Reviews and social media
- Services and facilities
It is these points that determine value in the customers mind and what they will compare on. It is important to look at benchmark and analyse a range of properties from the customers perspective not who we would like to think our comp set is.
Comp set can vary from weekday to weekend traffic, seasonal or a particular event in the area.
This analysis is something to be done regularly as part of your revenue management strategy.