Competition
Competitive Set Intel
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You against the rest mentality (but find allies)

S.W.O.T Comp Set Analysis
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Comp...
Competitive Set Intelligence
Definition:
• The focus is on the external business environment.
• A process of gathering inf...
Competitive Set Intelligence
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Be Creative, Think ‘outside the box’
How would a prospective guest look f...
Comp Set Analysis
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Comp Set Analysis
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Revisit Business Plan
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Do this monthly/quarterly
Lets you know...
S.W.O.T Analysis
Strategy
Implementing strategy: Getting a game plan together (ahead of time) is crucial!

EXECUTION! 80%...
Comp Set S.W.O.T Analysis
S.W.O.T Analysis

Action Plans
Target Market segments
S.W.O.T Analysis Action Plans

Target Market segments
S.W.O.T Analysis Action Plans

Target Market segments
S.W.O.T Analysis Action Plans

Target Market segments
Comp Set

Know your Surroundings
Know your Competition
Know your Market Attractions
Know your Key Demographic
Comp Set Parking Lot Sweeps
Pick 4-6 Hotels (preferably in your comp set)
•Parking Sweeps 1-2 times per week (after 7pm)
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Comp Set Parking Lot Sweeps
List of Leads from 1 Night
Less than 1 Hour (5 Hotels)

Parking Sweeps:
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Recognize repeat veh...
Helpful Website Links
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http://en.wikipedia.org/wiki/Competitive_intelligence
http://www.evisionworld...
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Hotel Competitive Set Analysis

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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.

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Hotel Competitive Set Analysis

  1. 1. Competition Competitive Set Intel • You against the rest mentality (but find allies) S.W.O.T Comp Set Analysis • Comparisons between you & your competition Parking Lot Sweeps • New leads & effective ways to find new business
  2. 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. 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. 4. Comp Set Analysis o Comp Set Analysis o o o o Revisit Business Plan o o o o Do this monthly/quarterly Lets you know how you’re property is performing Tracks progress Update Comp Set Info o o o o o o Everyone did one this year Lists of how you match up against your competition Main sources of Business New Properties to the area Any changes in the market Amenities (You vs. Comp) Comp Set’s Top Clients Advantages/Disadvantages Revisit Annual Budget o Advantages/Disadvantages
  5. 5. S.W.O.T Analysis 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 needs: Guest percentage breakdown. (Suburban is 50%+ Extended Stay) 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.
  6. 6. Comp Set S.W.O.T Analysis
  7. 7. S.W.O.T Analysis Action Plans Target Market segments
  8. 8. S.W.O.T Analysis Action Plans Target Market segments
  9. 9. S.W.O.T Analysis Action Plans Target Market segments
  10. 10. S.W.O.T Analysis Action Plans Target Market segments
  11. 11. Comp Set Know your Surroundings Know your Competition Know your Market Attractions Know your Key Demographic
  12. 12. 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 •It is if you enter a location without permission • • Keep an excel list of leads to track (example next page)
  13. 13. 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
  14. 14. Helpful Website Links • • • • • • • • • • • http://en.wikipedia.org/wiki/Competitive_intelligence http://www.evisionworldwide.com/competitor-analysis-for-hotels/ http://www.va-interactive.com/inbusiness/editorial/bizdev/ibt/analyze_comp.html http://www.xotels.com/en/revenue-management/revenue-management-book/competitor-analysis http://www.itsincognito.com/services_competitor_analysis.php http://en.wikipedia.org/wiki/Competitor_analysis http://uhaweb.hartford.edu/katrichis/Mktg_Pln/SA_mktpln_example/HTML%20Files/expsaiiic.htm http://www.hotelcompete.com/journal/120516_hotel-comp-set-analysis/ http://smallbusiness.chron.com/four-major-types-competitive-strategies-24974.html http://www.hotelnewsnow.com/searchresults.aspx?q=+competitive+set http://www.lodgingmagazine.com/PastIssues/PastIssues/Comp-Sets-Revisited-2343.aspx
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