This article was originally published on the eZee Absolute blog
The hospitality industry is one of the most competitive industries. There are already hundreds of hotels and other accommodations are coming up in the market. In addition to that, existing hotel businesses are also applying several strategies to strengthen their position in the market.
On that note, to survive in this dog-eat-dog situation, it is very important for the hotels to perform – Competition analysis.
What is competition analysis?
Competition analysis is the evaluation of your fellow hotels’ services and products in order to strategize your business growth. Most of the hotels consider every accommodation provider next door as their competitor. But, that’s not an ideal way of performing competition analysis.
Based on different parameters, hotels MUST have the RIGHT set of competitors for an effective competition analysis (commonly known as comp-set).
Why should hotels perform hotel competition analysis?
Its chief purpose is to give hotels a clear picture of what they are up against. In other words, to determine the strengths and weaknesses of the competitor hotels. Based on this analysis, hotels can plan out effective strategies that give distinct advantages to their business.
How to define the RIGHT comp-set for your hotel?
Needless to say, apples can be compared with apples only! They can’t be compared with oranges. Similarly, a budget hotel cannot count a 5-star hotel as its competitor. Each and every hotel has a unique compset depending on a wide range of parameters such as:
- Hotel size
- Extra amenities
- Property type
Based on these parameters, select the hotels that actually fit to be your competitor.
Furthermore, explore how to perform competition analysis, which steps to take, and everything else in our comprehensive blog from here.
About eZee Technosys
Founded in 2006, eZee is one of the very few hospitality technology providers in the world to develop and offer end-to-end hotel and restaurant solutions. eZee also has its regional branch in Malaysia for many years, leading to its established presence in the APAC region. Recently acquired by Yanolja, eZee has a stronghold on R&D and introducing innovations in its solutions to benefit the industry. Today, eZee is the #1 hotel tech provider in India, which is further solidified by 200+ partners and 18,000+ clients in 160+ countries across the globe. For more details, visit our corporate website today.
Logos, product and company names mentioned are the property of their respective owners.