Hotel Price Competitor
Compare Price and achieve competitive advantage straight away
An effective pricing strategy is essential to help a business set an offer price which is in line with the competition and will maximize revenue and deliver a good profit.
Various Travel Agencies and businesses collect a tremendous amount of data from their niche websites. Not only do they understand that to gain an edge in the market they must access their competitor's data by using Hotel Price API accompanied by diverse tools, yet also the focus to feed their competitors with priced-up data remains extremely clear. To secure their competitive advantage, sharp pricing, businesses tend to block every access by the bots.
Another way to think of a hotel competitive advantage is to build a barrier to entry that makes it harder for other hotels to enter your market. This is also often referred to as a moat. If you are able to successfully create a moat, you can keep new market entrants out, which will protect your excess returns from being eroded away by competition.
If you think about it, every hotel has a name and a brand. Of course, Westin is a more iconic brand than “River Lodge Woodlands Inn”, but both have brand names all the same. No name soda is still a brand name. So, if a brand is something that every hotel in the world has, it can’t really be argued that a brand is the source of competitive advantage. However, if you can charge $40 more for a room each night because you are part of the Hyatt brand, even though there is a property across that street with rooms that are nearly identical, that is a clear indicator that you have a brand that people are willing to pay more for. This loyalty is most likely generated from a customer-facing advantage and not the brand itself.
If hotel pricing isn’t driven by a deep base of planning and strategy it’s probably doomed to fail. Hoteliers need to stay proactive when it comes to pricing their rooms. Capturing real-time data and following current market trends, along with your own business trends, is vital for maintaining an optimal pricing model for your hotel.
Here are a few additional resources that you may find helpful.
Did you find this article helpful? Share your thoughts with friends...