Les Roches

JANUARY 25, 2024

In the digital age, data can be the source of actionable insights, empowering businesses to make informed decisions that can shape lucrative strategies and create growth. But what purpose does this raw information serve? Let’s look at the intriguing world of data analytics and it can be essential for any hospitality business.

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Revenue Hub

JUNE 26, 2024

This thorough analysis supports our forecasting, which is crucial for effective budgeting. We then set pricing and distribution strategies based on this information. BI involves using technology and business data to guide and inform decision-making processes. ” and “ What should we do next?

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SiteMinder

OCTOBER 5, 2023

Data-driven insights : With tools like Rev+ for revenue management and competitive set analysis, hotel owners can make informed decisions to optimise rates and stay ahead of the competition. This will involve providing detailed information about your hotel, so come prepared with a full profile.

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Revenue Hub

NOVEMBER 9, 2022

In addition, thorough marketing and competition analysis will be necessary to identify market segments. It will also suggest the best rate to sell and send this information to distribution channels. Implementation of the above strategies will only be possible if the right tools are used. Read more articles from Lybra.

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SiteMinder

AUGUST 1, 2024

It serves as a roadmap for your hotel’s success, helping you attract investors, secure funding, and make informed decisions about your operations. Break-even analysis: Calculate the point at which your hotel will start to generate a profit. Smart technology: What smart devices (e.g.,

Travel and Tourism 52

Travel and Tourism Competitive Analysis Pricing Budgeting 52

7 Shifts

NOVEMBER 22, 2021

Industry Analysis : Document the size and trends in the restaurant industry to show readers you are an industry expert. Customer Analysis : discuss the types of customers you will attract and serve. Competitive Analysis : document local competitors and show how you will be able to carve out a niche in your market.

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Document Competitive Analysis Information Pricing 157

SiteMinder

OCTOBER 18, 2023

Track revenue Track your revenue performance to identify trends that can further inform your value-added pricing strategy, such as peak periods when you can charge far more. Competitive analysis Remember that your pricing is inextricably linked to that of your competitors.

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Pricing Competitive Analysis Marketing Information 59

SiteMinder

SEPTEMBER 11, 2022

Hotels make the strategic task of performing a SWOT analysis particularly interesting: for one, the product is made up of brick and mortar, service, and a wide range of intangibles relative to the competition. Thankfully there is a growing amount of information at the fingertips of hoteliers thanks to hospitality technology.

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Modern Restaurant Management

OCTOBER 23, 2019

It requires statistical information about your target market, your geographic setting, and your market. Perform a competitive analysis. Building a restaurant’s brand is a lot like cooking. It’s part science, part craft. It also requires creative thinking and a little soul-searching. Other tips for thinking about UVP.

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Hotelogix

OCTOBER 19, 2023

As with any other industry, conducting a competitive set analysis is crucial in the hospitality industry. By doing so, you can make informed strategic decisions. This involves comprehending and assessing the products and services offered by your competitors to compare them with your own offerings.

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Les Roches

AUGUST 21, 2024

Whether you are an aspiring hotel manager or looking to advance your career in the hospitality sector, understanding what you could aim for is vital for making informed career decisions and achieving professional success. Finance Managers analyze data to make informed decisions about cost control, revenue improvement and profitability.

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7 Shifts

OCTOBER 31, 2022

A business plan should include information on your target market, competition, business model, marketing strategy, and financial projections. A business plan is commonly associated with investors—it's what they will look to for a better understanding of a business, its concept, and its competitive advantage. Download now.

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SiteMinder

AUGUST 18, 2022

At your hotel you also need to perform regular competitive analysis to see where you stand in the local market and how you can gain an advantage, or at least maximise your potential revenue and profit. This blog will tell you everything you need to know about hotel competitor analysis. Value-match your hotel.

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The Restaurant Times

FEBRUARY 25, 2022

Competition analysis, visibility and traffic in the surroundings, accessibility, parking spaces are all crucial elements for selecting the perfect location for your restaurant. Today, the digital revolution and information overload have become gruelling to capture the attention span of the customers. Source: Restaurant Den.

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Les Roches

DECEMBER 23, 2022

Competitive analysis that identifies other competitors in the marketplace and what your unique selling point is. Any less time spent means there is usually not enough information or attention to detail, and any more time spent usually means the content loses its relevance. Get on the fast-track to business success.

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SiteMinder

JULY 13, 2024

This then allows you to make informed decisions on what accommodation to promote to the right client, at the right time, with appropriate pricing through the most suitable distribution channel. This dynamic approach requires a blend of data analysis, market insight, and strategic action.

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Lithos POS

JANUARY 27, 2022

Common Mistakes When Marketing Restaurants: Lack of digital marketing Not using all social media platforms Lack of traditional marketing Not following your customer Lack of competitive analysis The customer has not tracked Why do restaurants fail – Marketing issues | Lithospos. Lack of Competitive Analysis.

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eZee Absolute

NOVEMBER 19, 2023

It can help you in making informed business decisions and save on extravagant spending. Using the complete data analysis tool, you can even apply proper revenue management strategies to earn higher revenue. This growing number of homestays and competition is one of the challenges in the hospitality industry of 2022.

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7 Shifts

JULY 20, 2024

Analyze what competitors are doing If you want to stand out from the competition, you have to know what they’re doing well and build on their strategies. Another reason to do a competitive analysis is to identify gaps in your competitors’ strategies.

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Synergy Suite

MAY 13, 2024

Internal SWOT analysis: helps a prospective restaurant know what their strengths, weaknesses, opportunities, and threats are. Competitive analysis: sheds light on the performance and strategy of other fast food establishments. Knowing these can either enable success or cripple your budding business from the get-go.

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