The hotel industry is very competitive and every day, hundreds of hotels and other accommodations are coming up in the market. To be able to strengthen your position in the market it is important to do hotel competition analysis regularly. We at 0xMetaLabs Private Limited has developed a customised and extraordinary tool to address this segment of the hospitality Industry.

Keeping an eye on your competition and understanding their strategies and performance can help you get ahead of them. For example, wouldn’t you want to know if you were the only hotel in the area with rooms left to sell on a specific date? That sounds like an opportunity no Revenue Manager wants to miss out on, but without automatically monitoring your competition, you’d never know.

Whenever your hotel property is doing exceptionally well or poorly, it’s important to look around. Are you and your competitors losing out on business because a big event got cancelled? Or is the market doing fine and your rates are just way too high?

Knowing how your competition reacts to changes in demand is important when forming your strategies and setting your rates. The purpose is not to become a price follower who copies what everyone around them is doing. Instead, the aim is to monitor the competition so you can identify your rates in relation to the competitors, which is one piece of the puzzle in better understanding your relative performance and positioning in the market.

Since every hotel is unique and deserves a tailored approach – MyTariff’s Assisted AI analyse your competition’s pricing strategy and keeps you updated. To succeed in a real-time and dynamic market where properties compete fiercely for guests, it’s important to also consider competitor intelligence data in your pricing management. Further MyTariff continuously assesses your current performance at a certain price point versus your competitors. This helps you identify your relative performance and better understand your property’s positioning in the market.