Analyse market trends
Market information is not only valuable when comparing rates with selected competitors, but also provides useful insights, particularly in combination with other external market data. Practical example: If a main competitor lowers their rates, you should be able to assess whether this indicates a lack of demand across the entire market or whether the competitor is simply trying desperately to fill rooms.
Competition at a glance
In RateBoard, these insights are available with just a few clicks: In the ‘Competitors’ section of the ‘Analysis’ page, you get an overview of current market conditions and competitor rates up to a year in the future.
You can see the booking.com rates of the 10 competitors you have defined compared to your own.
Note: You manage the competitors relevant for your property yourself. Comparison rates can even be configured down to the level of room categories.
See the article Competitor settings
Further details on this tool can be found here:
Competitors
Benchmarking
The benchmarking tool in RateBoard primarily serves as a strategic compass to objectively determine your own market position through direct comparison with the market you have defined. Essentially, the aim is to fully utilise your revenue potential (RevPAR) by analysing key figures such as occupancy, pick-up and pricing figures in a market comparison.
Benchmarking will help you identify trends and recognise early on how your hotel can remain competitive in the long term, whilst avoiding poor decisions. What used to be merely a gut feeling can now be substantiated by clear figures.
What does the tool offer and how do I use it – find the relevant article here:
Further useful market insights in RateBoard
There are other useful tools within the system to quickly benchmark your performance against the market. For example, whilst reviewing and approving your rate recommendations on specific calendar days, compare your rates with those of selected competitors.
Find more information on this in the articles:
Manage calendar
Manage detail sidebar: Overview
In addition, a dashboard widget provides a quick overview of market demand for the next 30 days compared with your own occupancy.
see article Dashboard