How to track competitor KPIs with PriceAdvisor 🕵️

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Ever wondered how your property stacks up against the competition? Imagine having a crystal ball that shows you exactly how similar properties in your area are performing. Well, with PriceAdvisor’s Competitor KPI Benchmark, that dream is a reality! You can easily compare your occupancy, ADR (Average Daily Rate), and RevPar (Revenue per Available Room) with other properties in your neighbourhood. But where does this competitor data come from and how can you use it to your advantage? Let’s dive in and show you how it works. 🤩

What is competitor data and where does it come from? 🤔
The beauty of the PriceAdvisor Competitor KPI Benchmark is that it gives you a clear comparison with peers in your area. But how do we choose these competitors? Let’s break it down:
1️⃣ Property type: We compare you with properties of a similar type. Whether you're a hotel, B&B, or guesthouse, we’ll only show data from businesses that operate like yours. Because who wants to compare their quaint guesthouse to a five-star luxury resort? Exactly—no one!
2️⃣ Pricing: Your competitors are picked based on pricing that’s in line with your own, ensuring the data is useful for fine-tuning your pricing strategies. So, if your room rates are mid-range, you’ll be compared with similar-priced properties.
3️⃣ OTA ratings: Online Travel Agencies (OTAs) like Booking.com and Airbnb ratings are factored in. Competitors with similar ratings and guest feedback are grouped with you, keeping the comparison relevant.
4️⃣ Star ratings: For hotels that have a star rating, like 3-star or 4-star properties, you’ll only be benchmarked against others with the same or close ratings. This way, you’re comparing yourself with properties of similar quality and reputation.

What if there aren’t enough competitors? 🤔
Great question! If there aren’t enough properties that match your specific characteristics (we’re talking about the same property type, price range and ratings), we’ll provide market trend statistics in your area.

How to use competitor data to your advantage 💡
Now that you know where this data comes from, here’s how you can use it like a pro:

• Refine your pricing strategy: If you notice that competitors with similar profiles are achieving higher ADR, it might be time to reconsider your own pricing. Stay competitive without underselling yourself!
• Boost occupancy: Struggling to fill rooms? Check if your competitors are doing better in occupancy rates, if so, do they have a similar booking window? see how you can tweak your promotions to capture that travel intent.
• Stay ahead of the game: Regularly reviewing your competitor data gives you the edge you need to adapt to market changes, rather than scrambling to catch up.

PriceAdvisor’s Competitor KPI Benchmark gives you an edge by providing insights that go beyond your property’s walls. You can finally see what the competition is up to and make informed decisions to outperform them. 💪

Want to learn more about PriceAdvisor? 📈💰
If you’re not already using PriceAdvisor, you’re missing out on a game-changing tool for boosting your revenue! PriceAdvisor helps you set the perfect prices by factoring in market data and competitor performance. For a complete guide on how to get started with PriceAdvisor, check out our article: Boost your revenue: how to master Amenitiz PriceAdvisor! Happy optimising! 🚀