The importance of comp set data
What is comp set data?
Comp set information is one of the most important secondary data for a hotel. The primary comp set usually consists of a group of up to 10 hotels which you see as direct competitors to your own property. These are the hotels you think guests compare you against when making a booking.
Look at the basics of primary and secondary data and the comp set’s place in the revenue management puzzle.
While some voices argue that only primary data should be considered when setting a hotel’s prices, the majority of the hotel industry expert community agrees that in precision price management both primary data and secondary data need to be considered.
Why is comp set data important to consider for hotels?
Using your own data to determine your pricing strategy is a great place to start since every hotel is unique and deserves a tailored approach. These are the four common areas you should look for, in which comp set data plays an important role in revenue management tactics.
Understand your relative performance and positioning in the market
How the pricing algorithm could behave
Understand your price elasticity and create improved pricing strategies
Get ahead of your competition
Keeping an eye on your competition and understanding their strategies and performance can help you get ahead of them.
If you want to learn more, read our article Why comp set data is essential in hotel revenue management >