When hotel shoppers search for Paris Champs-Élysées they get a list of 130+ hotels.
So why is your compset only a handful of properties?
Download Sample RADAR report below.
RADAR_Paris_Champs_Elysees_Sample_080717 (.xlsx, 132 KB)
Here are the main objectives of the RADAR report:
- Extracts BAR rates for ALL hotels in a market for 90 days out.
- Mathematically clusters the hotels by balancing rate and ratings for each day independently.
- Reports the daily rate boundaries and key characteristics for each cluster.
- Shows the cluster and rate position of your hotel within that cluster.
- Shows trends in movement between clusters.
- Delivers all the insights on weekly basis in an easy to understand Excel report.
Here are 10 things RADAR will tell you that your current comp set does not.
- Every BAR rate for every hotel in your market.
- How many hotels are in your price/star cluster.
- How many hotels have moved in and out of your cluster.
- How many hotels are moving into higher or lower clusters.
- What are the high, middle, and low ranges for each cluster in your market.
- How much you need to change rate by to compete better in your current cluster.
- How much you need to change your rates by to move into another cluster.
- A visual representation of the pricing pattern in your bucket.
- Pricing cluster position for every hotel for each day.
- Average pricing cluster for each hotel for 90 days.
5 Key Mistakes RADAR helps you avoid.
- Keeping rates unchanged as more competitors move into your cluster. For example, a 3 star hotel would probably want to adjust rates if 4 star hotels are moving into its cluster. In the tradition comp set, the 3 start would typically not list 4 stars to see their movements.
- Keeping rates unchanged as hotels within your same rating move to another cluster. For example, if the pricing trend for the 3 star properties is to price at the 4 star level then that may signal an opportunity.
- Keep rates unchanged when the entire market shifts up or down.
- Pricing too high within your cluster. You are probably limiting your chances of being booked.if you are not in the sweet spot.
- Pricing too low within your cluster. You may be leaving profit on the table if you are severely underpriced compared to your cluster.
RADAR is available for 850 markets worldwide. To learn more about the RADAR report for your market, how to read it and pricing information, email firstname.lastname@example.org.