Elena

📊 Benchmarking compares our facility's performance with competitors, offering reflection and growth opportunities by learning from them to improve. It provides a clear vision of goals and challenges, aids in data analysis, and understanding market demand dynamics. Competitive benchmarking, in particular, allows for direct comparison with competitors, focusing on performance and pricing strategies. Identifying successful practices of competitors helps develop targeted strategic plans to achieve and surpass new business milestones. It's also crucial for understanding competitors' marketing strategies and refining our campaigns based on best practices learned through analysis.

🏨 In the hospitality industry, dynamic pricing has replaced static price lists, adjusting rates in real time based on factors like room availability, demand forecasts, weather, and time until sale. This approach allows for hourly or daily price changes. Previously, hoteliers set prices in advance with minor variations for weekends, high seasons, or holidays.

Adopting a perceived value pricing strategy in the hospitality industry involves considering the unique experiences offered to guests, such as special breakfasts or romantic spa evenings, beyond just costs and competitors' prices. Pricing must be dynamic, taking into account factors like demand, availability, and customer-specific services to maximize perceived value and differentiate from the competition.