🌟 Welcome to Day 4 of the 5-Day Revenue Management 101 Challenge! 🌟
Hello, everyone! We’ve advanced to the fourth day of our 5-Day Revenue Management 101 Challenge, and your consistent engagement has been truly inspiring. Kudos to you all for enriching this community with your insights and questions!
📌 Today’s Focus: Understanding Comp Sets
Today, we’re taking a focused look at competitors in the market. We’ve covered metrics, booking windows, and hyperlocal data earlier, but today’s spotlight is on comp sets or comparative sets. We’re going to dive into the pricing and occupancy strategies of five of our direct competitors. How does their pricing and occupancy impact our own revenue strategy? To examine this, we’ll hop into our Excel spreadsheets and gather market data on these comparative listings, focusing on five distinct periods.
We’ll be doing this primarily through Airbnb, although you can use your preferred platform. We’ll note down details like the number of bedrooms and bathrooms, special amenities, and other distinguishing features. The idea is to identify properties similar to yours, in terms of location and amenities, so we can accurately compare data. The goal is to understand their pricing for specific months like October and January and see how it correlates with occupancy levels. With this data, we can then adjust our pricing strategies accordingly.
Are you ready to delve into the intricacies of competitor analysis on Day 4? Let’s forge ahead and continue this remarkable journey! 🚀
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