What Is A Compset And Why You Need To Keep An Eye On Yours

How does Karen do it

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How does Karen do it 〰️

What is a compset and why you need to keep an eye on yours

A competitive set (compset) is a group of properties that compete with you most often for bookings. This may be because they are local, similar size and amenities etc. 

From the top of your head, you may have a few properties in mind… “How does Karen keep selling out her inventory and I don’t” - Those people.

Identifying these properties is important because it gives you something to measure your business against. It also gives you a better understanding on how you can win more business from them.

Better knowing your competition will give you an understanding of their strengths but also their weaknesses! You can then optimize your business in order to best compete with them for potential bookers. 

How do you identify your properties compset?

Location

Properties closest to yours tend to be your biggest competitors because they share proximity to points of interest that attract potential bookers to the local area.

Room quality

Potential bookers compare properties based on the perceived quality of your bedrooms. (this is why photography is so important)

Reviews

The review score for each property will be a deciding factor guests will consider when choosing where to book.

Amenities

Different types of bookers will look for specific amenities. Your main competition will target the same market segments as you and therefore will have similar features.

Pricing 

People will filter by pricing, so it is essential to know what your competitors are charging. Are you charging too much or too little?

Segmentation

Are you competing for the same types of customers? You may both be going after the corporate market and therefore need to create an edge to sign more businesses bedroom accounts.

Distribution mix

Do you appear on the same channels? Do you outrank these properties? Is your listing optimized to compete with your competitors? Are there more channels to be listed on?

Conclusion 

There are many ways to compare your property to competition. They often say “comparison is the thief of all joy” Unfortunately in hospitality, your day to day joy is not important, maximizing your bookings is. (which will hopefully give you some joy lol) If you need any help identifying your compset and then creating a strategy to compete, get in touch with us today!