Significance of Monitoring Competitors' Hotel Prices & How to Track It?

Competition is unavoidable in the hotel industry, and every hotel owner knows it. To stay competitive, they need to be price sensitive and attentive to what the competition is doing so they can always offer the best rates to their customers.

Hotel managers not monitoring their competitors' websites leave valuable pricing information on the table.

In this blog, we will take you through why you need to track and monitor your competitor's pricing, and how you can do it even if they don't have an online booking facility.

What Is Hotel Price Monitoring?

Hotel price monitoring is a process hotels use to detect and respond to price drops. It is a way to stay competitive by ensuring you get the best possible rates for your hotel room inventory.

Hotel price monitoring tools are simple and easy to use, but they can make all the difference in keeping your website up-to-date with current prices for specific dates and locations. Hotels need these tools to compete effectively with other hotels also using them.

The most important thing about hotel price monitoring is not just about getting low prices. It is also about avoiding having your hotel rooms sold at higher than market rates because you need to control what other people set their prices at!

Why Is It Necessary To Track Your Competitors' Hotel Prices?

The first reason you should track your competitors' hotel prices is that it allows you to take advantage of any price drops or promotions they offer.

If your competitor offers a lower price promotion, you can match their offer and increase your profits. This is one of the main reasons why hotels are so profitable; they have many different competitors within their industry, which are always trying to outdo each other in terms of quality of service and price.

By tracking your competitors' hotel prices, you can ensure that you are always offering the best deal possible for your customers.

Another reason why hotels need to track their competitors' hotel prices is so that they can keep an eye on what their competitors are charging for similar services offered by other companies.

If a hotel has been charging $100 per night per room but discovers that another hotel down the street has been charging $90 per night per room, they know it is time to adjust their rates accordingly.

This helps hotels ensure they are not overcharging their customers or undercutting themselves by offering discounts too frequently.

4 Benefits of Tracking Hotel Prices of Your Competitors

Hotel price tracking is the practice of monitoring your competitors' pricing strategies. It can help you determine how often they change their rates when they do so and how much they charge for their rooms. This information can help you determine the best time to book your room and give you an idea of how much competition there is in the area.

Here are four benefits that hotel price tracking can bring to your business:

1. Find The Best Time To Book Your Rooms

Hotel price tracking lets you see when other hotels offer good hotel room deals. You can also use this data to see if there are certain days or times of the year when all hotels offer better deals than others, allowing you to schedule guests accordingly.

If all the other hotels in the area have low rates during certain times, but yours does not, then it is a good idea to change your prices to match those offers.

2. You Can Adjust Your Price More Quickly

Hotel price tracking allows you to adjust your prices more quickly. If you see one of your competitors lowering their prices, you can immediately match those rates or even lower them further. This gives you an advantage over other hotels that do not have access to real-time information about their competitors' prices.

3. Identify Your Competitors' Strategies

Knowing where your competitors sit regarding their prices and promotions can help you understand their strategies and how well they work for them. This can help you decide if any strategies work well for your hotel.

For example, if one competitor has been running a sale on weekends for several weeks now and is still driving solid bookings, it is worth trying something similar at your hotel too.

4. Help You Plan Promotional Campaign

Using price-tracking software is a boon for your business if you are a hotelier. It helps you plan promotional campaigns and increase revenue while keeping track of the price of your competitors.

Price tracking also helps identify which products are selling well and which are not. If you have a strong competitive edge over your competitors with lower prices, then keep that advantage with you through price tracking.

Best Way to Monitor Competitors' Hotel Prices

With the increase in online booking, monitoring your competitor's website is becoming common. The main reason is to check whether they offer cheaper rates. If they are, you can quickly adjust your own price and increase your chances of getting bookings.

The best way to monitor competitors' hotel prices is by web scraping. Web scraping is a process that uses software to extract data from websites and put them into spreadsheets or databases. With this technique, you can quickly gather data about all the hotels in your area and compare them with each other.

If you want to know what your competitors are up to, hire the leading hotel price monitoring services

Here are some advantages of hiring web scraping service providers:

1. Cost Effective

Hiring a web scraping service can be cost-effective for many businesses. Many companies have to spend hundreds of dollars each month on their hotel rate monitoring software. The free services offered by web scraping companies allow you to save money and time while still being able to monitor prices as needed.

2. Monitor More Than One Site At a Time

Another advantage is that these services allow you to monitor multiple sites at a time and also allow you to track multiple keywords on each website. So if you want to check if any other website offers a better deal than yours, then these services can do that for you in no time!

3. Get Rid of All The Manual Labour

Another advantage is that it can reduce your workload by automating all the manual processes that need to be done, such as collecting data from different websites. This will ensure that none of your competitors can get the upper hand on you because they have already started monitoring their competitors' prices and beating them by offering better deals on their sites.

4. Do Not Have to Hire Extra Staff

If you are a hotel owner and want to monitor your competitors' prices, then you need to hire some staff for this purpose. However, you do not have to hire any extra staff with web scraping services. All you need is a simple web scraper professionals, and let it do the work for you.

Wrapping Up

Let's be honest: there is no denying that competition is everywhere. However, the significant falling rate of the price does not go unnoticed.

To retain competitiveness, companies have to find ways to secure their place on the market through their pricing strategies, and hotel booking sites can help you do that - at least in some small way. By monitoring your competitors’ prices, you will know when and where you need to respond too.