The hospitality and travel industries have been significantly impacted by COVID-19. Hospitality and travel businesses are facing many challenges as a result of the coronavirus pandemic. These include mandatory closures, capacity restrictions, and customers who changed their travel plans or canceled altogether. Even during the coronavirus pandemic, however, competition within the hospitality and travel industries hasn’t slowed down. Competitive intelligence tools can help hospitality and travel brands meet these new challenges, increasing revenue and improving business results, while creating new competitive advantages.
Competitive intelligence tools can help hospitality and travel companies:
Identify New Opportunities
Competitive intelligence tools can show you who is visiting your competition, where they came from, and even how far they traveled to get there. This information can then be turned into opportunities. For example, your brand can discover new audiences and take advantage of market trends. By understanding your competitor’s customers, you can see what your competition is doing right – and wrong – and use those insights to your benefit.
For example, a rental car company monitoring foot traffic at a local rental car competitor might notice a surge in morning activity on weekdays. Perhaps the other rental car company is offering a weekday special for business travelers or running another promotion to help boost foot traffic at those times. By analyzing competitor data, the rental car company can identify successful competitor strategies, and quickly apply similar strategies to its own business.
Understand Company Performance
It can be difficult to measure business performance without data to benchmark against. For example, a hotel might know that it currently has a 50% average occupancy rate. But, how does its occupancy rate compare to other, similar properties in the area? With competitive intelligence, you can get specific, accurate business metrics about your primary competitors in the hospitality industry, and then use them as benchmarks for your business, both as a snapshot and over time. This gives you another way to measure business performance as well as the success of promotions and other marketing initiatives.
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Improve Marketing and Messaging Strategies
When you know more about your competition’s customers, you can discover the marketing programs and messages that are most likely to engage them – and apply those insights to your own business. Using competitive intelligence, you can create targeted conquesting strategies that reach your competitor’s customers and attract them to your hospitality business. You can also discover brand affinities, which present opportunities to reach new audiences and promote your business in different ways.
To illustrate, a ski resort might find, by monitoring local activity, that many of their customers frequent a nearby pet store. Uncovering this brand affinity could present a marketing or promotional opportunity – the resort might choose to support a nearby shelter or offer a promotion in conjunction with the pet store, for example. This could help to boost sales among existing customers – while also reaching a new audience of potential customers that share the affinity for the pet store and are interested in skiing, as well.
Location Intelligence is Important for Travel and Hospitality Brands
With location intelligence, hospitality and travel brands gain both competitive and consumer intelligence. This allows them to understand how they compare to their competition in the industry and helps to inform creative and innovative marketing programs that resonate with their target audiences. Moreover, location intelligence provides crucial information that can help travel and hospitality brands improve their business practices and increase customer satisfaction.