To assess your hotel's performance, compare internal metrics like revenue, bookings, and guest satisfaction to wider market trends. This helps you identify industry benchmarks, spot challenges, and make smarter, strategic decisions for growth.
Understanding Market Trends for Hotels
(And How to Measure Them)
How do you know if your hotel is performing well, or on the brink of disaster? It’s an important question — answering this accurately allows you to identify issues, course-correct, and grow your hotel much more successfully.
Comparing your performance to previous statistics is one approach to gauge it. For instance, how are your revenue, booking rates, and visitor satisfaction levels compared to previous year? It's a solid beginning.
But the only accurate way to assess how well your hotel is doing is to look at wider market trends. Here’s why.
Why Market Trends Are Important for Hotels?
- Understanding market trends allows you to see where you stand in comparison with your competitors, so you can take the steps needed to compete more effectively
- You’ll be able to set goals and choose which KPIs to track more realistically
- You’ll gather new ideas for growth and expansion by seeing what’s currently working
- You can identify problem areas and see what isn’t working in the market so you can avoid making the same mistakes
What Trends Should You Pay Attention To?
Not all market trends will be relevant for your hotel and your goals. Here are some ideas for important trends to focus on:
- Things that are clearly working right now — are there certain offers, services, and marketing strategies that are crushing it in your industry? Look out for these and how you can integrate them into your own business.
- Specific properties and hotels in your market that are doing especially well — these are your biggest competitors and can be great sources of inspiration for how to improve
- Activities and services that used to work very well, but aren’t quite cutting it any more — this helps you understand the direction the market is moving in and what to avoid
Work with Hotel-SpideR
You can now view up-to-date, relevant market trends that apply to your hotel and industry in the Hotel-Spider dashboard. This helps you make informed decisions, keep your finger on the pulse of your market, and stay competitive.
Book a demo with us to learn more.
