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Hotel Market Research

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Hotel Market Research

For a hotel to be competitive, the necessary research needs to be undertaken before opening, regarding its competitors. Uncovering the rates that competitors are working at and what is included in the price, allows for a new hotel to better either the price, or the accommodation. Furthermore, understanding where there is a gap in the market can encourage a new company to move more towards filling it.
 
The hotel industry requires a lot of consumer interactions which, in turn, makes customer services more important. Performing market research into the customer’s views is not only made more important when guests are staying in the rooms, but is also made easier. Hotels have a specific target market, and finding that target market can prove challenging. However, once a hotel is open, this target market will be staying there, allowing the researchers to be confident they’re researching the correct participants. A common way this research is performed is by intercept interviews, either on the way out of the hotel or as guests enter. A short and concise questionnaire with closed questions will ensure that the participant has time to finish it while also gaining an expansive amount of information.
 
Conducting market research into the location of the hotel alongside what the company is offering is also vital. For example, setting up a company offering the best in accommodation and facilities would be best in an area where there is increased demand, but not as many high-end hotels. Understanding consumer demand will allow the company to better plan what they need to include, and what would be more cost effective to leave out.
 
To learn more about our services and experience in this area, click here: Hotel Market Research.

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