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How do I manage my competitor set?

This article provides an overview of the competitor set and explains how to manage it in order to make strategic business decisions.

Last updated: 6 months ago | 5 min read time

Creating a competitor set is essential for benchmarking your property’s performance against similar hotels or vacation rentals. This article guides you through setting up and managing your competitor set in YCS, helping you stay competitive and responsive to market changes.

What is a competitor set?

A competitor set is a group of properties similar to yours that you select to compare performance, pricing, and availability. This set typically includes hotels or vacation rentals in your area with similar room types, amenities, and target customer groups.

By establishing a competitor set, you create a benchmark against which you can measure your pricing and booking trends. YCS allows you to do this, making it easier to monitor how your competitors are responding to market changes. In today’s dynamic hospitality market, having a solid pricing strategy is essential to staying competitive.

How do I set up and edit my competitor set?

Navigate to YCS >> Performance >> Competitor set
Click Edit competitor set
Click +Add a competitor
Search for a property located within the same country as yours and select it from the list, then click +Add
Continue adding properties to your competitor set. If you need to remove a property, simply click Remove
Once your competitor set is complete with at least five properties, review your competitor set and click Save

Which properties should I select for my competitor set?

Choose similar properties: Select properties comparable in size, amenities, star rating, and target market to ensure relevant comparisons.
Consider location: Focus on properties in the same area, as travelers tend to compare options nearby. Your competitor set will only be able to include properties that are at least within your country or region.
Stay updated: Adjust your competitor set as new properties open or existing competitors undergo changes. Note that changes can only be made once per quarter.

Why is a competitor set important?

Stay competitive: Comparing prices helps you balance rates with occupancy, avoiding lost bookings or reduced revenue.
React to market changes: With insights from your competitor set, you can quickly respond to shifts in demand, driven by seasonality, local events, or economic conditions.
Gain insights into performance: Use the YCS Dashboard and YCS Analytics to compare your occupancy, booking pace, and ADR with competitors to guide adjustments in your strategies.
Optimize promotions: Knowing competitor promotions enables you to refine your own offers and stay ahead in the market.

Setting up your competitor set is more than just checking on your rivals—it’s about gaining a deeper understanding of your local market and making informed decisions to optimize your property’s performance. By comparing yourself with similar properties, you can maintain a competitive edge, react quickly to changes, and ultimately drive more bookings. Whether you’re adjusting your nightly rates or planning a seasonal promotion, a well-maintained competitor set is key to refining your overall strategy.