How to choose a set of competitors to use in Mews RMS

 

You choose a set of competitors to get accurate and relevant pricing comparisons in Mews RMS. As a revenue manager or property team member, you choose a competitor set when you set up Mews RMS for the first time or when your market changes. The competitor set influences the pricing insights Mews RMS shows and helps you adjust rates based on real market conditions. You manage competitor settings in Mews RMS, accessed from the Pricing screen in Mews Operations under Revenue. A well-chosen competitor set ensures the market data Mews RMS uses reflects your property's true competitive landscape. Note that competitor pricing data is pulled once daily, so comparisons reflect the previous day's rates.

 

How to choose your competitor set

Focus on properties with similar characteristics, services, and pricing. Consider the following when selecting your competitors:

• Property class: Select competitors with a similar star rating. For example, compare your three-star property with other three-star properties, unless you plan to benchmark against higher-rated ones.
• Product similarity: Choose properties with similar room types and offerings. For example, select competitors that offer meeting rooms, breakfast, or parking if your property does too.
• Geographical proximity: Focus on properties near your location. Guests often compare options in the same area when booking.
• Price similarity: Include properties with similar average pricing. For example, avoid selecting a competitor that charges EUR 400 per night if your average rate is EUR 100.

 

A well-chosen competitor set gives Mews RMS the market context it needs to support more accurate pricing decisions.