product launch strategies for the travel industry
DESCRIPTION
Effectively Forecastyour Competitors Potential Supply to Mitigate Risk and Maximize ROI from New Product LaunchesWithout meticulous research, even the best new product can be thwarted by competitors' actions - So how should you prepare to ensure success?Market awareness - events - transport providers - competitors - what impacts supply of a competitive productWhat External data can help you assess the potential supplyHow do you find out the capacity of your competitorsHow fast can they moveIts not just price comparison, availability and quality are vitalHow can you ensure you create a new product that has opaque pricing and won't become an unprofitable commodityWhat can competitors price tell you about potential supplyHow big an advantage does the first mover haveHow do you build his information into your calculationsSpeaker: Vishal Jain, Head, Product Management, RateGainTRANSCRIPT
Effectively forecasting
competitor’s potential supply.
Mitigate risk & maximize ROI
Vishal Jain, Chief Products Officer
New Product Launches
Competitor Capacity via Rate Intelligence
Managing demand by market capacity…
Capture market compressionBenchmark rate movementsPricing opportunities
Track price pace across active booking windows
Comp1 – Poor pricing, leads to lower yields as compared to subscriberComp 2 – Poor inventory control losing rooms and adjusting prices due to poor group management.Subscriber – Re-adjustment of inventory 4 weeks out and steady price rise based on bid model (Limited stock high price)
Price Optimization
Group Wash – Poor inventory controlInaccurate demand forecast – Lost opportunity
Depth of Inventory
Its not just price comparison, availability is vital too…
And so is your product quality…
Use real time guest feedback to identify product strengths…
Highlight your strengths like Front Desk, Rooms & Service…
New Product Launches
Identify new product opportunities through price range representation…
Price bucket presence“Packaging creativity is the KEY”
Targeting source profiles
Identify new market segments
Enhance Distribution
Channels where your competitors are not selling excellent packaging opportunities for new products
“Analytics is a leitmotif that powers today’s business”
- RateGain
Analytics ….methodology and process
Collect multiple data sources
Harmonize the data
Align the data with objectives
Gain insights
Thank You
@VoxVishal
blog.rategain.com