How To Research Demand For Serviced Accommodation In Your Area
The Approved Property Group top tips for assessing demand for your serviced accommodation business.
There are multiple ways to approach researching and assessing the demand for serviced accommodation in your area of operation. We think it’s important to come at it from the point of view of both a property standpoint and a hospitality angle.
Find your competitors
One of best ways to research competitors in the serviced accommodation industry is to start by checking online travel agents. Search out your top 5 or so competitors and find out what are they offering that you could be? how much on average do they charge? And whats their availability calendar like? As this will give you an idea of how busy they are and how many bookings they receive, which is a market that you could be tapping into.
How would a hotel chain assess the demand for a hotel in the area?
As a hotelier, we want information like how many beds are sold per night?
What sort of people comes to the city/town?
Is it business and leisure customers from the UK or business or leisure from abroad?
How long are they staying?
How much are they spending?
Where are they going?
What are the main attractions?
You can find information on events and attractions using tourist websites such as visitengland.com and for example, visitmanchester.com is a very useful resource as it’s more localised, and there is a website for most locations, as are local business reports.
USE THIS INFO TO CREATE A CREDIBLE MARKETING PLAN
Of course, you want the peace of mind of knowing there is the demand for your product in the area but also this is vital information for forming a marketing strategy which is specifically focused on who and where to target.
Is it business customers from The United States? Or Leisure customers from Europe or The Middle East?
These are the questions you need to be asking and the answers you NEED to build a marketing strategy.
When forming a credible marketing plan you want to think about factors such as what are the KEY marketing trends in your area?
What events and attractions are in the area, whether that is specific to the time of year or the location?
Is there anything in your area which could potentially attract new employers?
ALSO, don’t forget about local estate agents! They may get a lot of enquiries for short term stays, build a relationship and if you are able to form a professional and a strategic relationship with them, they could pass any on in your direction, driving traffic and sales to your business.