Get a watermark-free, fully customizable competition study in our business plan for a bed and breakfast establishment
Stepping into the cozy world of bed and breakfast accommodations, understanding the competitive environment is crucial for standing out in a sea of quaint and charming options.
In this blog post, we'll guide you through a detailed process of conducting a competition study for your bed and breakfast. We'll help you identify who your competitors are, both direct and indirect, and how to assess their strengths and weaknesses. With this valuable knowledge, you can carve out a unique niche for your B&B, ensuring guests choose your welcoming abode over others.
If you're looking for a ready-made competition study that you can customize to your needs, be sure to explore our business plan template designed specifically for bed and breakfast establishments.
What is exactly a "competition study"? Should you make one for your bed and breakfast establishment?
A competitor study for a bed and breakfast (B&B) involves a detailed examination of other B&Bs and lodging options in your vicinity.
This includes direct competitors, such as nearby B&Bs, inns, and boutique hotels, as well as indirect competitors like larger hotel chains, vacation rentals, and even hostels.
The goal is to grasp their strengths, weaknesses, marketing tactics, and overall guest satisfaction to pinpoint opportunities and threats for your own B&B.
Why do B&B owners conduct competitor studies? Simply put, it's because being informed gives you an edge.
Knowing the landscape helps you to sharpen your B&B's unique appeal. For example, if you find that most local B&Bs don't offer pet-friendly accommodations, and there's a demand for it, that could be a niche you exploit. Or, if you notice a gap in personalized guest experiences or themed rooms, these could be areas where your B&B stands out.
The advantages of a comprehensive competitor analysis, like the one you'll discover in our business plan template tailored for a B&B, are numerous. It enables you to sidestep competitors' mistakes and fill in the service gaps they've overlooked. It can spark creativity in your room decor, amenities, guest services, and promotional activities.
Additionally, it can inform your pricing strategy, ensuring your B&B is competitively positioned. It also keeps you nimble, allowing you to adapt to changes in the market quickly and effectively.
Should you conduct a competitor study if you're launching a new B&B? Absolutely.
Starting a B&B without a grasp of the competitive environment is akin to navigating without a map. A competitor study sheds light on the terrain, aiding you in overcoming obstacles and capitalizing on chances. It's a crucial element of your business planning, setting the stage for a strategic approach that focuses not just on market entry, but on flourishing within it.
Is a competitor study beneficial for you? Indeed, especially if you want to make savvy choices that will distinguish your B&B. Whether it's carving out your unique selling points, pricing your rooms appropriately, or choosing the most impactful marketing strategies, a competitor study equips you with the knowledge to make those choices confidently.
It's not merely about tracking what others are doing; it's about figuring out how you can do it better or differently to attract and delight guests.
How to conduct a competition study for your bed and breakfast establishment?
To conduct a competition study for your bed and breakfast, start by collecting information on other local B&Bs and similar accommodations in your area. Look into their room types, pricing, guest amenities, customer reviews, and marketing approaches.
Next, compare these elements with your own bed and breakfast to pinpoint what sets you apart and where you might need to enhance your offerings or services.
If you're looking for a structured approach, we have a detailed competition study template that you can adapt with your data in our business plan for a bed and breakfast.
To streamline the process, here's a 10-step action plan to create an effective competition study for your bed and breakfast.
| Step | Action | Details |
|---|---|---|
| 1 | Identify your competitors | List nearby B&Bs and lodgings that attract a similar clientele. |
| 2 | Review their accommodations | Examine their room types, themes, and special amenities. |
| 3 | Analyze their marketing tactics | Observe their online presence, promotional materials, and partnerships. |
| 4 | Assess their guest services | Read through guest reviews and feedback to evaluate their service quality. |
| 5 | Study their branding | Look at their logo, website design, and the overall guest experience they promote. |
| 6 | Check their online booking process | Review the ease of use of their booking system and online visibility. |
| 7 | Understand their pricing structure | Compare their room rates, seasonal pricing, and any special offers. |
| 8 | Monitor their guest engagement | See how they interact with guests on social media and travel review sites. |
| 9 | Identify their strengths and opportunities | Determine what they do well and where they might be lacking. |
| 10 | Apply insights to enhance your B&B | Use the information gathered to improve your guest experience, marketing, and services. |
What should be included in a competition study for a bed and breakfast establishment?
Here is a table listing 10 elements that could be part of a competition study for a bed and breakfast establishment.
| Name of the Element | Description |
|---|---|
| Market Position | The standing of the competition in the local market, including reputation and niche offerings. |
| Room Types and Amenities | Variety and quality of rooms available, including special features like fireplaces, hot tubs, or balconies. |
| Pricing and Value | How competitors price their rooms and packages, and the perceived value they offer to guests. |
| Guest Demographics | Understanding the target audience of competitors, such as couples, families, or business travelers. |
| Location and Proximity to Attractions | How close the B&B is to popular tourist destinations, restaurants, and transportation links. |
| Marketing Strategies | The methods used by competitors to attract guests, including websites, travel blogs, and partnerships with local businesses. |
| Guest Reviews and Testimonials | Feedback and ratings from guests on travel review sites and the B&B's own guestbook. |
| Quality of Service | The level of hospitality and personal attention provided by the B&B staff, including any concierge services. |
| Atmosphere and Theme | The overall feel and design of the B&B, which might include historical significance, thematic decor, or a cozy homestyle environment. |
| Health and Safety Protocols | Measures taken to ensure guest safety and cleanliness, which have become increasingly important to travelers. |
Examples of competition studies for a bed and breakfast establishment
Below are three different (very concise) examples of competition studies tailored for a Rural Bed and Breakfast, a Luxury Bed and Breakfast, and a Historic Bed and Breakfast.
If you need something more developed, go check our business plan template for a bed and breakfast.
Rural Bed and Breakfast Competition Study
| Competitive Factor | Description |
|---|---|
| Location and Scenery | Proximity to natural attractions, scenic views, and outdoor activities. |
| Room Comfort | Quality of the bedding, in-room amenities, and overall comfort. |
| Breakfast Offerings | Homemade, locally-sourced breakfast options, catering to dietary preferences. |
| Price Range | Affordable to mid-range pricing, offering good value for a countryside retreat. |
| Guest Experience | Personal touches, such as welcome baskets or guided farm tours. |
| Unique Selling Proposition (USP) | Agritourism activities, such as animal feeding, fruit picking, or cooking classes. |
Luxury Bed and Breakfast Competition Study
| Competitive Factor | Description |
|---|---|
| Exclusive Location | Located in a prestigious area or with exclusive access to private grounds. |
| Room Elegance | High-end furnishings, designer decor, and luxurious linens. |
| Gourmet Breakfast | Exquisite breakfast menus crafted by professional chefs, with premium ingredients. |
| Price Range | Premium pricing reflecting the high level of luxury and service. |
| Service Quality | Concierge services, personalized experiences, and high staff-to-guest ratios. |
| Unique Selling Proposition (USP) | Spa services, private tours, or partnerships with luxury brands. |
Historic Bed and Breakfast Competition Study
| Competitive Factor | Description |
|---|---|
| Historical Significance | Rich history of the property, preserved architecture, and period decor. |
| Authentic Experience | Rooms furnished in period style, with attention to historical detail. |
| Breakfast Tradition | Breakfast menus that reflect the historical era or local traditions. |
| Price Range | Varied pricing, often reflecting the uniqueness and authenticity of the experience. |
| Guest Engagement | Storytelling sessions, historical tours, or themed events. |
| Unique Selling Proposition (USP) | Ghost tours, historical reenactments, or ancestry research services. |
You can also read our articles about:
- how to fill a Business Model Canvas for your bed and breakfast establishment
- how to segment the customers of your bed and breakfast establishment
- how to elaborate a marketing strategy for your bed and breakfast establishment
- how to run a bed and breakfast (guide)