The Client: Indana Palace is a luxury hotel located in Jaipur, Rajasthan. The hotel offers conference venues & facilities, a spa & health club, restaurants and a swimming pool, thus making it a preferred choice for corporate and leisure travellers.
The Challenges: Some of the key challenges that were faced by the hotel were:
- Lack of awareness: Indana Palace Jaipur opened its doors to guests just over a year ago. This resulted in the market segment being unaware about the presence of the brand in the city.
- Existing competition: Jaipur being a popular tourist and business city, there are a lot of business and leisure hotels currently present that are competing with Indana Palace for the same clients.
- Pricing: The pricing strategy adopted by the hotel was not in sync with its offerings and positioning in the market. It also did not account for the seasonality of the tourism business in Jaipur.
The Strategy: Upon identifying the key challenges faced by the Client, the Revnomix team implemented the following strategy:
- Positioning – A comprehensive competitor analysis was undertaken to understand the differences in the offerings of Indana Jaipur vis a vis its competitors. Based on the results of the analysis, a positioning strategy was designed for the hotel. This positioning strategy was then incorporated on the client website as well as OTAs.
- Price benchmarking – Due to the unavailability of historical data from Indana Jaipur to work with, we undertook a price benchmarking exercise of the competition to understand which price points work best for the Jaipur market. A pricing strategy was developed for the client accordingly.
- Dynamic Pricing – With the use of dynamic pricing techniques and competitor price benchmarking, we decided to lower the rates to better reflect the hotel’s positioning and make it more appealing to prospective customers. As the booking pace improved, we were able to increase the prices to reflect the demand.