The Crowne Plaza Moscow – World Trade Centre is conveniently close to Moscow City business district, the Expocentre exhibition complex and the city’s historic downtown. This location makes the 727-room hotel highly attractive to international and domestic business guests attending trade shows at the nearby convention centre. Its 2,000 square metres of versatile event space are ideal for corporate events and conferences.
In a recent chat with the Revenue Manager at the Crowne Plaza Moscow – World Trade Centre, Anna Guliaeva, we found out how she and her team use the Rate Insight to reduce time spent on competitor research, get a better overview of Moscow’s dynamic market and make quick, data-driven pricing decisions.
"By using Rate Insight, we can get live market snapshots and see which hotels are changing their rates by simply refreshing the browser window whenever we want "
Crowne Plaza Moscow – World Trade Centre operates in a highly dynamic market. Since demand can shift very quickly, it is important for us to always stay up to date on recent market developments. Before using Rate Insight, this was difficult for us because we only got weekly reports from our former tool. This meant we often worked with outdated information and knew too little about our market even though we had a rate intelligence tool.
In a previous role, I had tested Rate Insight and knew that it supplied reliable and current data. Since that was exactly what we needed, I suggested the platform to head of department, and we began a trial. Rate Insight’s 24/7 live market overview with accurate information about our primary and secondary compset quickly convinced the team.
By using Rate Insight, we can get live market snapshots and see which hotels are changing their rates by simply refreshing the browser window whenever we want. This is especially important as we compete with properties that usually update their rates several times a day. These live insights are the only way to always have a full and accurate picture of the market and its recent shifts.
Our previous tool did not provide us with the detailed, real-time competitor information we needed to keep our prices in line with the market and maintain our positioning. Rate Insight shows how our rates compare to our compset in the coming days, weeks, and months. We can even select which competitor we want to have a closer look at and check their rates on various online channels as well as their brand website. The best thing is that we are able to do this from Rate Insight’s dashboard and no longer have to spend time collecting this data manually.
Apart from simply giving us numbers, Rate Insight’s competitor information helps us draw conclusions about how hotels around us are doing. For example, if we see a property offering high public rates on certain dates, we can presume they have a large group or event during this time. This helps us better understand individual competitors and the market overall which gives us a clear idea of what we can do to position our hotel the way we want to.
"Using Rate Insight makes it much easier to think on our feet, make rate changes as soon as we see shifts in demand and seize more opportunities to yield."
Getting accurate, up-to-date market information used to be challenging for us since we often had to rely on manual market research. This was time-consuming, tedious and usually did not give us the in-depth information we needed to make confident pricing and distribution decisions.
Using Rate Insight has solved this problem for us since we can get exactly the information we need when we need it, at the click of a button. This makes it much easier to think on our feet, make rate changes as soon as we see shifts in demand and seize more opportunities to yield. Now that we no longer spend several hours a day manually checking on our competition, we also have more time to refine our long-term strategy and test new approaches.
Having a good overview of the market also helps us see opportunities where we can complement our corporate business with individual bookings from public online channels. This has had a positive impact on our ADR since individual travellers are a highly profitable segment for us.
Being able to follow exactly what is happening in the market has been especially helpful in these uncertain times following the spread of COVID-19 and the unexpected market changes. Since many hotels in Moscow have lost revenue due to travel restrictions placed on important source markets like China, we have had to adjust our rates and our offering. Using Rate Insight’s data helped us act quickly and make suitable changes.
"Rate Insight has made it easier for our sales team to stay current with market changes and leverage data to get the best results when approaching potential clients"
Since using Rate Insight, our internal communication has become better and more efficient, especially with our sales team. Instead of having to wait for us to submit a report to them every day, sales can now log in to Rate Insight whenever necessary and access the information they need directly. This has made it easier to stay current with market changes and leverage data to get the best results when approaching potential clients.
Our general manager also appreciates Rate Insight since it offers the 90- and 365-day outlook he goes over regularly. Overall, having such easy access to live market information has made it much easier to have constructive conversations about our strategies and tactics and improved our overall results.
I recommend that every revenue professional should give Rate Insight a try. It saves so much time and frees you up for other important tasks. My tip is not to focus on the investment, which is very reasonable for this tool, but to consider how much easier it will make your job as a revenue manager and how it will support daily operations. To me, Rate Insight is a revenue manager’s best friend.