Eaton DC is Eaton Workshop’s flagship property in downtown Washington DC. The hotel’s design references the building’s past lives as a bus terminal and printing press all while offering a modern, green and culture-filled space that champions diversity and inclusion. Apart from its 209 stylish rooms, Eaton DC offers a cinema, radio station, wellness centre, members’ workspace, rooftop bar, exhibition and event spaces, a restaurant, and a coffee shop.
We recently had a chat with Monica Schmidt, Director of Commercial Strategy at Eaton Workshop. She told us how she uses Market Insight’s live, forward-looking market and competitor data to better understand demand shifts, refine pricing strategies and drive more revenue.
With Market Insight I was impressed by how streamlined, user-friendly and fast Market Insight is. Market Insight presents information in an actionable way, which makes the data points accessible and easy to follow. Now, I can get a full market overview for the next month or even 90 days in a few clicks. It’s also possible to drill down and take a closer look at a specific date.
I also use Market Insight to keep an eye on our competitors’ rates. Price alerts let me know on which days we need to adjust our rates to maintain our ideal positioning. Since there’s always a lot happening in our market, I’ve set filters to prioritise especially high and low price alerts. That saves me a lot of time because I immediately see where I need to focus.
"My role has a marketing function attached to it and having forward-looking demand insights allows me to better plan and target our initiatives"
When I zoom in on a specific date, a map shows the various levels of demand in different parts of the city. This helps me understand and explain short-term shifts and long-term market dynamics. For example, when a convention is announced, I can see which downtown areas are experiencing the strongest demand uptick as a result.
Seeing the search volume on GDS and metasearch sites on Market Insight has also been immensely helpful. It allows me to look ahead and identify periods that will likely have higher demand than others. Along with the geographic demand representation, this plays into our pricing decisions and how we shape our strategies. Since we can make more data-driven choices further in advance now, we get more chances to capitalise on revenue opportunities.
While we mainly use Market Insight to inform pricing and distribution decisions, the tool’s data is useful for other departments as well. For example, my role has a marketing function attached to it and having forward-looking demand insights allows me to better plan and target our initiatives.
I also use Market Insight during the bi-weekly revenue meeting with our department heads. When I present new strategies and ideas, I can pull up the tool and show which data I’m basing them on. Since the dashboard is clear and easy to understand, it helps me quickly clarify my thought process if anyone has questions.
Our sales team already uses Rate Insight to see what the compset is offering for certain dates. In the near-term future, I will share data from Market Insight with them as well. Getting an overview of future demand will allow them to identify the best opportunities more easily and maximise their results.
"I absolutely recommend Market Insight because it provides live market and demand insights you wouldn’t be able to access otherwise"
OTA Insight’s customer service is great for several reasons. The team is very responsive and gets back to me quickly when I have a question. That’s important because it allows me to clear up any doubts immediately and make the most of the tool.
Another aspect I like is that they take requests for new features seriously. OTA Insight keeps developing its solutions and regularly adds new useful functions - often ones which hoteliers said they’d find useful.
I absolutely recommend Market Insight because it provides live market and demand insights you wouldn’t be able to access otherwise. This gives you an edge since you always have an extra layer of detailed real-time information at your fingertips. Apart from saving valuable time, Market Insight allows you to make well-informed pricing and distribution decisions that will keep your property ahead of the competition.