San Francisco-based Kimpton Hotel and Restaurants is the original boutique hotel company. They are known for pioneering the idea of unique, distinctive, design hotels in the United States since 1981. Today the group is part of InterContinental Hotels Group and operates nearly 70 hotels and 80 restaurants in the United States, Europe, the Caribbean and Greater China.
We recently spoke with Paul Nojaim, Area Director of Revenue and Sales at Kimpton Hotels & Restaurants in Miami, Florida. He shared his recent experiences using Market Insight, and how its advanced, forward-looking demand data helps his properties seize revenue opportunities - even in today’s turbulent market.
Before using OTA Insight’s suite of business and market intelligence tools, we had several solutions that provided us with data. We had to click our way through these programs and manually collect data for our spreadsheets, so we could analyse it.
Once we implemented Rate Insight, Revenue Insight and Market Insight, things got much easier. Now we can get all our data live and within a single tool. This saves me a lot of time, which I can use to further develop and refine my revenue strategies.
When I combine the data from all of OTA Insight’s tools, it feels like I have found the missing pieces; the puzzle is coming together even in these challenging times.
Because markets have become unpredictable, and we can’t rely on historical data anymore, flexibility is more important than ever, Market Insight helps us make the most of this situation by showing us live market developments and how our compset is reacting to them in terms of pricing.
The smart compset option takes this another step further. It includes a broader range of properties and alternative accommodation providers whose data we may not have analysed otherwise. Getting data about relevant players instead of just a small sample of competitors helps us spot trends and maintain our position.
The tool’s unique demand heatmap is also a game changer. It shows me how demand is developing live in my market for 365 days rolling. I can drill down to see more details like flight search volume, source markets and the length of stay (LOS) people are shopping for. None of that was possible before.
Thanks to Market Insight’s forward-looking demand and competitor data, I can make confident, data-driven pricing decisions. I also have a leg up on the competition because I see demand emerge early on and can adjust my rates quickly for maximum results.
"Market Insight helps us make the most of this situation by showing us live market development and how our compset is reacting to them in terms of pricing"
There’s a lot of talk about pent-up demand and how it will benefit the industry during the recovery period. Before using Market Insight, it was difficult to visualise or measure this demand. But now, we have a much better understanding of it.
When the vaccine was announced, Market Insight immediately showed us which dates and places people started searching for. Knowing how and when travel will return gives us something concrete to plan for - it feels like we’re seeing a light at the end of the tunnel. Being among the first to see where this initial demand will flow and which source markets they’re coming from also gives us a massive advantage over the competition.
With the help of Market Insight, our properties became the top performers in our market during the past months. Getting real-time updates about our competitors’ frequently changing opening and closing dates played a huge role in that success. The tool immediately showed us when a competitor closed their channels for certain dates. This allowed us to step in and try to capture a maximum of the rooms that went back into the market.
Getting the heads-up on our compset’s actions early made it easier to forecast pick-up and re-forecast if necessary. It also goes the other way. If my properties are pacing well but I know certain competitors will reopen next month, I can update my outlook, adjust my strategies and manage expectations.
"The tool immediately showed us when a competitor closed their channels for certain dates. This allowed us to step in and try to capture a maximum of the rooms that went back into the market"
Market Insight is a valuable tool for all commercial departments. The revenue management team benefits from the in-depth competitor information and the forward-looking demand data like search volume and airline information. Knowing high-demand dates and LOS trends ahead of time allows us to optimise our rates and make the most of every opportunity.
The tool is helpful for the marketing team because it shows which markets are researching our destinations and for which LOS. Identifying and targeting high-potential source markets with dedicated ads and campaigns is easier than ever. For example, we can put out offers for the LOS that people are searching for, or promote deals for paid upgrades to categories in high demand.
The sales team leverages Market Insight to keep an eye on demand shifts and the competition. This allows them to spot trends and adjust sales plans early on. Since our various segments are performing very differently from last year, these insights help the sales team to identify and pursue alternative sources of business.
Market Insight also makes it easier to share information with other departments, regional teams and the owners. I can apply various filters to our data and pull reports to present during a meeting. I don’t have to manually collect and collate data anymore, since Market Insight presents it in a way that’s easy to read and understand. This saves me a lot of time and allows us to have more productive meetings with key decision-makers.
I can reach out to OTA Insight’s team directly within the platform whenever I have a question about the tool or the data. There’s always someone there to respond within seconds or at the latest in a few hours. This has been extremely helpful, especially since the customer service team is knowledgeable of revenue management principles.
They’re always willing to go the extra mile and find the answer. For example, when some competitor data wasn’t showing in the tool, they immediately checked if the property was closed temporarily, if they stopped selling their rack rate or if there was another reason for the lack of information. It’s reassuring to know there’s always someone there who can check these things for me and offer support when needed.
OTA Insight is always working on making its solutions more user-friendly, providing more relevant data and being more helpful to its clients. I’ve been using their tools for over eight years now and have seen them develop continuously. They regularly ask for feedback and implement many of their clients’ suggestions. Seeing my ideas and requests being incorporated into the tool shows me that they value my input and are dedicated to providing revenue managers with the best possible solution.
Market Insight is extremely useful on many fronts. You get new insights and find new areas to investigate daily by going through the reports and the dashboard. Combine all this, and you’ll keep finding new ways to refine your revenue strategy based on the latest market and demand data. This information is particularly valuable in today’s uncertain markets. It will help you stay ahead of your competition and make the most of recovery.