The luxury, 5-star, historic Metropol Hotel is located in the heart of Moscow - opposite the Bolshoi Theatre and just a short walk from Red Square. Opened in 1905, the Metropol Hotel is situated on Theatre Square and remains the city’s most renowned hotel. Comparable to the other Belle-Epoque grand hotels of the era, the Metropol set the standard for luxury and service in Moscow. A trend which it has continued to this day with lavish guest rooms, world class amenities and one of the city’s best restaurants.
In a chat with Julia Vereskun, Director of Revenue Management at the Metropol Hotel we learned how after being a user of Rate Insight and Revenue Insight, Julia brought Market Insight on board during the pandemic to identify future patterns of demand and capture more revenue, when historic methods of forecasting demand were no longer working.
"We started to expand our view on the competition and look out of our fixed compset, with the dynamic smart compset function. It gave us a real opportunity to capture more revenue and attract new audience segments."
Before Market Insight we understood demand based on booking patterns, pace, historic data, pick-up development, and competitor pricing. This mainly reflects on-the-books data and did not reflect unconstrained demand. With former business intelligence tools, you could understand a market’s demand only by seeing what your compset has booked to a certain percentage, and you then base your pricing and business mix on that trend. But it gives you nothing when trying to understand what the total demand is for your destination at that specific moment in time.
We all know that Revenue Management is underpinned by selling the right product at the right price, to the right customer, via the right channel, at the right time. With Market Insight the latter, right time, becomes more transparent, more defined, and far more logical. We don’t have to guess anymore – this is data driven knowledge. And with this knowledge in place, we can earn more.
Having Market Insight by our side we could simply adjust our strategy when we saw a higher volume of demand and how it was shifting, especially in need periods. We started to expand our view on the competition and look out of our fixed compset, with the dynamic smart compset function. It gave us a real opportunity to capture more revenue and attract new audience segments. Geo data on demand also helped us to build more productive marketing campaigns that reduced our costs.
"Having a bundle package allows us to integrate all OTA Insight tools and see further benefit – you can deliver increased profit and ROI for your business when using all of these solutions together."
Each OTA insight product is great, and the benefits are plain to see. Rate insight is a live rate shopper with continuous enhancements which makes it more innovative than other tools on the market. These are real time updates which is a great benefit in our dynamic market. You are provided with segmentation by LOS, rate plan, room type and channel. This all comes at a single click, saving a lot of time and energy. It keeps you focused on strategic decision making rather than collecting data.
Revenue Insight is an analytical business intelligence tool that gives you hundreds of different data points with a single click. You can zoom in on any specific period, sub-segment any data you need to build pricing or selling strategies. No PMS can give you these kinds of analytics in such a short space of time. The amount of time you save you can then invest in maximising your hotel revenue and searching for new revenue opportunities. Also, any data in the tool can be exported to Excel, to present in revenue meetings or to prepare for forecasting and budgeting.
Market insight provides a complete view of market demand and helps you increase your revenue. It enables you to understand shifting demand patterns, particularly useful in today’s volatile market. You can navigate the sector's current challenges and better forecast revenue and marketing costs. As mentioned above, the benefits from using geolocation assists you in reducing cost per action and increasing your booking volume, which leads to increased ROI.
Having a bundle package allows us to integrate all OTA Insight tools and see further benefit – you can deliver increased profit and ROI for your business when using all of these solutions together.
"Market Insight gave us the capacity to capture opportunities when we saw the earliest signs of demand recovering; increasing our occupancy ahead of our competitors and earning more when demand was on top, driving ADR."
To get ahead of your competitors in recovery you should give Market Insight a try. The knowledge you obtain from the tool is huge. Investing in this market intelligence solution will assist you in seeking out new revenue opportunities when you can no longer rely on historical data. Understanding future market trends is the key to success.