For decades, the President Hotel in Moscow has been the go-to hotel for visiting heads of state and diplomats. The 206-room property sits on the banks of the Moskva River, only one kilometre from the Kremlin, and offers superb views of the city. Its 20 versatile events spaces are popular for business meetings and private functions.
Recently, we caught up with Valeria Ivanova at the President Hotel and learned more about how the team uses the new Market Insight tool. It allowed them to effectively adjust their revenue strategy to the new market conditions and maintain an overview of how demand is shaping in the future.
"Having Market Insight’s live forward-looking data at our fingertips allowed us to detect trends and make confident and efficient pricing and distribution decisions."
Before using OTA Insight’s business and market intelligence tools, we had to manually collect our data from several different sources. This was time-consuming and it was difficult to keep up with the market.
We first implemented Rate Insight and saw how well it brought all market and competitor data together. Since we were convinced by Rate Insight’s reliability and accuracy, it was clear for us that we would test Market Insight as soon as it launched. Given the drastic shifts our market was going through, we knew this tool was exactly what we needed to navigate these uncertain times.
Now that we use both Rate and Market Insight, we can access all the market and competitor data we need live in one place. This saves us a lot of time which we can invest in developing and testing new revenue strategies.
When Covid-19 began spreading, we faced a new reality where our well-established sales and revenue strategies were no longer relevant. We needed to react to these market shifts quickly and adjust our pricing strategy to maintain our positioning. Market Insight played an important role here because it shows live developments in the market and how our competition is reacting to them. Having this data at our fingertips allowed us to detect trends and make confident and efficient pricing and distribution decisions.
Market Insight’s focus on forward-looking demand and competitor data rather than historical data is another benefit. Now, we see upcoming market developments before our competition and can update our rates quickly to maximise our results.
"Market Insight helped us quickly adjust to the new market conditions and seize revenue opportunities in the individual guest segment."
Early on in the crisis, we had to move our focus away from groups to the transient segment which is rather price sensitive in our case. To yield this segment and be competitive, we needed a deeper understanding of our market and its fluctuations.
Market Insight proved to be the ideal tool for this because it provides us with market and competitor information at the click of a button. This helped us quickly adjust to the new market conditions and seize revenue opportunities in the transient segment.
Market Insight’s live future demand reveals information we previously didn’t have access to. The platform shows us the overall demand outlook and we can zoom in on a specific period or even on a single day if we want to. We can also see which source markets are searching for our destinations and the dates they’re checking. Finally, flight search volume information gives us an idea of the level of demand we can expect.
Even though most borders are closed right now, this data is valuable. We can drill down and look at which regions in Russia are most actively researching and planning a trip to Moscow. This advanced outlook gives us a leg up on the competition because we can plan for future business and adjust our rates for high-demand dates well in advance.
"Market Insight’s advanced outlook gives us a leg up on the competition because we can plan for future business and adjust our rates for high-demand dates well in advance."
Given the unprecedented drop in demand and the shift in our business mix, our historical data was no longer relevant. Demand patterns and source markets changed completely for us and we needed a reliable way of predicting future business.
Market Insight proved invaluable here. It shows us which LOS (length of stay) guests are searching for, which source markets look most promising and which dates will be in high demand. Getting all these insights on travel intent at the click of a button is a game changer.
Seeing how our pick-up compares to the market overall is another advantage. We can check how demand is evolving live 365 days rolling and include this data in our forecasting process. This makes accurate forecasting much easier than ever before, even though we’re in uncharted waters.
Market Insight offers live, forward-looking demand data in an easy-to-read format. We can use the heatmap to get a general overview of demand development in our market. If we want, we can zoom in to see more details like source markets, LOS patterns and flight search volume. It’s also helpful that we can spot-check specific competitors or parts of the city, to see if we are missing any opportunities.
Every hotelier should give Market Insight a try. It’s a powerful market intelligence tool that can give you an enormous advantage over your competition. Especially at a time where we can’t rely on historical data, Market Insight’s forward-looking information is the knowledge you need to navigate all challenges the market brings your way.