The automation of previously manual data collection is one of the top benefits of Rate Insight and Market Insight. With a click of the refresh button, we can see the latest rate evolutions in the market and the most recent forward-looking demand information for the upcoming months. The continuous access to live data simplifies monitoring the highly dynamic London market and saves us massive amounts of time.
This has allowed me to give more attention to other key elements such as distribution management. Now, I have more resources to evaluate production from various partners and test ways to optimise online sales. Real-time insights make it easy to implement, evaluate and update approaches such as restricting availability on low-yielding channels.
Rate and Market Insight also speed up forecasting, previously one of revenue management’s most tedious tasks. The solutions’ live market and demand data allow me to predict performance accurately without having to spend hours collecting and collating information.
"Thanks to the forward-looking demand data in Market Insight, we’ve been able to shift from reactive pricing to a much more proactive approach."
In the past, we’d react to a rise in pick-up or the fact that the compset had changed their rates. Thanks to the forward-looking demand data in Market Insight, we’ve been able to shift from this reactive approach to a much more proactive one.
Now MICE in London are finally starting up again and some of the blockbuster events have been rescheduled for later this year. Especially in this situation our access to flight search and GDS data has given us a massive leg up. We can see for many months in advance who is searching and what room types, length of stay, etc, they’re checking.
This allows us to be much more strategic about pricing decisions, restrictions and promotions. As a result, we can get ahead on those upcoming high-demand dates, target the most promising markets and push for the rates we want. Now, filling up on low-value bookings and yielding only at the very end is a thing of the past.
"Thanks to OTA Insight’s platform, filling up on low-value bookings and yielding only at the very end is a thing of the past."
Using future-facing demand data also proved extremely beneficial for us during the uncertain times of 2020 and 2021. I never wanted to engage in a price war with my compset, and Market Insight’s data supported this decision. As soon as loosening restrictions were on the horizon, we could see demand slowly return several months down the road.
This did two things. First, it gave us confidence that business would return. The demand insights proved that. Second, it encouraged us to keep our rates at the usual level instead of entering panic mode and racing other properties to the bottom. It wasn’t easy to stand our ground, but it paid off immensely.
For one thing, as restrictions loosened, we began receiving a steady flow of high-value reservations instead of filling up on low-value bookings. We also maintained our reputation among our many regular guests. I’m sure we would have confused and alienated many of them with drastic rate drops and subsequent increases for an essentially unchanged product. All this allowed us to get through the slowest months and make the most of every wave of recovery.
"Market Insight’s future-facing demand data has helped us boost revenue as well as profitability across all departments."
Technology and our industry are changing rapidly. You need a broad understanding of what’s going on around you to succeed in this dynamic environment. Trying innovative tech tools and testing new strategies are crucial steps to realising your own as well as your hotel’s full potential.
I strongly encourage everyone to take advantage of the free trials tech vendors offer, so you can find the best fit for your property. For example, if you’re not using OTA Insight’s solutions yet, try them. You’ll be impressed by the world of data you get access to at the click of a button. Use it to chart a new path and leave the pandemic-era struggles behind.