Data science is changing the way hotels and venues approach group business. It's now paramount that properties, chains, and management companies alike understand their competitive set, assess performance, and identify growth opportunities. How? With hotel business intelligence tools.
Take Loews Hotels as an example. By leveraging Cvent's hotel business intelligence tools, Loews, a luxury brand that operates 26 properties across North America, established a team focused on Cvent insights for prospecting and sales efforts. As a result, they reached a 100% response rate and saw a 76% increase in awarded value. They now have a new award to add to their portfolio, as this strategy helped them win a Cvent Excellence Award — The Business Intelligencer, which was presented on stage during Cvent CONNECT 2022 in Las Vegas.
The annual Excellence Awards recognize the top achievers across the hospitality industry, showcasing the accomplishments of industry leaders as they propel growth and inspire the future with innovative solutions. The Business Intelligencer recognizes hospitality organizations that use business intelligence tools to create new opportunities for sales and marketing teams. By establishing real-time analytics programs, systems, and processes, Business Intelligencers boost marketing effectiveness, improve sales conversions, and ultimately increase the value of their meetings and events business.
Also nominated for the award:
- Choice Hotels International: Choice Hotels took its partnership with Cvent to the next level by establishing a seamless Group RFP integration that yielded more awarded value. This led to a 55% improved response rate and a 106% increase in awarded value.
- CoralTree Hospitality: Using Cvent Supplier Network Business Intelligence tools, CoralTree was able to pinpoint areas for increased performance and efficiency. By harnessing these tools, they increased market share by 3% from 2019 to 2021, achieved a 99% response rate, and saw a 78% increase in awarded value.
Key benefits of hotel business intelligence tools
CSN Business Intelligence provides hoteliers with the insights they need to beat the competition and master evolving market conditions. With Cvent's hotel business intelligence tools, you can ...
- Track shifts in demand vs. the competitive set.
- Analyze RFP responses and compare your property’s bid rate to the competition.
- Forecast surges in demand to better understand how to adjust staffing levels.
- Leverage planner data to find qualified prospects.
- Track canceling using the Cancelled RFPs Filter.
- Access real-time group RFP data relevant to your portfolio.
- Keep track of individual hotel and market performance.
- Compare data across brands and properties.
- Set performance goals for your hotels and monitor progress.
Cvent's hotel business intelligence tools provide the insights you need to transform your business
- Define your competitive set and view aggregate performance data to achieve maximum efficiency.
- Get deep insights with real-time RFP data directly from the CSN that help you make data-driven decisions.
- Have visibility into your team’s performance and take corrective action to make sure you don’t fall behind.
- And much more ...