New Cvent Hospitality Cloud Helps Hotels and Venues Generate, Manage and Measure Demand For Group Business
Tysons Corner, Va. and Las Vegas– Cvent, Inc. (NYSE: CVT), a leading cloud-based platform for meetings and group business, today detailed its comprehensive new Hospitality Cloud, which will provide hotels, convention and visitor bureaus (CVBs), and other event venue owners a combination of event management software and marketing solutions to more effectively generate qualified demand for meetings and events, manage that demand more efficiently, and measure group business performance. The Cvent Hospitality Cloud is a single integrated platform that helps venues manage the full group event lifecycle.
"Managing the hotel group sales lifecycle, from winning business to benchmarking success, is incredibly important but historically has been very difficult to manage," said Kevin Fliess, vice president of product marketing at Cvent. "The Cvent Hospitality Cloud addresses this problem. Cvent's success has come from building integrated platforms that make it easy for customers to use our technology to become more efficient in their daily operations. The Hospitality Cloud is the realization of this strategy, tying together assets developed in-house and those from acquisitions for the venue community. Managing group business throughout its lifecycle has finally been made easy."
By designing a single platform, hotels and other venues are now able to compete more aggressively for group business, better manage and prioritize leads, and ultimately track and measure success. The Cvent Hospitality Cloud links useful resources, including the Cvent Supplier Network, Elite Meetings' marketing opportunities, Decision Street's lead scoring, and Cvent's white label booking technology for venue websites: the SpeedRFP widget.
The Cvent Hospitality Cloud consists of three pillars that address each of the stages in the lifecycle of group business, including:
- Winning business with Group Marketing Solutions - Connecting suppliers directly with hundreds of thousands of planners that are searching for destinations and venues for group business.
- The Hospitality Cloud helps suppliers more accurately target meeting planners online and increases group business revenue.
- Managing lead volume with Group Demand Management - Providing venues with the technology to efficiently manage, prioritize and track a high volume of group business leads.
- The Hospitality Cloud incorporates sophisticated technology for lead scoring to prioritize leads, routing and escalation rules to prompt rapid response, and the SpeedRFP widget to more easily manage all electronic leads through a central interface.
- Benchmarking and tracking success with Group Business Intelligence - Using packaged analytics to help venues easily track and analyze performance and compare that performance with industry peers.
- The Hospitality Cloud helps venues better understand their customers, local and national market, competitors and business opportunities.
"We've been partners with Cvent for years and have successfully leveraged their Supplier Network to grow our group business," said Pamela Payne, CMP, senior regional director of groups at AMResorts. "We are excited about the Hospitality Cloud and the possibility that it will continue driving more group leads into the pipeline, but also enable us to better manage our growing lead volume and having an end-to-end solution for our group business efforts. Cvent has been a vital part of our growth over the last five years with their continuing innovation and cutting edge grasp of the industry."
An integral component of the Hospitality Cloud is the Cvent Supplier Network, one of the world's largest and most accurate databases of detailed venue information that connects tens of thousands of event and meeting planners with approximately 235,000 hotels, resorts and special event venues. It contains listings of hotels and other venues in more than 175 countries that can be searched and filtered based on approximately 200 characteristics and data fields. Cvent estimates it will be approaching $10 billion in sourcing through its Hospitality Cloud by the end of 2015.
The Hospitality Cloud is currently being rolled out and will be made available to all Cvent users in early 2016.
"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including statements relating to the expected volume of sourcing through the Cvent Hospitality Cloud in 2015, the rollout of the Hospitality Cloud to all Cvent users, and the expected functionality and impact of the Hospitality Cloud. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize, or if any of the assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K filed on March 16, 2015, Form 10-Q filed on May 11, 2015 and other reports and filings with the Securities and Exchange Commission.