Before we dive in, be sure to visit our ultimate guide to grow events and group business for an all-encompassing rundown of events, sales and catering tips, data points and best practices.
If your hotel depends heavily on group business, you’re not alone. Groups are a high priority segment for most properties not only for the income they generate but for the potential of repeat business. In 2017 alone, group business accounted for almost 20% of all hotel reservations, and many hoteliers are now investing in technology to support this valuable revenue stream.
The latest software innovations provide powerful data to assist you in rate planning and enable you to manage large events or local negotiated rate (LNR) contracts. Without insight, it’s easy to price rooms too high, and you’ll see occupancy drop as a result. But price rooms too low, and you could be leaving money on the table. Some hoteliers rely on historical data or reporting to determine future pricing, but that could easily backfire if another property in your competitive set is priced much more attractively and lures away your business.
In order to gain a clear view of where your marketplace is today, and where it will be tomorrow, you need access to forward-looking demand data. This information can help you determine when peak occupancy is and when demand is weak, so you can make much smarter business decisions and price your rooms with confidence.
Here are 3 ways to use data to grow your group business
With visibility into demand data, you can optimize revenue accordingly to win more business – for transient, groups, and LNR or volume contracts.
To learn more about the value of forward-looking data, download our eBook, “Five Ways Forward-Looking Demand Data Can Boost Your Hotel’s Revenue.”