Knowland Data Now Includes Revenue for Group Events
December 4, 2013 4:20am
Proprietary Algorithms Generate Estimated Room Night Spend for Hundreds of Thousands of Events
Washington, D.C. (Dec. 4, 2013) - The Knowland Group, the largest data company in the global meeting and event industry, announced today the release of its newly enhanced Estimated Room Night Revenue feature. This enhancement makes it easier to quickly assess the value of group business by looking at estimated total revenues from past events.
This feature is designed to provide the company's Readers and Insight users with additional information regarding average room rates and estimated revenues for past events in the Knowland database. For any given group, an approximate total revenue is displayed under events for which room rate data is available. Referred to as the 'Event Room Night Revenue,' the estimate is based on proprietary algorithms that generate an approximate dollar value for a given piece of group business. The algorithms take into account seasonal and day-of-the-week pricing strategies specific to tracks and markets and are based on room rate information from a sampling of online travel agencies.
"What makes this release so exciting is the fact that users can quickly get an idea of the revenue of a group event, regardless of the market, day of week, or time of year," says Jim VanDevender, Chief Development Officer for the Knowland Group. "By understanding and taking advantage of this feature, users can easily benchmark a past event at a hotel half way across the country."
This release provides a cleaner version of the existing OTA Rates feature, not only providing estimated room night revenue for a specific event, but providing details on room rates charged through a survey of OTA sources. Along with an improved visual display, a new functional characteristic is the ability for users to configure the reported Event Room Night Revenue by customizing their own Default OTA Group Rate Discount values based on their market. Users can estimate how many days out a certain sized group typically secures a rate and at what percent discount the rate is typically given. Given the powerful potential for these algorithms, Knowland plans to continue utilizing them as the basis for additional hospitality management services such as benchmarking and analytics.
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