Advanced analytics for local market and property level data allows hotels to assess competitive position and jumpstart recovery
ARLINGTON, Va. — May 20, 2020—Knowland, the leader in group hospitality analytics for hotels, convention and visitor bureaus, conference centers and other meeting venues, announced today a free interactive dashboard providing actionable insights on COVID-19 hotel recovery. These insights will enable hoteliers to see their position in the rebound compared to local and/or national markets and make informed decisions to accelerate recovery. Knowland is providing free unlimited access to the Dashboard from the Knowland website. Click here to learn more https://go.knowland.com/recovery-dashboard.html.
The Hotel Recovery Dashboard uses advanced analytics and a proprietary algorithm to reveal a property’s unique Knowland Recovery Curve, or K-Curve, to help hoteliers visualize their recent occupancy trend, compare it to their local market and determine where they fit against market recovery trends. The Dashboard also presents recommended 30/60/90-day action plans based on the hotel’s recovery position.
- Hotel Benchmarking – Once a hotel enters its occupancy data, the tool automatically provides insight into where the property stands compared to the chosen local market. A hotel’s curve status is visually presented and classifies it for a “Leading,” “On Track” or “Delayed” Recovery Curve based on where its trajectory falls compared to the market.
- Predictive Trending Industry Data – Users can run sensitivities by selecting their comparison market from the top 25 STR markets, entering custom market data or defaulting to the overall U.S. market for trend analysis that can be used to forecast future trends. The K-Curve also illustrates the status of group business returning to a specific market tracked by Knowland.
- Immediate Action Plans – Depending on where the property falls on the K-Curve, users will be provided with tactical action plans for up to 90 days for each curve status. For example, the Action Plan for a hotel with an “On Track” Recovery Curve, might include the recommendation to lean in with target marketing to their expanded drive market to capture share from their local hotel competitors.
Kristi White, vice president of product management, Knowland, said: “Hotels are facing uncertainty about the future and what their course of action should be. The Hotel Recovery Dashboard and K-Curve give hotels the tools needed to be in control of their recovery. It will be critical for hotels, regardless of size, to understand and monitor where they stand competitively and comparatively as the industry moves toward its ‘Grand Re-Opening.’ The trademark of our industry is that we always recover, but what you do today will determine not only how you recover but also how you will move forward in the long-term.”
Regardless of where hotels are currently positioned on their K-Curve, preparing for the return of group business is essential in driving occupancies back to pre-pandemic levels. Building relationships with local accounts within their drive markets will be critical to growing hotel profitability as restrictions ease on the size of groups allowed to gather.
Knowland provides advanced analytics and predictive insights for group business powered by machine learning and the world’s largest database of hospitality meetings and events. This data provides an unparalleled view of group demand by tracking booking behavior and contacts. It’s verified contact data will help sales teams begin the process of building local and regional relationships that will be the foundation of their business recovery.
Knowland has established a resource page for hotels impacted by COVID-19 at https://www.knowland.com/resources/covid-19-hotel-resources/