How Hotels Can Harness Market Intelligence To Revolutionize Revenue

Understanding your market enables hotels to remain competitive and in tune with demand. In this week’s Check-In newsletter, we take a deep dive into how good market intelligence can boost your revenue strategy.

Learn how Duetto continues to help push revenue for Rove Hotels and Choctaw Casinos & Resorts.

And take our annual survey to help shape revenue management and hotel technology in 2024.

This is our last Check-In of 2023 – we wish you all the best for the holiday season.

1. Using Market Intelligence To Lead Your Competition

Market intelligence enables hotels to make data-driven decisions that not only optimize revenue but also improve guest satisfaction and drive operational efficiencies. Informed hotels are better equipped to navigate market changes and respond dynamically to both revenue opportunities and potential losses.

5 elements of using market intelligence:

Lead Your Competition

There is a big difference between knowing your competition and following it. Comp set awareness enables you to remain competitive and in tune with demand fluctuations in your market.

Advance, Duetto’s new real-time, dynamic revenue optimization solution, surfaces rate shopping data directly from Expedia.com in an industry-first data collaboration. Hotels can access competitive rates for up to 20 providers for up to 365 days, easily viewable in our CommandCenter dashboard.

Hotel technology providers such as RateGain and Amadeus can provide hotels with vital data to help them monitor and analyze the pricing of their competitors. Each integrates with Duetto, enabling our algorithm to factor in market changes when optimizing room rates. Read more here:?

When integrated with a revenue management system (RMS), comp set data helps hoteliers make informed decisions to optimize and adjust their revenue strategies in response to changing market dynamics.??

Understand The Taylor Swift Effect

For revenue managers, factoring event data into a revenue strategy often meant laboriously entering data into a spreadsheet or system. Often, the data could be incorrect, or too late in being actioned, and the opportunity would be lost.

Duetto’s new event feed from PredictHQ takes the leg work out of managing events. Through PredictHQ, Duetto ingests data from thousands of events a year, and highlights this via CommandCenter, enabling revenue teams to act and optimize rates accordingly.

Identify Market Intent

Hotel revenue management has traditionally been focused on historical data and comparing the current scenario with the same time last year (STLY) to gauge success. At Duetto, we believe in the value of looking forward, which is why our revenue tool GameChanger ingests web traffic data from a hotel’s website booking engine to measure bookings, regrets, and denials.

Advance now includes search intent data from Expedia for the next 180 stay dates. This data enables hotels to view the overall market and spot opportunities where they are either under or over-performing and adjust rates in line with market sentiment. Duetto is the only RMS to offer this data from Expedia.

Big Data or Better Data?

When it comes to market intelligence, it is the quality of the data rather than the quantity that matters. Clean, accurate, and reliable data is the true catalyst for impactful decision-making.

Going directly to the source is always the preferred method of data collection. Clean data reduces the risk of errors and enhances the overall efficacy of revenue management strategies. This is why Duetto works directly with Expedia and PredictHQ.

Make Informed Pricing Decisions

Market intelligence helps inform revenue teams to price more accurately in line with demand.

Duetto’s pricing methodology, Open Pricing, enables revenue teams to optimize pricing for each segment, channel, and room type. This allows hotels to target the right customer with the right product at the right time and at the right price through the right channel.

With Advance, revenue teams benefit from Dynamic Optimization, which ensures an immediate response to market-driving changes. Hotels can price in real time, constantly flexing prices in line with changing market demand, up or down, ensuring your properties are always offering the best rates possible.

Access to real-time data and pricing automation gives you more control over your revenue strategy, allowing you to respond quickly to market changes.

?????? At Duetto, we believe in delivering analytics you can use and data you can trust. Download our latest eBook and learn how we work with major data providers and leading technology solutions to turn market intelligence into profitable decision-making: https://www.duettocloud.com/special-reports/how-to-use-market-intelligence-to-drive-your-revenue-performance-and-success

2. Rove Hotels On Optimizing Longer Lead Times

A contemporary, midscale brand, Rove Hotels delivers a modern, efficient service that is also deeply rooted in its community. Technology plays an important role, both front and back of house.

Today, its portfolio of over 3,400 keys is spread across many of the UAE’s tourism and business hotspots. This includes Rove Expo 2020, the only on-site hotel at Expo City Dubai.

Ambitious expansion plans will see the Rove brand opening in locations across the UAE and the wider Middle East region.

Rove adopted Duetto at the end of 2022. The group was quick to see the revenue rewards of working with Duetto.

“It has changed the way we yield. Most yielding applications are restricted to support Open Pricing for public rates only, however, to have the opportunity to yield all segments is a first with Duetto. We have found it very helpful,” explained Priyanka Roy , Director of Revenue Management, Rove Hotels.

“It has allowed us to concentrate on strategy while letting the system do the heavy lifting in terms of rate changes and optimization. It also reduces risks associated with very long-lead bookings, as Duetto will look at past trends and set rate strategies for future stay dates,” Roy explained.

Another benefit Rove Hotels is enjoying from Duetto is the ability to set min/max rate parameters. All hotels are now operating on AutoPilot with pricing limits in place.

“We now have a much more dynamic rate strategy, which helps us to maximize our yielding opportunities. Additionally, we see better ADRs, as it has allowed us to reduce blind spots for bookings taking place several months in advance.”

???? Learn how Rove Hotels in Dubai has gained more confidence in pricing for stay dates further out, since adopting Duetto. Read now: https://www.duettocloud.com/library/rove-hotels-on-optimizing-longer-lead-times

3. Optimizing Choctaw Casinos & Resorts’ $1 Million Giveaway Nights

In 2023, Choctaw Casino & Resort Durant ran a $6.6 Million Summer Giveaway campaign - the largest promotion in its history.?

The promotion featured three $1 million giveaway nights. Guests earned entries using their Reward Club cards and had to be staying on the property the night of the draw to stand a chance of winning.

The promotion garnered much interest among the loyalty card members, giving the revenue team plenty of opportunities to flex rates and offers.

“Those stay dates were hard to get into and the rates were high. But even at a high rate, loyalty members could see value in staying because they might have collected multiple draw entries throughout the month,” explained Edmund Wong , Corporate Director of Revenue Management, Choctaw Casinos & Resorts .

Rates on $1 million draw nights typically exceeded $700. But interest was high and so too was occupancy.

?? ?? ?? Discover more about how Choctaw Casinos & Resorts uses Duetto Find My Rate across its portfolio of properties. Read the blog now: https://www.duettocloud.com/library/choctaw-casinos-resorts-drives-loyalty-with-duettos-find-my-rate

4. Share Your Opinion - Duetto Trends & Predictions Survey?

Duetto is once again looking for your input on the trends and predictions you see developing in the year ahead.?

Open to hoteliers, revenue consultants, owners, and asset managers, the Revenue Management Outlook & Trends Survey 2024 is looking for input on:

• The biggest challenges facing hoteliers in 2024
• Trends in hotel technology investment and adoption
• The growing importance of automated processes in revenue management
• How hotels intend to optimize business mix in 2024

???Take our survey and help us shape the future: https://duettocloud.typeform.com/to/tPwGDbN7

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