Understanding how events such as concerts, sporting events, and conferences, impact demand in a market is vital for hotels. Prices can spike the moment Taylor Swift announces a gig, as was seen in recent months. Room bookings for Tampa Bay doubled against STLY figures, while room rates soared by up to five times their average rates, according to Visit Tampa Bay.
Duetto’s new partnership with PredictHQ empowers hotels to use event data to unlock dynamic, data-driven business decisions.
PredictHQ is an innovative solution that improves planning and forecasting by understanding how local events cause surges or drops in demand in travel, retail, mobility, and other industries.
Discover more about Duetto’s exciting partnership with PredictHQ, and how event data is helping hotels boost profitability, by checking out this case study.
“Duetto has always understood that local events affect hotel demand in an area, but we were - up until now - finding it a challenge to unlock a way to track events for each of our customers at scale. Gaining a real understanding of just how events influenced hotels was a tricky and unreliable process, as each property held the responsibility for its own event calendar management, usually led by the intuition or legacy knowledge of individual team members. Then we found PredictHQ, and they understood our challenge completely,” said John Lingos-Webb, Senior Director of Global Partnerships & Alliances, Duetto.
How PredictHQ Helps Duetto Users Utilize Event Data
When a hotel’s demand forecast goes askew it can be down to several reasons, such as an event changing its dates, location, or canceling altogether. If it is up to the hotel team to identify these changes and input them into the system things can fall through the cracks.
PredictHQ removes the uncertainty around events and how to manage the impact they have on demand. Intelligent event data has an important part to play in forward-looking indicators for periods of peak demand. By gaining insight into factors that drive demand like concerts, exhibitions, sports games, and other events in markets, hotels can refresh and optimize their room rates at exactly the right time.
“In addition, by pulling PredictHQ’s event data into CommandCenter, we are able to use the solution’s dynamic data visualizations to show customers what they should be focusing on and where to take action based on data related to upcoming local events,” said Lingos-Webb.
And it’s only going to get better. Duetto is now looking to use Amazon Data Exchange to ingest PredictHQ into GameChanger which will - depending on the event - be able to give guidance on what action to take to prepare for a change in demand.
How Does Event Data Boost Profitability for Duetto Users?
Having notice of events ahead of time offers a valuable opportunity for hotels to improve revenue and guest experience. Event visibility is key for hotels when preparing pricing strategies and maximizing their potential to boost revenue. When event data is used intelligently, hotels will see benefits in key metrics such as customer retention, customer satisfaction, customer lifetime value, and net promoter score (NPS).
Following the pandemic and the huge impact it had on the travel, hospitality, and events industries, it's now more important than ever for hoteliers to learn about, and quickly act and adapt to, events that might drive demand surges. It’s vital to make sure they can seek out opportunities, tempt more guests to book, and maximize revenue.
“Not only are we pricing at the most dynamic and granular levels, but with PredictHQ, we’re now doing so when the market gives us cues – ensuring that we're refreshing our rates at the perfect time,” said Ravi Chandrasekaran, Duetto’s Head of Analytics.
“PredictHQ gives us a high-quality source that we don't have to inspect and process before we can use it. With features such as rankings, we know the data is vetted, and we can trust when an event is predicted to have a major impact. We don't have to think a lot about how to process or interpret the PredictHQ event data and we can confidently use the data that we know has been verified and is accurate.”
For more information about Duetto or to request a demo, please contact us.