Knowland, a provider of data-as-a-service insights on meetings and events for hospitality, enhanced its platform with the Estimated Revenue Calculator (ERC), designed to help hotels prioritize sales efforts based on the total account revenue potential of sales leads.
The ERC calculates the total estimated revenue of accounts associated with booking opportunities, featuring detailed spend by revenue category, to streamline sales decisions for optimal revenue and profitability.
- Estimates total revenue value for each booking – The ERC estimates room rate and ancillary spending for each booking using data algorithms and the meeting profile. Estimated rates are unique to each market and chain scale based on current and historical market analytics. Sales teams can evaluate which opportunities lead to greater short-term versus long-term revenue capture as well as meeting space versus guest room revenue.
- Uses data analytics to deliver the value of each lead – Coupled with the estimated attendee’s algorithm, the ERC estimates a total revenue value for each booking within the platform and utilizes the metrics most important to sales managers, revenue managers, and sales leaders. Teams prioritize resources based on where there is optimal value.
- Optimizes group sales productivity – By gaining the ability to understand total account potential, hotel managers can scale their lean sales teams to focus on the opportunities with the highest return. Sales leaders become part of revenue management decisions with the ability to edit estimated room rates and ancillary rates to help calculate potential revenue based on a property’s target performance.
Kristi White, chief product officer, Knowland, said: “We developed the Estimated Revenue Calculator to revolutionize group business development as demand returns. By boosting the sales team’s insight into revenue opportunities, hotels can maximize productivity and sales performance by knowing which accounts will drive the best long-term value. Instead of reacting to the latest leads that land in their inbox, sales teams have the insight to prioritize where they spend their time. The RFP due today does not necessarily provide the best revenue mix for the property this month or come from the account that will drive occupancy for the year.”
To learn more about the Estimated Revenue Calculator, go here.