Knowland has introduced Market Snapshot, a new feature that delivers data insights sales leaders can use to understand their markets better, define sales strategies and grow group business share.
The feature aims to help hospitality professionals how market trends change and define those impacting their business. Property leaders and sales managers often only have the ability to examine their own trends, making it impossible to see the landscape of their market. Market Snapshot makes insights to market performance part of everyday selling.
Market Snapshot helps identify key performance indicators to benchmark market performance by helping sales directors and general managers better gauge overall market performance by providing easy access to booking trends, the average number of bookings per property, along with estimated attendees and meeting space utilization. This data insight can help sales leaders visualize performance over time with fully customizable comparison date ranges to guide sales strategy based on market trends.
Users also can master market segmentation by enabling focused sales actions based on accounts driving each market. By understanding market segmentation, sales teams can isolate the industries generating business in their markets and drill down to specific bookings and accounts to uncover their unique needs.
Users can discover shifts in meeting size trends and uncover opportunities and threats from shifting market conditions by revealing meeting space trends. It delivers the ability to recognize and pinpoint when smaller or larger properties become competitors.
“In today’s shifting market, it’s important to quickly discover and identify group business trends to ensure properties take full advantage of the opportunities in their market to drive their success," Knowland Chief Product Officer Kristi White said in a statement. "We developed Market Snapshot to provide sales teams with an in-depth view of the market fueled by booking data in a simple action-ready view. By unleashing the power of self-service market analytics, Market Snapshot enables teams to quickly find answers to key questions and share those insights easily at the property and above-property levels.”