Knowland has launched the estimated revenue calculator, designed to help hoteliers 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 with detailed spend by revenue category to streamline sales decisions for optimal revenue and profitability.
The tool estimates total revenue value for each booking, including room rate and ancillary spend, 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.
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.
The calculator aims to help hotel managers scale their sales teams to focus on the opportunities with the highest returns. 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.
“We developed the estimated revenue calculator to revolutionize group business development as demand returns," said Kristi White, Knowland's chief product officer, in a statement. "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.”