Improves sales team productivity by identifying opportunities with the highest account value.
ARLINGTON, Va. — Jan. 19, 2022 — Knowland, the world’s leading provider of data-
as-a-service insights on meetings and events for hospitality, today 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
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.
Knowland is the world’s leading provider of data-as-a-service insights on meetings and
events for hospitality. With the industry's largest historical database of actualized
events, thousands of customers trust Knowland to sell group smarter and maximize
their revenue. Knowland operates globally and is headquartered just outside
Washington, DC. To learn more about our solutions, visit www.knowland.com or follow
us on Twitter @knowlandgroup.