Knowland, a provider of data-as-a-service insights on meetings and events for hospitality, has launched Market Segmentation, an add-on feature designed to help on-property sales teams better understand and target the right group segments booking in their market.
Sales teams are often challenged to understand what groups have met in their competitive set. The Market Segmentation feature delivers detailed insight into group business activities by market segment, allowing hotel sales teams to adjust sales efforts and amplify meeting and events business strategically.
The new feature was previously only available to above-property management. It became evident to Knowland that on-property sales teams needed access to the same granular detail to pinpoint performance and determine the top market drivers of actualized group activity by account, market, brand and competitive set.
Drop-down menus provide insight by comparing a hotel’s comp set to their own group booking data. The feature allows teams to drill down into specific market segments by industry and by account name to identify groups who have previously met in that market. This insight enables them to understand their booking share of specific market segments and, in turn, which groups to target.
Gaining insight into changing group market conditions and competitive intelligence directly impacts a hotel’s ability to stay ahead of the competition. By understanding why a property is being outperformed by the competition, sales leaders can take informed action to shift market share and specifically target those market segments booking in their competitive set.
Current Knowland customers receive complimentary access to the feature as part of their renewal agreement when executed prior to Dec. 31 by reaching out to [email protected].
