Add-on feature helps sales teams better understand specific market segment performance, plan account strategies, and gain insight into competitive activities
ARLINGTON, Va. — Oct. 25, 2023 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, announced an add-on feature explicitly 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. Knowland’s 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.
• Strategically expand group business through data-driven insights – Knowland’s market segmentation feature was previously only available to above-property management. It became evident 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.
• Compare specific competitive set data and booking share – 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.
• Adjust sales strategy and outperform the competition – 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 12/31/2023 by reaching out to clientcare@knowland.com.
Jessica Carey, vice president of customer operations, Knowland, said: “This tool helps individual properties gain the insight they need to better understand market segments by industry type and group. Allowing sales teams to align strategies based on where group business is booking in their market informs account-based selling strategies and builds expertise in an industry segment such as Pharmaceuticals or BioTech. This insight is a game changer for sales teams at the property level.
