The MICE industry is poised for vigorous growth in the coming years. It is one place where the old is meeting the new, and the age established methods are continuously colliding with innovation and new ideas. In today’s marketplace, technology has become the sole catalyst for progression as event and meeting planners demand for a fundamental level of tech in products and services. And there is a reason behind it.
Technology makes several services more efficient and saves costs. Any business in today’s world that doesn’t tap into the technology boom to provide efficient services risks becoming old-fashioned and obsolete. With that said, you may think you are making the most of the technology … or are you? What if your competitors are doing just the same? How do you stack up against competition and stay ahead of the pack? One way is by benchmarking.
Benchmarking is a great way to assess your growth and market share with respect to competition. The competitive landscape of MICE business market also needs benchmarking to get decisive context around business goals. It helps hoteliers to identify the gaps in their organisation’s processes and achieve a competitive advantage.
One of the largest global leaders in meeting, event and travel technology, Cvent, has introduced Group Business Trends (GBT) – a free tool that provides deep-dive analysis on your hotel’s performance against competitors and local markets in one document. Group Business Trends by Cvent prepares a customisable in-depth report by benchmarking your hotel’s performance against qualifying competitors from a pool of 150,000 suppliers. This report includes a comparison of yours and your competition’s:
• Market Share
• ADR
• Response Rate
• Fair Share
GBT enables hotels to explore millions of eRFPs that flow through Cvent’s sourcing platforms every year. It allows hotels to view Cvent’s planner and hotelier data ($13.2B+ worth of opportunities in 2016) to discover new trends and develop their own strategy for the future.
The initial release offers over four years of Cvent data and 62,000,000 data combinations. With such huge volume, Cvent’s data acts as a strong indicator of the health and direction of your hotel’s MICE business.
GBT can also provide you incredibly deep comp set reports that are customised to your competition and include far more data points. Check out the GBT website to know more about such tailor-made reports, and analyse the good, the bad, and the ugly in your competitive landscape.
