BenchDirect is The hotel network‘s (THN) latest product innovation, and they couldn’t be more enthusiastic. This brand new benchmarking platform enables hoteliers to analyze all key metrics of direct channel performance compared to the market and competition. With over 10,000 registered hotels in just a few weeks, the global BenchDirect network will certainly continue to grow!
Knowing that this interactive platform has many features to offer, THN decided to share with you its 7 most popular ingredients from the BenchDirect recipe for making direct bookings a success. Let’s dive into their secret sauce so you can have a first look at what this unique hotel benchmarking tool has to offer.
Pppst … Did you know that BenchDirect is free forever for hotels? Be sure to Request your account today and become part of the rapidly growing THN network.
A twist on traditional benchmarking
The first and foremost ingredient in THN’s recipe is the completely new approach to benchmarking that BenchDirect is taking. This platform differs fundamentally from traditional hotel benchmarking. Think about it like this. If traditional hotel benchmarking were a photo, BenchDirect would be a video. You don’t just see the bottom line of occupancy and rate comparisons; with BenchDirect you can see every step along the booking funnel how this result came about. With this exciting twist, you get more insights that are much more detailed so that you can actually act on them.
Dynamic competition sets
The next secret ingredient is one of the things that really sets BenchDirect apart from others. BenchDirect offers several dynamic competition sets. You can compare the performance of your hotel’s direct channel against four dynamic competitive sets:
- Other properties within your own brand
- Similar hotels in the same destination
- THN’s compset – a selection of 50 hotels that are most similar to yours from THN’s global network
- Custom – Create your own compset to compare
The compsets available in BenchDirect –
Photo: The hotel network
By being able to compare your hotel with hotels around the world as well as near you, you can set the bar high for your brand and learn from the top performing hotels with a profile similar to yours.
The newest addition to RevPAR: RevDirect
Then THN added a shot of something new. Imagine if you could track RevPAR, but only for your direct channel. Well now you can!
RevDirect is a brand new metric that measures direct booking revenue per available room so you can analyze one of the industry’s top KPIs, which is now focused on your direct channel. This metric is a game changer when it comes to tracking your hotel’s direct booking performance and understanding the changes you need to make.
Keep an eye on price differences
In creating this recipe, there was one ingredient THN knew they couldn’t leave out. Benchmarking for them Price differences was an important part of getting the dish just right!
If you find that your hotel has more price differences than your compsets, it is likely affecting your website conversion rate. You can use the analysis to identify the OTAs causing the problem, understand your performance in specific source markets, and spot the device where the inequalities are occurring. In this way, you can take appropriate action to regain your market share.
See in the future
Wouldn’t you like to know about trends and always be one step ahead? THN thought so and so they dropped a crystal ball. BenchDirect not only collects data based on bookings, but also based on search queries and can thus give you insights into future demand in your hotel compared to the market.
If you want to know what dates of stay are the most sought after by visitors to your website, BenchDirect can show you when there are peaks in demand so you can check your prices and availability and make sure your campaigns are targeting those dates to drive more bookings .
Visuals for every taste
Are you more of a chart or table person? THN has added a little bit of creativity and flexibility so that in each BenchDirect section you can choose how you want to display the data. In the “Chart” display you can see a number of graphs, including bar charts, box plots, timelines and even the distribution by dates of stay. You also have the option to download the entire page or just a specific diagram or table in PDF or CSV format.
A BenchDirect box plot diagram –
Photo: The hotel network
A box plot diagram is THN’s personal favorite. Its handy design visually shows how the data values are distributed and gives you more details about the range and the distribution of the data into 4 different quartiles. Using the colored bars in the box plot, you can clearly see where your property is compared to the distribution of the hotels within the compsets.
Find out about sales per visitor
Last but not least, THN felt that adding an extra hint of revenue insights was critical. Did you know you can filter BenchDirect data to better understand it? Sales per visitor for different segments?
Based on these insights, you can optimize your offers by showing discounts only for the markets or devices that really need an additional incentive to book in order to save on marketing expenses and increase net sales. The ability to zoom down to that level of detail will help you make better decisions that will strengthen your direct channel strategy.
Would you like to learn more about THN’s secret sauce and the recipe for direct booking success? Good news, you are ready to spill the beans … find out Everything you need to know or Join Now to join their global hotel network using BenchDirect. Can’t wait to see how you speed up your direct channel strategy!
Via the hotel network
Working with over 10,000 hotels around the world, The Hotels Network offers its customers a comprehensive growth platform for their direct channel. Using a suite of built-in tools and analytics, hotel brands can attract, engage and convert guests throughout the user journey.
In addition to price comparison, review summary and a full suite of personalization options, THN’s Oraculo product uses machine learning techniques to predict user behavior and then automatically personalize both the message and offer for each user. The company’s latest innovation, BenchDirect, is the first direct channel benchmarking product, providing hotels with unprecedented competitive data that will completely change the rules of the game.
THN’s mission is to improve the online booking experience, increase direct bookings and strengthen the relationship between hotel brands and their guests.
For more information visit: www.thehotelsnetwork.com or contact [email protected].
