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With short term rental occupancy under pressure, destinations must maximize returns to ride out a slowdown that began last year.
One of the best ways to boost revenue is to attract guests away from competitors. While, individually, other destinations and rentals may be slow to react, having data that tells you how the hundreds or thousands of accommodation providers around you are performing and how their destination marketing efforts are paying off. This is the most valuable piece of intelligence available in the hospitality industry.
We call this ‘DestinationData’ and it’s routinely used by destination marketing organizations to boost occupancy and shore up revenues. Our DestinationData dashboard is used by tourism bodies and Destination Marketing Organizations (DMOs), who are able to compare their market with locations worldwide to measure the relative strength of their offering to international visitors. These broader horizons help them to navigate a world that’s a lot smaller than it used to be, and in which attracting visitors from all over the world is an essential part of a destination marketing strategy.
The insights available are extensive, so we’ve boiled this tool down so you can understand how quickly it can make a difference to your destination marketing strategy.
Here are the top 5 benefits of using a DestinationData Dashboard
1. Get More Useful, Granular Data
DestinationData means you cut out the noise. There are plenty of reasons to look at global, regional or national data but, when it comes to understanding and planning for average daily rates (ADRs) and minimum lengths of stay, only localized data will help. If your destination is suffering from lower occupancy and revenue per available rental (RevPAR) than similar vacation rental destinations, it’s a big clue that there could be something wrong with the way those properties or areas are being marketed.
2. Know Your Competitors And Visitors
Identifying who your competitors are isn’t always as straight-forward as it sounds. First, you need to know who your high-value visitors are and where they’re coming from. DestinationData reveals the value per guest at the individual booking level, allowing you to build this information into your marketing strategy and ensure your locations is attracting the most valuable visitors.
This is how you can ensure that you are benchmarking your short term rental and hotel performance against the right competitors. Whether this is the city next door or the competitive ski destination two states away, you can customize your competitive landscape to see exactly where you stand. You can see performance in real-time within your DestinationData dashboard.
Plus, visitor feeder market data will also reveal which locations are growing in importance for your destination.
3. See The Big Picture With Hotel Data
DestinationData now offers hotel market data powered by Amadeus Hospitality, giving destination marketing organizations a holistic view of the hospitality market on their doorstep.
This allows you to identify broader travel trends and capitalize on overall demand. Help your local hotels and short term rentals attract more guests by sharing information to adjust booking windows, ADR, and minimum length of stay criteria to ensure you maximize RevPAR.
Our short term rental and hotel data includes feeder market reports, so you’ll be able to see if local rentals and hotels are capitalizing on demand from key markets.
4. Look Ahead, Get Ahead
Our DestinationData doesn’t just rely on historical data — it is forward-looking so you can adapt to changing tourism trends in real-time, rather than waiting until it’s too late. This gives you the opportunity to adjust your strategy if pacing data reveals that occupancy is slowing in the months ahead. You will know what the typical and current booking window pattern looks like and, therefore, when to revise your marketing strategy.
Key Data is the only data platform that offers forward-looking hotel and vacation rental data side-by-side thanks to our partnership with Amadeus, so you can react early if it appears that your destination’s performance is falling behind the wider hospitality industry.
5. Sub-Market Analysis
Granular maps of sub-markets can reveal trends not apparent if you’re looking at a large area. Comparing sub-markets to the wider area will tell you whether these trends are specific to your local market or part of a wider shift. This will help you identify areas that are underperforming, allowing you to address issues that are hurting occupancy and revenue. You can separate short term rental and hotel data within sub-markets for even greater insights, and custom maps will help reveal the most powerful insights.
If you want to learn more about using our DestinationData Dashboard, why not sign up for a demo?
