By: Stefanie Wood - Director, Client Engagement
Before we know it, RFP Season will be underway. Understanding where the most profitable business exists in the market (from which agencies and which accounts) should be your top priority in the preparation leading up to RFP season. Unless you’re using Hummingbird PXM’s Third Party Insights module, you’re only seeing top line GDS production. With Hummingbird PXM you can see all channels being booked, the COPE Revenue (Guest Paid with direct customer acquisition costs removed), and the loyalty contribution of each account in order to build the best strategy to attain your corporate goals for the upcoming RFP season.
In the accompanying video, Stefanie Wood, Director of Client Engagement at Kalibri Labs, walks through a checklist for using Hummingbird PXM to ensure successful RFP preparation. If you would like a personalized demo of the Hummingbird PXM used in this example or have questions about Kalibri Labs data, please contact us here for a quick reply.
First, you can use Hummingbird PXM to assess your current Corporate production and identify where to remix business:
Filter for Traditional Agency, Corporate and a Trailing Twelve Month timeframe.
Review your results for Top Agency COPE Revenue, Growth/Decline at both Property and Benchmark, Lead Time, Length of Stay and Loyalty %
Determine which agencies you want to further review and click on their IATAs (hyperlink)
Analyze agencies full worth, weekday vs. weekend results, COPE RevPAR contribution/booking pattern and COPE ADR Ranges
Compare COPE to Guest Paid Results to understand what your customer is paying and associated costs of acquisition
Review Channel and Rate Category production
Take advantage of Agency Info to establish or further your relationship
Second, you can use Hummingbird PXM to benchmark agency production to determine which agencies and therefore Corporate Accounts make sense for the property to pursue.
Keep the same filters set for the Property Audit and sort by Selected Period by Benchmark
Review your Benchmark’s top COPE Revenue producers, some will overlap with your top agencies and some will be different
Run through a similar exercise as when looking at your Property’s results to understand if this is business that make sense to pursue
Armed with all the insights we’ve gathered, we can now make informed decisions regarding our current business, the Benchmark’s performance and where we can actively create Business Cases and bid on RFPs appropriately
Insights lead to informed business decisions that lead to profit growth. Take advantage of the level of granularity that Hummingbird PXM’s Third Party Insights module is able to lend to you in preparation and execution during RFP Season. Continue to use Third Party Insights throughout the year to track results and refine your Corporate strategies.