Revinate’s Market Benchmarking Report is now available on the Guest Feedback platform. This robust report allows properties and groups to better understand how a hotel or hotel set is performing across a large market of properties. This makes the data benchmark-able and enables users to take more actionable steps to improve their business. Each property has a default benchmark by class and property but additional markets can be added or customized by region, country, or affiliation.
In this article we will cover:
- How to Access
- Setting up a Market Benchmark
- Market Class Definitions
- Viewing the Report
- Corporate Level Market Benchmarking
Where this report helps:
- Multi-brand and multi-independent hotels, can understand where their hotels & groups are performing compared to “similar” hotel groups.
- e.g. We know we are #1 in San Antonio according to TA, but how about compared to ALL other similar hotels?
- Show a hotel what key performance metrics others are focusing on from a review standpoint, and what areas they are stronger in. What does the top 10% of this segment do that is similar?
- e.g. Luxury hotels drive a certain demographic and are need based, while a group of 5 luxury hotels give some insights, learn what people say/do for the top 10% of all luxury hotels in a larger regions (Southeast Asia).
How to Access:
Navigate to Reports in your top navigation bar and select from the drop down menu the Scorecard report. The market report will be the third section of the scorecard report.
Setting up Benchmark Markets
Firstly you will need to set up you markets to benchmark against in order to generate your reports. Click on the Add Market Benchmark button to get started and generate the set-up assistant.
This will open the ‘ADD A MARKET BENCHMARK’ module. Here you will input your criteria for region, class and affiliation.
- NAME YOUR MARKET BENCHMARK. Create a custom name for for the specific filter criteria and market you are creating. This will be for your internal reporting purposes and should be clear and make sense to others viewing this report. You are required to name the market benchmark before saving and exiting.
- FILTER YOUR REGIONS. Select from a drop down menu of options select the region or regions you are interested in benchmarking against.
DEFINE HOTEL CLASS. This is a general hotel classification manages by Revinate based on service tier. The classification is pulled from a variety of sources to give the Revinate defined classification.
Class is a categorization of brand-affiliated and independent hotels. An independent hotel is assigned a class based on its ADR, relative to that of the brand hotels in their geographic proximity. The class for a brand-affiliated hotel is the same as its Chain Scale. The class segments are: Luxury, Deluxe, Midscale, Budget and Economy.
See more details on Revinate’s Market Benchmark Calculations and Classification
- CHOOSE HOTEL AFFILIATION. Choose the affiliation of the hotels you want to compare against, whether independent hotels or hotels that are part of larger brands.
- REVIEW BENCHMARK SAMPLE SIZE. After fulfilling your criteria you can see the benchmark sample size for the criteria you have selected. The sample size must be larger than 20 to be saved. You may notice variation in this number as the size of the database being scanned may change over different time periods.
Setting Default Market Benchmark
Note that you can set and reset the default market benchmarks at any time by selecting the tick box at the bottom of the module.
Select to save this market benchmark as your default and click the ‘SAVE’ button to finish. You now have a new market benchmark to help you measure your performance against other properties and groups.
View the Market Benchmark Report
To view your report and select custom time periods, compare against another time period as well as select a benchmark.
In your report you will be able to measure your performance as compared to other ‘similar’ properties. In this report you will be able to measure:
- Overall Review Rating
- Positive Reviews
- Total Reviews
- Review Pace
To provide an optimal comparison, data for your comparison will include only the same review sites that are tied to your hotel's Revinate profile.
The show percentile toggle will turn on or off percentiles to let you know where you are in relation to your benchmarked properties.
Editing or Deleting a Benchmark
Edit or delete a benchmark by selecting a benchmark to view and going to the right most icons. Select the pencil icon to edit the market settings and select the trash can icon to delete the entire market.
Corporate Level Market Benchmarking
Corporate accounts will see a roll up of reporting for properties. Corporate accounts can also view corporate or property markets.
Corporate Level Corporate Benchmarking View:
Select to view “Benchmark Type” as Corporate to see all your corporate properties and where they rank compared to the selected benchmark in the key metrics of Overall Review Rating, Positive Reviews, Total Reviews and Review Pace.
Corporate Level Property Market Benchmark View:
Select to view “Benchmark Type” as Property. Properties in the selected market benchmark are defined by the property's default market benchmark. Each property may have a different number of properties in their market benchmark. To provide an optimal comparison, data for your comparison will include only the same review sites that are tied to your hotel's Revinate profile.