How to Use Your Rate nSight Report

Introducing Rate nSight

Overview

The Rate nSight Report has three sections:

  • TripAdvisor Ranking (Updated Weekly)
  • Rate Shopping (Updated Daily)
  • Demand Forecast (Updated Weekly)

Comp Sets

The Rate nSight Report is built from a comp set of four  hotels and the client property. Any hotel which is actively listing on the OTAs can be used in a subscriber’s comp set.

 

TripAdvisor Ranking Section

The TripAdvisor Ranking Section provides both the ranking of a hotel against all hotels in its market and the review count of the hotels in the property’s comp set. TripAdvisor metrics are updated weekly in the Monday report.

 

Rate Shopping Section

The Rate nSight report pulls rates from Priceline, Expedia, Booking.com and Travelocity for the hotels in the comp set and the subscriber’s property.

  • LOS:                    All rates are for 1 Night Length of Stay.
  • Frequency:      Rate Report is updated daily.
  • Timeframe:     Rate Report is pulled for the next 90 days.

 

Color Code Reference

Color coding is provided for a quick reference way to see how a competitor’s rates compare the subscriber’s rates.

  • Grey             Subscriber’s Rates
  • Green          Competitor has a higher rate than subscriber
  • Yellow        Listed as Sold Out for a 1 Night LOS for the day
  • Red              Competitor has a lower rate than subscriber

 

Demand Forecast Section

Demand Forecast incorporates nSight’s proprietary data set of forward-looking search and booking data to predict demand in the market and show the relationship between a subscriber’s rate and unconstrained demand for their property and comp set over the next 90 days. nSight Data includes both “searches” (looks) and “bookings” for demand for future days that is available on 3rd Party Online Channels.

 

  • SEARCH PENETRATION – ARROWS provide an indicator which shows whether a property is achieving its fair share of SEARCHES for a given night versus their compset.
  • BOOKING PENETRATION – COLOR CODE shows whether the property is achieving its fair share of BOOKINGS from the OTAs compared to their competitors for a given day in the future.
  • FAIR SHARE is derived by the room count of a property against their comp set. Ex. If a hotel is 20% of the total rooms compared to their comp set, then the property should be receiving 20% of unconstrained demand (for either search or bookings).
  • RATE INDEX – COLOR CODE shows whether a subscriber is getting a high or low “RATE INDEX” against its comp set, i.e. more or less from their rate than normal. To take into account seasonality and the current rate climate, the Rate Index is derived by analyzing the next 30 days’ rolling average for a property’s rate position against its comp set then measures the subscriber’s movement above or below this mean for a given day. Ex. For the next 30 days, a client averages a rate that is $20 more than the average of their comp set. Today subscriber is is holding a rate that is $30 higher than average. Thus, our property is achieving a HIGH Rate Index.

 

Scenarios

  • Green – High Rate Index / High Booking Penetration
    • Interpretation – Subscriber is getting MORE from rate than the comp set and MORE than its fair share of 3rd Party Online bookings.
  • Yellow – Low Rate Index / High Booking Penetration
    • Interpretation – Subscriber is getting LESS from rate than the comp set and MORE than its fair share of 3rd Party Online bookings. e.g. The property is converting well at a low rate. Yellow days are generally indicators for the best opportunities to increase rates.
  • Orange – High Rate Index / Low Booking Penetration
    • Interpretation – Subscriber is getting MORE from rate than the comp set but LESS than its fair share of 3rd Party Online bookings. This is generally an indicator that a property should consider decreasing their rate if occupancy is needed/required.
  • Red – Low Rate Index / Low Booking Penetration
    • Interpretation – Subscriber is getting LESS from rate than the comp set and LESS than its fair share of 3rd Party Online bookings. Recommend client to evaluate further for opportunities for MARKETING to better support Revenue Management strategies, the position of the property against their compset on TripAdvisor and the OTAs, and/or to reach out and discuss with nSight Customer Service if issues are persistent.
  • Arrows
    • Arrow Up – Subscriber is getting more than their fair share of SEARCH (looks) for a check-in day compared to their comp set.
    • Arrow Down – Subscriber is getting LESS than their fair share of SEARCH (looks) for a check-in day compared to their comp set.

 

Applications

  • Use Case 1 
    On Monday, check the demand forecast for yellow days. Cross reference with rate calendar to see what days have the best opportunities to raise rates. Evaluate daily throughout the week to monitor both pickup on the books and other competitors’ rate moves.
  • Use Case 2
    Green days on the demand forecast represent days where rates are high and property is getting more than its fair share of bookings. Check competitors’ rates for opportunities to pickup additional incremental rate gains to be more aggressive with rate strategies.
  • Use Case 3
    In the demand forecast, red days are days where rate is already positioned low and property is converting poorly. This indicates that low rate for transient isn’t doing a good job of converting travelers. These are opportunities to work with either Marketing to put together packages for specific arrival timeframes and promotions or to work with the sales team to fill alternative segments to fill the property.

 

If you have questions, please contact the Support team:

[email protected]

1-615-866-0850, ext 2
1-888-890-4508, ext 2 (toll-free)