For Key Data, combining demand data and booking data sets creates the potential for some fascinating and actionable data that was previously unavailable for hospitality providers.
Historically, the market has had to rely on forward-looking booking data to reflect traveler demand. Booking data sets tell the picture of the captured demand but fail to tell the entire story, ignoring the demand that wasn’t captured and the market level demand that never made it to an individual lodging provider. Combining these two companies’ data sets changes that, providing powerful new insights.
According to Jason Sprenkle, CEO of Key Data, “Over the coming weeks, we’ll be fine-tuning the platform and enhancing the integration between these two data sets. Amber and her team built something really special in DemandIQ, and we couldn’t be more excited about what the product can do for our industry as it is. But where we get blown away is when we begin to see the potential for what these products can do together.”
Carpenter has been building the DemandIQ platform for these last eighteen months. “Selling to Key Data is an exciting and natural next step in the journey to bring demand data and booking data together to create the industry’s first full view of unconstrained demand, market share, and conversion data,” Carpenter said. “Being part of Key Data will expedite execution on the roadmap and help scale the operation faster than we could have done on our own.”
Carpenter will work alongside the Key Data team as a product consultant to help execute on the “integration, launch, and future of the combined platform.”
For property managers and other lodging partners, here’s a glimpse at some of the ways this data could have an impact:
Pricing Insights: Access to real-time demand data for properties and markets should provide new insights into pricing opportunities by highlighting where the demand exceeds the current booking pace and where demand just isn’t being captured.
Revenue Management: Length of stay optimization is an area where providers are still leaving a lot of money on the table. Many, if not most, companies still have fixed restrictions on the length of stay with no visibility into what the true demand is for shorter lengths of stay. If there’s an opportunity to rent a 5-night stay for the same price as the fixed 7-night stay, this data should expose that in an obvious way.
Business Development: Providers often tell new prospective homeowners that they have a ton of demand that they could direct toward their home. Showing an owner excess demand for their exact type of property could significantly change these conversations.
Marketing: How many guests really want a pet-friendly house in your market? Which types of website layouts get better conversion? Do certain types of listing fare much better than others? Hopefully, this dataset will help us answer many of these questions. And when a unit isn’t booking well, is it a pricing issue, or is the demand for this type, style, look, or location just down?