Trends & Predictions to Advance Your Hotel Revenue Strategy in 2024

<a href="https://www.exploretech.io/en/vendor/knowland" style="font-family: Calibri, sans-serif; font-size: 11pt; text-align: var(--bs-body-text-align); color: rgb(150, 96, 125); text-decoration: underline;">Knowland</a>, the leading provider of data-as-a-service insights on meetings and events for hospitality, and Thynk, provider of the next-generation hospitality commercial platform powered by Salesforce, announced today a strategic partnership to connect the hospitality technology ecosystem better.The partnership will integrate data from Thynk’s hospitality CRM solution with Knowland’s world-class meetings and events database for Knowland and Thynk customers. The collaboration of these two solutions will enable sellers to work smarter and faster while making significant market share gains. By better understanding what meeting and event opportunities to target, hoteliers can optimize the sales process, shorten the sales cycle, and close more deals.The Knowland and Thynk collaboration will deliver sales efficiency and performance benefits to the hospitality industry in these areas:<ul><li>Optimizing data and enhancing quality—When hotels enable the delivery of sales and event data from Thynk directly into the robust Knowland database, the event information is instantly available to supplement market data and enhance account profiles. This, in turn, informs sales teams and improves decision-making outcomes.</li><li>Improving efficiency and sales productivity—By leveraging the combined power of the Thynk/Knowland integration, sales teams will gain seamless access to meeting and event data, ensuring productivity and data consistency for all parties.</li></ul>Knowland and Thynk will host a joint webinar, “How Collaborative Data Drives New Revenue,” on April 11th at 11 a.m. ET to showcase the benefits of account-based selling for hotel meetings and events. Register&nbsp;<a href="https://register.gotowebinar.com/register/1714802071330815319" rel="noopener noreferrer" target="_blank" style="color: rgb(77, 89, 104); background-color: transparent;">here</a>.Jeff Bzdawka, CEO, Knowland, said:&nbsp;“Expanding Knowland’s data-driven analytics platform with rich data like Thynk provides is a key pillar for enriching our dataset. As we continue to strengthen our ability to empower hospitality decision-making by delivering actionable account intelligence to fuel growth and profitability, we look forward to improving the efficiency and sales outcomes of both our clients. The first phase of our partnership will initially integrate data between the Thynk CRM system and Knowland’s world-class meetings and events database.”Pascal Petit, Co-founder and CEO at Thynk, said:&nbsp;“We are very excited to be working with the Knowland team. This partnership represents another important step in our growth journey, including expansion into the U.S. market. Every partnership is unique, and we look forward to combining the power of our next-gen all-in-one hospitality platform with the data leadership from Knowland’s insights to streamline and elevate key sales processes.” <h2>ABOUT KNOWLAND</h2><a href="https://www.knowland.com/" rel="noopener noreferrer" target="_blank" style="color: rgb(77, 89, 104); background-color: transparent;">Knowland</a>&nbsp;is the world’s leading provider of data-as-a-service insights on meetings and events for hospitality. With the industry’s largest historical database of actualized events, thousands of customers trust Knowland to sell group smarter and maximize their revenue. Knowland operates globally and is headquartered just outside Washington, DC. To learn more about our solutions, visit&nbsp;<a href="https://www.knowland.com/" rel="noopener noreferrer" target="_blank" style="color: rgb(77, 89, 104); background-color: transparent;">www.knowland.com</a>. <h2>ABOUT THYNK</h2>Thynk is revolutionizing the hospitality industry by harnessing data-driven insights and customer-centricity and focusing on driving B2B and Groups and Events sales through data-driven decision-making. Our all-in-one commercial platform, powered by Salesforce, simplifies and automates hotel operations, sales, and data management. Designed by hoteliers, for hoteliers, Thynk transforms data into actionable assets, facilitating faster deal closures and impactful communication on and above property. As the next-generation hospitality cloud for operational excellence, we empower hoteliers with the agility to innovate and excel. Discover the future of hospitality at&nbsp;<a href="https://www.thynk.cloud/" rel="noopener noreferrer" target="_blank" style="color: rgb(77, 89, 104); background-color: transparent;">www.thynk.cloud</a>.

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How do you know if your hotel marketing and communications are performing the way they should? You need data to compare yourself against to help you understand what worked and what didn't. We've mined our extensive customer data for insights, drawing on 1.8 billion emails sent in 2023, 37 million guest reviews, 19 million text messages, and 4.6 million phone calls to bring you benchmarks specific to your market in our 2024 Hospitality Benchmark Report. <h1>Here are some key stats:</h1><ul><li class="MsoNormal">Hoteliers worldwide increased their guest database by an average of 28%.</li><li class="MsoNormal">The average number of reviews a hotel receives each month increased by 12.8%, from 56 to 64.</li><li class="MsoNormal">Guests responded to texts from hoteliers on the messaging channel 24.3% of the time.</li><li class="MsoNormal">The average inbound lead call volume in 2023 is 5.1 calls per room.</li></ul>Use this report to champion the work of your team, compare your results to hoteliers in your region, define goals and KPIs based on real benchmarks, and get inspired by what you can accomplish when you're empowered with data.<a href="https://www.revinate.com/2024-hospitality-benchmark-report/?utm_source=others&amp;utm_medium=referral&amp;utm_campaign=br2024_ExploreTech&amp;mkid=others">CLICK HERE</a> to access the report.

2024 Hospitality Benchmark Report

<a href="https://www.waterville.com/about-waterville-valley">Waterville Valley Resort</a> is a versatile multi-brand company, operating several travel and leisure businesses, including a ski resort, conference center, hotels and more. Positioned as a year-round destination for a diverse range of groups, Waterville Valley Resort caters to conferences, weddings, family reunions and retreats. The resort also owns Waterville Valley Town Square, encompassing shops, restaurants, office spaces and activities. <a href="https://www.linkedin.com/in/abbyguinan/">Abby Guinan</a>, Director of Sales &amp; Leasing, brings over two decades of experience to her role, with the majority of that time spent within the resort industry. This extensive background has equipped her with the insights necessary to navigate the resort through its operational challenges toward a path of innovation and strategic development. <h2>Challenge: Overcoming operational hurdles with outdated technology</h2>As Waterville Valley Resort expanded its reach and diversified its offerings to cater to a broader audience, the limitations of its legacy systems became increasingly apparent. The resort was grappling with a myriad of software challenges that hindered its growth and compromised the guest experience. One of the main issues was the frequent overbooking and inadequate inventory management, a direct consequence of relying on outdated technology. Abby vividly describes the situation, stating, "We were overbooking rooms as this outdated software was unable to reflect changes in room inventory. To make changes in guest count, you have to make those changes in five different spaces which led to a lot of errors and frustrations." This operational nightmare led to the urgent need for a new solution that could streamline processes and eliminate inefficiencies. <h2>Solution: Embracing innovation with Thynk</h2>The search for a solution led Abby to Thynk, a cutting-edge software provider that promised not only to address the resort's immediate challenges but also to revolutionize its approach to hospitality management. Abby's initial meetings withÂ <a href="https://www.linkedin.com/in/melissajurkoic/">Melissa Jurkoic</a>, Thynk CXO, and her team at Thynk were transformative, offering a glimpse into the potential for a partnership that could bring about significant operational improvements. Abby recalls the experience, saying, "I met with Melissa and her team at Thynk and it was almost like it was a breath of fresh air. The responses were almost always "Yep, we can do that." Melissa had researched our Resort... She came to the plate and said this is how we can help you." Thynk's tailored approach and comprehensive suite of solutions presented a new horizon for Waterville Valley Resort, promising to address its operational bottlenecks while paving the way for future growth. <h2>Outcome: Operational improvements through data management and internal communication with Thynk</h2>Implementing Thynk at Waterville Valley Resort has significantly improved data management and internal communication, directly impacting operational efficiency and guest satisfaction. One of the immediate impacts of Thynk's implementation was the improvement in labor efficiency and the streamlining of processes especially when it came to events management. The cumbersome tasks that once plagued the resort's event management software were replaced by smooth, automated systems that facilitated seamless internal communications and enhanced coordination across departments. Abby highlights the transformative effect of these changes, stating, "Labor efficiency is a major factor in ROI...  Thynk's had a monumental impact on our internal communications, helping alleviate errors and minimize stress for other departments." This newfound effectiveness not only enhanced the internal workflow but also significantly improved event execution and strengthened inter-department relationships.  <h2>Efficient reporting with Thynk</h2>Prior to Thynk, Waterville's sales coordinator spent up to 10 hours of manual work compiling the two-week report, which gives an overview of upcoming events and groups. This process was not only time-consuming but also prone to human error, particularly when updating group numbers across various systems. Abby Guinan explains the transformation brought by Thynk, "Now we press one button." This shift to Thynk has streamlined the reporting process, reducing the time spent on compiling reports and minimizing errors, which in turn has lessened the potential negative impact on department operations. <h2>Improved communication across multiple locations</h2>The sales team at Waterville Valley Resort spread across five different locations, faced challenges with internal communication. The decentralized nature of the team made it difficult to share information and respond to guest inquiries efficiently. Thynk has addressed this issue by centralizing account information, enabling any team member to access up-to-date discussions and resolve guest queries promptly. "So if a guest calls the sales number... you can log into the account and find out exactly what has been discussed and answer their questions right then and there," Abby notes. This capability marks a significant improvement over previous systems, where tracking communications and updating information was cumbersome. <h2>Direct impact on guest experience</h2>The improvements in operations and communication have had a positive effect on the guest experience. The resort has seen an improvement in customer feedback, attributed to the team's ability to quickly access information and communicate more effectively. This has enhanced the responsiveness and quality of guest service, distinguishing Waterville Valley Resort from its competitors. The streamlined processes for proposal presentations, contract conversions, and enhanced marketing and financial management through Salesforce integration provided a seamless experience for guests from the moment of inquiry to the end of their stay. Abby reflects on the competitive advantage gained, noting, "Everything in the proposal looks professional. It gives us an upper leg versus our competitors." This advantage was not just in the aesthetics of proposals but in the overall speed of responsiveness, the resort could now offer. Abby continues to say, "Thynk is the newest emerging software platform for events and CRM. It's a product that is customizable and grows with you. The team at Thynk is a team that I have seen in no other company. They're building us software that works for us which is just absolutely amazing." <h2>Fostering innovation and growth through partnership</h2>The relationship between Waterville Valley Resort and Thynk transcended the typical client-vendor dynamic, evolving into a true partnership built on mutual respect and a shared vision for innovation. Thynk's platform provides the foundation for ongoing growth and adaptation, enabling the resort to stay ahead of industry trends and continuously enhance its offerings. Abby shares her enthusiasm for the future, saying, "Being on the Salesforce platform, allows us to link in Salesforce marketing cloud or accounting software and eventually our point of sale systems and PMS. There's so much opportunity and growth within Thynk." This vision for the future underscores the potential for the resort to not only improve its current operations but also to explore new avenues for engagement and service delivery. <h2>Final Note</h2>The adoption of Thynk by Waterville Valley Resort has led to marked improvements in data management and internal communications, streamlining operations and thus enhancing the guest experience. By reducing the time and effort required for essential tasks while improving the efficiency of communication among a geographically dispersed team, the resort has been able to focus more on guest satisfaction. This transition underscores the importance of embracing technology solutions like Thynk in the hospitality industry to address operational challenges and improve service delivery.

Transforming Waterville Valley Resort with Thynk

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