Inntopia Data Sets Help Vacation Rental Businesses See the Future
The Inntopia Business Intelligence data platform gives properties, destinations and marketers an unprecedented view of past, present, and future performance and booking patterns. This data empowers partners to stay informed, strategic and proactive, resulting in increased revenue opportunities. Not only does Inntopia’s reporting provide users with great insights, but most importantly, it allows users to stay a step ahead of the competition.
To learn how it works, we interviewed Ryan Krukar, Inntopia Business Intelligence Specialist. Read how the system helps vacation property owners increase revenue and provides important information about customer buying habits.
Inntopia Business Intelligence Q&A With Specialist Ryan Krukar
Where did the idea for Inntopia BI come from and how did it get its start?
Inntopia BI was created to fill a big hole in the data about vacation destinations. Other companies were keeping track of occupancy and rates at traditional hotels, but no one really knew what was happening with condos and other non-traditional lodging.
We figured out that if we got the lodging managers in a destination cooperating and sharing data, we could help them better understand their businesses while improving the industry’s understanding of the total lodging pool. We started with ski destinations and have recently expanded into summer and beach destinations. Our data sets are bigger and more powerful than ever, and we continue to improve the usefulness of our analysis and interactive dashboards.
In the same time period, virtual property management companies have been growing rapidly, and those business leaders realized the need for data to make the best decisions for their businesses. For example, iTrip Vacations®’ leadership team is at the forefront of data-based decision making, which makes Inntopia BI a natural fit as they continue to expand their presence in the marketplace. The diversity of destinations in which iTrip manages properties presents a unique data-demand opportunity that Inntopia BI is excited to assist with.
Given Inntopia BI’s track record and its destination-specific reporting tools via its DestiMetrics reports, Inntopia BI provides iTrip Vacations® with one-of-a-kind insights and analytics specific to each market and destination in which they operate. The result? Successful data-driven decision-making that allows iTrip to stay a step ahead of the competitive online property management marketplace at all times.
Why is data so important in today’s e-commerce market?
Data-driven decisions are extremely important today given how readily available information is, regardless of the industry. From an e-commerce perspective, a market in which data allows competitors to make ongoing pricing decisions based on a multitude of metrics, it is critical to have access to good data and remain proactive in making that data work.
The goal is to maximize revenue opportunities, and it’s impossible to make a good revenue maximization decision if you do not have access to the right data. As the saying goes, “You can’t make a good decision with bad information.”
How does Inntopia BI help vacation rental managers use data to increase their exposure, bookings, etc.?
Inntopia BI’s DestiMetrics reporting set provides vacation rental managers access to destination-specific data that allows them to clearly and accurately measure their performance against aggregated destination data, competitive set data, and other data sets.
From the reporting provided, vacation rental managers can make decisions to drive bookings and increase revenues. An example: Proactively adjusting average nightly rates to drive occupancy in a certain destination based upon the destination’s current aggregated average nightly rate data compared to the pricing of that specific property manager’s units.
A property manager can then build a proactive marketing strategy off the results of the data they have received to attack periods of need. This can be done through several different mediums, including social media, e-blasts, rate manipulation on their listing sites, just to name a few options.
Do you have predictions on how companies will use data in their marketing and social media strategies?
It seems clear to me that the forward-looking data and analysis that Inntopia BI offers will continue to allow property managers to remain more proactive in their marketing campaigns. They can review data, target periods of need and develop their strategies based on that data. I predict we can expect to see smarter, more highly targeted marketing, which will yield more profitable results for property managers.
Are there any stats/success stories you can share about Inntopia and a client?
Absolutely. I would strongly encourage you to review the case study provided by Tracy Rudhall, Partner Engagement Director for Visit Panama City Beach.
Read the official press release about Inntopia and iTrip Vacations®.