[SPONSORED CONTENT] Short-term rental market data provider Key Data explains how it supports property managers with data, why direct data is so powerful, and how companies should incorporate data into their decision making.
Key Data was born in the heart of the vacation rental industry, by property managers, for property managers. Its sole purpose? To provide the vacation rental space with what it needed and did not have: accurate, reliable data vividly brought to life with dashboards that can be grasped at a glance. Through direct integrations with over 50 property management systems for vacation rental professionals, Key Data aggregates historical and forward-looking data. The process is done in real-time, providing clear, easy-to-understand visibility into all the core lodging metrics that drive vacation rentals, resorts, or hotel business.
The data is then displayed alongside similar performance data from local and regional markets to provide a comprehensive look at your performance. This creates a singular stop for rental managers, marketers, reservation agents and more to make data-informed decisions.
With the power of data at their fingertips, companies can utilise the information provided in countless ways. From reservation agents to marketers, the data provided by Key Data gives the power to make informed decisions at every turn.
ProData – accurate. Reliable. And made for you.
Metrics are meaningless if they cannot be trusted or readily understood by those using them. Far too often, data is collected without a clear use, leading to a lot of wasted time, effort and frustration. So, in order for data to be the most valuable, it has to be understandable and put to use for the good of the company. That’s why Key Data utilises ProData dashboards to tell the story of a company’s performance at a glance.
How is peak season ADR pacing compared to this time last year? How does your occupancy stack up to the local and regional marketplaces? How do you find the sweet spot for pricing through the seasons? These are all questions that historical and comparative data can help you to determine. But aside from gathering the data itself, you have to know how to use it.
That is why Key Data creates easy-to-read analytics from heat maps showing your most productive feeder markets to charts illuminating the KPIs that are most important to you.
These customisable metrics help to drive revenue by knowing how to better target and cater to your market. With more exact and accurate data, you can spend less time trying to reach your audience and more time focusing on providing the best possible guest experience.
Why direct data is so powerful
Direct data works by integrating with your booking platform to pull both real-time and historical data. Key Data uses this direct reservation data in combination with other direct source data and OTA scraped data to create a powerful tool to measure your performance.
How do you know if you are getting a good deal on a car? You shop around, of course.
By comparing offers from different dealerships, you can make an informed decision on which to choose. So, how does this translate into rental data? You can get a pulse on your business in comparison to your historical data and competitors to gain a true understanding of how you are doing.
Historical trends can be immensely helpful in preparing adequate staffing, projecting revenue, and seeing where you land. Meanwhile, comparing your information to your competitors can give you a snapshot of where you stand in volatile times. Can you imagine comparing 2021 data to 2020 data and expecting to make informed decisions for the rest of the year and beyond?
Who should use data in company decision making?
The short answer? Well, everyone. Data is a powerful tool for each area of a company to harness in order to achieve their goals in the most efficient and effective ways, but certain positions within a company can use the insights provided by Key Data in different ways.
Revenue managers can use the data insights provided to better develop a budget based on seasonality, outreach, staffing and more. Owner services can utilise the data to understand how far in advance guests are booking, the most sought-after amenities, and the most popular type of accommodation booked. Meanwhile, the marketing department could use the information provided to geo-target potential guests based on the most common booking locations. Even housekeeping can benefit from the data to know which days have the lowest occupancy rates or highest turnover days.
Nearly anyone in a company could benefit from the data to set proper expectations and make data-driven decisions. The sky is the limit for the uses provided by Key Data’s analytics. Not only can it help to increase your bottom line, but it can also help create efficiencies and improve processes.
How does Key Data work?
Key Data works by compiling data from multiple sources in order to provide the most comprehensive view. Through partnerships with local lodging providers worldwide, Key Data sources data directly from their reservation platforms daily. This offers the industry’s only direct source, forward-looking data set.
In addition, Key Data also gathers information directly from Airbnb.com, Vrbo.com and Booking.com to ensure the most comprehensive and accurate data. With this powerful set of information, Key Data can provide insights into various areas of company performance and create meaningful projections.
With useful dashboards of data compiling the most common metrics and trends, Key Data can provide automated reports and real-time visualisation of the information that owners and managers need most.
How does data benefit rental managers?
Key Data immediately benefits vacation rental managers by:
· Saving time and money by aggregating business performance data
· Speed and scale of making real-time decisions backed by directly sourced data
· Providing comparative data visualisations so you can see how your company compares to your exact market
· The ability to generate accurate, reliable rental projections for business development growth
Better data together
Today, the company stands alone as the gold standard of vacation rental intelligence, offering a comprehensive ensemble of products. The Key Data team remains committed to its original mission of providing the best data available to this industry it loves.
Sally Henry, vice president of business development – EMEA, Key Data, will take part in the upcoming STRz webinar on ‘Data with destiny: Predicting the future of our industry’ on Tuesday 14 March [4pm GMT]. Henry will speak alongside Fausto Vieira da Silva [PriceLabs], Evan Dolgow, head of predictive hospitality, Aidaptive, powered by Jarvis ML, and Athene Cook, product analytics team lead, HomeToGo. Register for free at this link.