Competitive benchmarking helps hotel portfolios identify strengths, gaps, and opportunities by comparing performance against competitors and industry standards. It’s essential for making data-driven decisions in a highly competitive market where travelers spend over 5 hours researching accommodations before booking.
Key Tools:
- M1 Intel’s Matrix: A sales management platform that centralizes data, automates workflows, and improves collaboration across properties.
- STR Reports: Provides market intelligence with metrics like occupancy rates, ADR, and RevPAR for competitive analysis.
Benchmarking Focus Areas:
- Strategic: Tracks market share growth and positioning.
- Performance: Compares KPIs like revenue and occupancy.
- Process: Evaluates operational efficiency.
Quick Comparison:
| Feature | M1 Intel’s Matrix | STR Reports |
|---|---|---|
| Primary Focus | Sales process management | Market performance benchmarking |
| Data Handling | Real-time data | Aggregated historical data |
| Key Metrics | Sales pipeline, lead performance | Occupancy, ADR, RevPAR |
| Customization | Real-time, team-specific reports | Market-specific trend reports |
Combine both tools for a complete picture: Matrix optimizes internal sales, while STR Reports provide external market insights. Together, they align sales strategies with market trends for better decision-making.
Building a Comp Set for Your Hotel – Best Practices | Hotel Marketing
1. M1 Intel’s Matrix Platform
This section dives into how Matrix revolutionizes hotel portfolio management by blending robust data tools with seamless collaboration.
Matrix is a cutting-edge sales management platform designed specifically for hotel portfolios. It combines advanced data management with user-friendly collaboration tools, making it easier to analyze performance across multiple properties.
Centralized Data for Smarter Decisions
Matrix brings all sales data and key performance indicators (KPIs) into one centralized dashboard. This setup simplifies trend tracking and allows teams to make decisions based on solid data. With features like a deep search function and a Kanban-style interface, users can quickly find and assess critical performance metrics across properties.
Streamlining the Sales Process
Efficiency is at the core of Matrix. For example, one client reported that 67% of leads were captured directly by front desk staff.
"Matrix has been a game-changer for my workflow as a seller… Since I started using it, I’ve seen a measurable impact on the revenue I generate for my hotels, thanks to the time it saves and the clarity it brings to managing group and corporate bookings."
– Sales Manager, Boutique Hotel
Collaboration Across Multiple Properties
Managing multiple properties becomes far simpler with Matrix. The platform eliminates redundant efforts and encourages teamwork across locations. Shared account access ensures that client information is updated seamlessly, while real-time notifications keep teams informed about new leads and opportunities. Additionally, custom reporting provides insights tailored to the unique needs of each property.
"Matrix CRM truly lives up to its name! It feels like stepping into the Matrix – packed with powerful tools and features. It’s the most comprehensive sales CRM I’ve used in my career."
Automated Workflows for Consistency
Matrix automates key processes across the portfolio. For instance, when a front desk agent logs a corporate inquiry for a room block, the system immediately notifies the sales team and sets follow-up actions into motion within minutes. This ensures that every lead is handled consistently while allowing each property to maintain its individual identity.
Matrix has received glowing feedback, including a perfect 5.0/5 rating from 10 reviews on Hotel Tech Report. A President of a Bed & Breakfast & Inn shared:
"The platform is intuitive, powerful, and packed with features that actually make a difference in our day-to-day operations. Matrix streamlines processes and improves decision-making."
It’s clear that Matrix isn’t just a tool – it’s a transformative platform for hotel portfolio management.
2. STR Reports Overview
STR Reports are a cornerstone for benchmarking in the hospitality industry. With data collected from over 80,000 properties across 180 countries, these reports equip hoteliers with a clear view of their competitive environment. They also complement the Matrix platform by offering a reliable industry benchmark for performance metrics.
Data Collection and Reporting
STR gathers performance data directly from participating hotels, ensuring both accuracy and trustworthiness. Reports are available weekly, with monthly and yearly options also offered. Users can access up to 18 months of historical data, including year-over-year comparisons, year-to-date metrics, and analyses for running 3- and 12-month periods.
"STR data is frankly the industry’s standard in the lodging space. And there is a lot of trust that STR has garnered over the years, not only in terms of the data they put out there, but also the analysis and research work that they do." – Sourav Ghosh, Chief Financial Officer, Host Hotels & Resorts
Key Performance Metrics
STR Reports provide detailed insights into essential performance metrics. For instance, data from August 2022 revealed that U.S. hotels achieved an average occupancy rate of 66.5% and an average daily rate (ADR) of $151.49. These metrics are vital for competitive benchmarking.
Competitive Set Analysis
A key feature of STR Reports is the ability to benchmark performance against a competitive set (compset). To get meaningful insights, hotels should select 3-5 competitors with similar characteristics, such as:
- Proximity of location
- Comparable room rates
- Similar amenities
- Shared target market segments
The system uses an index scoring method to measure market share. A score above 100 indicates a property is outperforming the market, while a score below 100 signals underperformance.
Customization Options
STR Reports offer flexible customization to meet the needs of diverse property portfolios. Features include:
- Custom Trend Reports tailored to specific hotel groups
- Multiple currency options for global operations
- Geographical analysis across 2,744 regions
These customizable tools provide sharper insights for strategic planning across various markets.
"We’ve trusted this source of data for 30 years…We believe and trust in the data we get from CoStar and so with that we know we can make great decisions about what we’re doing." – Michael Feldman, Senior VP of Revenue Management and Distribution, Atrium Hospitality
Strategic Implementation
STR Reports are invaluable for:
- Monitoring market trends
- Making informed pricing decisions
- Evaluating the effectiveness of strategies
- Spotting new opportunities
They are especially effective for managing portfolios, where consistent benchmarking across multiple properties helps guide smarter, more strategic decision-making.
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Tool Comparison
When deciding between M1 Intel’s Matrix and STR Reports, it’s essential to understand how these tools can work together to provide a well-rounded perspective. While they serve different roles, they complement one another, offering deeper insights into portfolio performance. Below, we’ll break down their core functionalities, customization options, and how they integrate for better decision-making.
Core Functionality Comparison
| Feature Category | M1 Intel’s Matrix | STR Reports |
|---|---|---|
| Primary Focus | Sales process automation and management | Market performance benchmarking |
| Data Handling | Real-time data capture and processing | Aggregated data on a weekly, monthly, and yearly basis |
| Key Metrics | • Sales pipeline tracking | • Occupancy rates |
| • Lead performance | • Average Daily Rate (ADR) | |
| • Revenue projections | • Revenue Per Available Room (RevPAR) | |
| Historical Data | Focused on the current sales cycle | Includes 18 months of historical data |
| Reporting Capabilities | • Real-time, customizable dashboards | • Competitive set analysis |
| • Team performance metrics | • Market trend reports | |
| • Pipeline analysis | • Year-over-year comparisons | |
| Collaboration Features | • Multi-user access | • Shared competitive sets |
| • Team activity tracking | • Multi-stakeholder reporting | |
| • Centralized data ownership | • User permission controls |
Customization and Flexibility
Both tools excel in customization, allowing users to tailor reports to fit their specific needs. Matrix offers flexibility for sales teams to generate targeted reports by filtering data based on team member performance, account types, opportunity status, or custom tags. As M1 Intel explains: "Create reports that matter to you. Filter by team member, account type, opportunity status, or custom tags. Whether you need a quick weekly recap or a deep dive into quarterly performance, Matrix has you covered".
STR Reports, on the other hand, shine in their ability to provide market-specific insights. Their Custom Trend Reports allow users to analyze data for selected hotel sets, offering a detailed look at competitive landscapes.
Real-World Application
The true value of these tools lies in how they’re applied. Matrix helps sales teams stay on top of real-time performance metrics, ensuring they can react quickly to changes in the sales pipeline. Meanwhile, STR Reports bring market intelligence to the table, helping hotels understand broader trends and adjust their strategies accordingly. Together, these tools empower hotel groups to make informed, data-backed decisions that drive results.
Integration Benefits
While Matrix and STR Reports serve different purposes, their combined use creates a powerful framework for portfolio management. Matrix focuses on optimizing sales processes, making it easier to track deals and close opportunities efficiently. STR Reports, in contrast, provide the market context needed for competitive pricing and trend analysis. When used together, these tools give hotel teams a complete picture – helping them align their sales strategies with market realities for better performance and growth.
Choosing the Right Tool
After evaluating the core features, the next step is aligning these tools with your business priorities. The goal is to select the benchmarking tool that best supports your portfolio’s specific needs.
Business Focus Alignment
If your focus is on streamlining B2B and group sales, Matrix is the way to go. Industry data shows that 77% of buyers make their decision before even speaking with your sales team.
For those diving deep into market analysis, STR Reports is a strong choice. With data spanning 86,000 hotels and 11 million rooms, STR provides the insights needed for competitive analysis across 2,744 geographical segments.
These focus areas lay the groundwork for evaluating implementation and ROI factors.
Implementation Considerations
| Factor | Matrix | STR Reports |
|---|---|---|
| Deployment Speed | Quick setup | Requires comp set configuration |
| User Training | Intuitive interface | Requires market analysis skills |
| Team Adoption | Role-based access | Department-level implementation |
| Support Level | Dedicated support team | Access to industry expertise |
ROI Indicators
Here’s a real-world example: A mid-sized hotel chain discovered they were losing 15% of negotiated rate renewals by relying on spreadsheets. This oversight cost them thousands of dollars per property. Matrix addresses this issue with automated rate management and tracking, helping to prevent such losses.
Decision Framework
Based on the comparison and considerations above, here’s a framework to guide your decision:
Choose Matrix if your priorities include:
- Streamlining sales operations
- Centralizing portfolio management
- Tracking real-time metrics
- Managing multi-property leads
On the other hand, opt for STR Reports if you’re focused on:
- Market share analysis
- Competitive set benchmarking
- Monitoring industry trends
- Making strategic pricing decisions
As highlighted earlier, Matrix excels in real-time sales optimization, while STR Reports delivers powerful market intelligence. For many hotel groups, combining both tools is the ideal approach – balancing operational efficiency with strategic insights for a competitive edge.
FAQs
How can M1 Intel’s Matrix and STR Reports work together to improve hotel portfolio management?
M1 Intel’s Matrix and STR Reports work hand-in-hand to provide a comprehensive approach to managing hotel portfolios. Matrix simplifies sales operations with features like lead management, opportunity tracking, and tools for team collaboration, making day-to-day processes smoother and more efficient. On the other hand, STR Reports deliver essential benchmarking data, including occupancy rates and revenue per available room (RevPAR), helping hotels assess their performance and pinpoint areas for growth.
By combining these tools, hotel owners and operators can make smarter, data-backed decisions, fine-tune revenue strategies, and improve the overall performance of their portfolios.
How does competitive benchmarking help hotel portfolios make better strategic decisions?
Competitive benchmarking empowers hotel portfolios to make smarter decisions by grounding them in data. By comparing their properties’ performance to similar hotels, they can pinpoint strengths, address weaknesses, and uncover areas for growth. Key metrics such as occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR) provide the foundation for setting practical goals and crafting strategies to improve efficiency and profitability.
This process also fosters a mindset of continuous improvement, ensuring that decisions are based on solid data rather than guesswork. The result? Better operational outcomes, happier guests, and a stronger position in the ever-changing hospitality industry.
What should hotel groups consider when using M1 Intel’s Matrix and STR Reports to manage multiple properties?
When rolling out M1 Intel’s Matrix and STR Reports across a hotel portfolio, there are a few key elements to focus on to get the most out of these tools. First, system integration is a top priority. Matrix should seamlessly connect with your existing property management systems to ensure smooth workflows and uninterrupted data sharing.
Equally important is maintaining accurate and consistent data in STR Reports. Reliable data is the foundation for meaningful performance benchmarking and informed decisions.
Another critical area is staff training. Equip your team with the knowledge to use Matrix’s tools effectively and interpret STR Reports with confidence. This empowers them to make smarter, data-backed decisions.
Lastly, make sure both solutions are designed to grow with your portfolio. Scalable tools that offer real-time analytics can help you stay agile, improve operational efficiency, and boost revenue management as your business expands.