Better Insights in Business Hotel Room Prices with the City Benchmarking Tool
“The most damaging phrase in the language is ‘we’ve always done it this way!’”
This famous quote, from legendary Admiral and computer expert Grace Hopper, nicely sums up how a lot of travel managers still view the best way of finding those all-important corporate discounts.
For as long as can be remembered, it’s been a case of negotiated rates. Travel managers try to wrangle a deal, months in advance, in the hope of shaving a few bucks, with the same old hotel companies. But with prices constantly changing, why chain yourself that far in advance?
What if there was a way to get the best deals, in one place, at the touch of a button – for pretty much any city on your company’s travel itinerary?
That’s where our trailblazing new benchmarking tool comes in.
Designed and developed by Booking.com’s business intelligence team, and built on an internal dashboard called tableau, you can type a city into the tool and see the average price throughout the year.
“The City Benchmarking Tool can help a travel manager setup travel budgets for their travellers, for any city in the world, based on particular criteria they might have”, says Oli Thuong, Team Lead & Data Scientist at Booking.com.
“We have a very large inventory of properties and prices, so we can aggregate this and have a benchmark for cities.”
The City Benchmarking Tool shows you the average prices – genius or standard, depending on what properties offer – for all Booking.com properties, in the cities and districts that you select.
After making a selection, you can see things such as the average price, minimum price and maximum price for the next 12 months.
You can also drill down into the details because the tool allows you to select criteria such as city (or even the specific areas of the city) and also the class of hotel. You can select a meal plan, whether check-in is on a workday or weekend and whether you want a flexible booking.
Once the choice is made a list is generated giving you the average, minimum and maximum prices by month for the whole year ahead. Simple.
What are the benchmark prices for popular business travel destinations?
We looked at some of the most popular cities for business travel and ran them through our City Benchmarking Tool. Come and check it out in our new eBook: “Take control of your travel costs using the power of data and the City Benchmarking Tool.”
What you will discover in this eBook:
- Introduction and overview: The data-driven benchmarking tool that finds you the best deals
- How it works: A look at what makes the benchmarking tool tick – and why we built it
- Pricing up the top cities: We put the top destinations through their benchmarking paces
What do I do next: Ready to give it a try? We’re here to help: Book your free walkthrough of the benchmarking tool!