Benchmarking
ICOR has worked with its customers to develop one of the markets most powerful and extensive corporate accommodation benchmarking suites available today. The ICOR benchmark suite is based on an annual collection of over 1,000,000 managed corporate room rates.
ICOR’s benchmarking suite allows full visibility of all the market influences at play so that a corporate can truly evaluate the rate and value propositions that are being made by a particular hotel or venue against comparative market offerings that either exist, or have recently existed, in order to validate specific negotiation decisions accordingly.
ICOR places great emphasis upon profiling a corporates room nights volume in order to fully understand the leverage that it has in a particular market or at a particular hotel, comparing the rate proposition movement against the market using both ICOR proprietary and third party benchmarking sources. ICOR monitors all proposed rates versus past, current and future rates at property level and via the GDS and the Internet.
In addition to rates, market conditions in core markets including new entrants / market GDP dynamics / supply observations / high season identification / close out dates etc. are all benchmarked as follows:
- Proposed rate versus last years agreed rate
- Proposed rate with key facilities term or value added weighting
- Proposed rate versus last years average room rate achieved at that property
- Proposed rate versus city average rate proposed for that star rating / category
- Proposed rate versus organisations with similar demand profile
- Proposed rate versus advanced GDS profile tracked rate – i.e. 52 Wednesdays 2 night stays average
- Proposed rate versus internet accessed midweek high and low rate range
- Proposed rate movement versus external market indicators
- Proposed rate versus agreed market rate caps (per star rating)
- Previous years contracted volume versus actual volume achieved
Enhanced benchmarking data for global markets is additionally sourced from a number of external and industry specialist benchmarking sources.