HOTEL EVENT BENCHMARK DATA
The great movie character Gordon Gekko once said, “The most valuable commodity I know of is information.” The better the intel, the better decisions we can make. Given this concept, we asked our partners at EventConnect to dig through the data on the more than 4,000 events they have managed through their event management platform (www.eventconnect.io). Specifically, we asked them to benchmark five of the more popular team sports in five areas:
Average number of teams per event/tournament.
Average room nights consumed per team.
How far in advance do teams in that sport book their hotel rooms?
What is the average hotel room rate teams in each sport are used to paying?
How much hotel revenue on average is driven by the teams in each sport?
If we know the answers to these types of questions, we can effectively predict what the economic output will be for a given tournament. If we know that one sport books earlier than the others, that would make our hotel partners happy. If we know that one group stays longer and spends more than the others, the total economic impact for our host community will be greater. So by knowing these things we can be more intentional about how we operate our organizations.
Here is the chart showing their findings, take a moment to review it:
Reviewing the different sport averages, if we had the facilities to host tournaments for all of these sports, which one would you want to secure first? Soccer may be the tournament king these days, but the numbers for baseball and hockey are stronger across several of the metrics. Basketball shows pretty poorly in nearly every area.
By using this type of information we can tactically garner a higher return on the limited funds we have to work with each year. The more return we can get on our investments, the more funds that come back to our destinations, the more resources we should have to work with in the future. Good data-driven decisions now, drives better ROI, which feeds the system later.