Discover how Stockholm Meeting Selection leverages benchmarking to optimize its pricing strategy, navigate industry turbulence, and elevate guest experiences.
Stockholm Meeting Selection: Leveraging benchmarking for strategic revenue management
In the landscape of the hospitality industry, the ability to navigate and leverage competitive dynamics is a game-changer. This is the story of the company Stockholm Meeting Selection and how they tapped into the power of industry benchmarking with the aid of Benchmarking Alliance.
A hotel management company providing “the good life”
Stockholm Meeting Selection is a hotel management company that sets itself apart in the hospitality industry by focusing on unique offerings and experiences. They specialize in managing nine distinctive hotels and a conference facility, each characterized by its own personality and charm.
Their operations stretch beyond traditional hotel management, focusing on a boutique segment that goes a step further in providing "the good life". This approach revolves around creating guest experiences that exceed the standard expectation.
Marianne, Chief Revenue Officer at Stockholm Meeting Selection, holds the pivotal role of being responsible for the company’s revenue management and e-commerce. In layperson's terms, her responsibilities span revenue optimization and dynamic pricing strategy. She explains:
— As custodians of unique properties, we’re committed to quality. And every detail, from our dining options to guest experiences, reflects that dedication. At Stockholm Meeting Selection, we’re all about continual evolution and adaptation, always aiming to provide unparalleled experiences – be it a business conference or a private celebration.
A need to validate pricing strategies
Through comprehensive benchmarking from Benchmarking Alliance, Stockholm Meeting Selection gets support in making data-driven operational decisions and aligning its strategies with market trends and competitive practices. This helps them maintain a strong position in the industry.
— Working with Benchmarking Alliance gives us the reassurance that our strategic decisions are sound. In an industry faced with price fluctuations and uncertainty, having access to their data and analysis is invaluable. It not only validates our pricing strategies but also highlights areas for improvement, such as potential price increases or identifying underperforming weekdays, Marianne says.
These insights also allow them to develop new strategies based on facts:
— Analyzing the results not only confirms that we're on the right track but also guides us towards even more effective strategies. We can learn from these analyses and use them to make informed decisions.
“We can now confidently navigate the complexities of our industry”
In considering the alternative scenario without Benchmarking Alliance, Marianne provides a compelling insight into the value that this partnership has brought to Stockholm Meeting Selection:
— It's challenging to speculate, but without Benchmarking Alliance, we would undoubtedly have fared worse. Our understanding of competitors and the market as a whole would have been less comprehensive, and the risk of us navigating based on misconceptions, with a less informed perspective on market developments, would have been greater.
Marianne further elaborates on this point, describing how Benchmarking Alliance has streamlined its decision-making process and strategy formulation:
— While it's possible that we could have discovered some of these insights through trial and error, it would have been a more difficult and uncertain journey. Working with Benchmarking Alliance, we can now confidently navigate the complexities of our industry, making more informed decisions and avoiding potential pitfalls.
More than just a simple customer relation: a true partnership
Today, the collaboration between Stockholm Meeting Selection and Benchmarking Alliance continues to flourish.
— Benchmarking Alliance’s commitment to innovation and development, particularly over recent years, has been impressive. They’ve evolved their offerings to cover not just conference trends but other sectors of the hospitality industry as well.
— I appreciate their size and prominence in the industry, says Marianne. Having interacted with their biggest competitors, I found that they do not offer the same level of responsiveness and adaptability. But with Benchmarking Alliance, there's an open dialogue. They're always open to questions, ideas, and feedback, which makes for an easy and effective working relationship. This level of collaboration is unique and not something I've experienced with other suppliers.
What Marianne finds particularly valuable is Benchmarking Alliance’s inclusive approach:
— Regardless of their size, Benchmarking Alliance gives all players an opportunity to influence and contribute. Even as a smaller player, Stockholm Meeting Selection has the opportunity to participate and make an impact. Our collaboration with Benchmarking Alliance is more than a customer-supplier relationship; it's a true partnership.
