Elevating Revenue Strategy with Real-Time Smart Compsets

The Smart Compset feature is built to help revenue managers optimize their pricing strategies and spot revenue opportunities by creating dynamic compsets that reflect actual consumer behavior.

In a recent webinar, Lighthouse's Mark Westermann and David Stewart discussed one of our latest product innovations, the new Smart Compset feature within Benchmark Insight. The feature is designed specifically for revenue management teams looking to improve their competitive edge with data-driven decisions.

Why Traditional Compsets Fall Short

Traditional compsets rely on fixed competitor lists, often based on assumptions. These lists don’t always account for key factors like guest preferences or location-specific influences.

Westermann explained it best: “Traditional compsets are inherently biased, showing only the competitors you think you’re competing against, which often overlooks what matters to your guests.”

For revenue managers juggling multiple properties or markets, this outdated approach can lead to lost revenue.

Key Advantages of Smart Compset

1. Real-Time Data

Smart Compset updates daily, allowing revenue managers to track market changes and competitor shifts in real time. This makes it easier to adjust pricing strategies on the fly.

2. Customizable to Your Strategy

You can customize Smart Compsets to fit your strategy – whether it's proximity to local attractions, review scores or room types. This flexibility ensures that your compset is always relevant to your revenue goals.

3. Data Security

All data within Smart Compset is anonymized, so while you can access competitor performance metrics, specific hotel identities remain private. 

4. Forward-Looking Insights

Unlike traditional benchmarking tools, Smart Compset provides forward-looking data, including ADR (Average Daily Rate), RevPAR (Revenue per Available Room) and occupancy forecasts. This allows for proactive revenue management rather than relying on historical data alone.

How Benchmark Insight with Smart Compset Benefits Hoteliers

By creating dynamic, data-driven compsets based on real consumer behavior, Smart Compset opens new opportunities for revenue managers to capture market share and increase revenue.

One user commented, “We’ve felt locked into the same compset for years. Smart Compset has opened new ways to think about our competition and identify untapped revenue.”

This flexibility is essential for large hotel groups trying to maximize performance across multiple properties. The feature makes it easier to stay competitive in rapidly changing markets.

Seamless Integration with Lighthouse Tools

Benchmark Insight integrates with other Lighthouse tools, including Rate Insight and Market Insight, providing revenue managers with a full suite of data points. This integration streamlines decision-making, allowing teams to work efficiently with real-time data and forecasting.

The Bottom Line

For revenue managers working in hotel groups or management companies, Benchmark Insight with Smart Compset offers a breakthrough in benchmarking. It moves beyond static, assumption-based compsets to deliver real-time, actionable insights that reflect true guest behavior. By utilizing AI and daily data updates, revenue managers can identify new competitors, adjust strategies in real time and ultimately capture more market share.

As competition intensifies, tools like Benchmark Insight are essential for revenue managers looking to stay ahead of the curve and maximize profitability.