As DMO sales leaders eye the ongoing recovery in the meetings and events market, understanding where they are pacing against their competition in both current and future years has never been more important. Now, comp sets are the newest automated feature in the FuturePace portal for subscribers.
As a FuturePace subscriber, destinations can access and review how they are pacing in the years 2021-2028 against several measurements, including:
- Room nights
- Number of events
Further, destinations can have multiple city competitive sets, as well as isolate their performance against:
- All events
- Hotel-only events
- Citywide/convention center-only events
This flexibility allows for destinations to compare themselves in a variety of ways that suit their strategic initiatives. Additionally, with different parts of the country able to hold meetings and events of varying sizes, some destinations will find a regional competitive set helpful in measuring their performance.
By comparing your destination’s raw numbers against an average of your competitor’s raw numbers, destinations can understand where they have particularly strong or weak months or years. They can then utilize that information and share it with their sales teams, stakeholders, and leadership to be in alignment in decision-making and negotiations.
Comp sets is just one tool of FuturePace, which launched in June 2020. FuturePace now has more than 50 subscribers in both the U.S. and Canada.