Hoteliers achieve an increase of 10% RevPar
“Hotels have a product with an expiration date. When you make the wrong decisions around a big event, that can cause thousands of dollars in missed revenue."
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Define trends, make reliable predictions and uncover your demand catalysts by correlating your data with PredictHQ's intelligent event data.
Finding corrrelation between events and demand is a foundational step for analysis such as demand forecasting and dynamic pricing. Businesses that know which events drive their demand are better prepared and make smarter strategic decisions.
Events vary in size and impact so correlating event data is complicated. There are many different types of events like conferences, expos, sports, festivals and concerts. Different types of events can impact different businesses in various ways. Plus events often change location and time, making the dataset particularly challenging.
Collect the DataCollect and integrate event data into existing dataset.
Prepare the DataTransform your data so it matches the event data you’re correlating to.
Transform the DataFeature engineer the data.
Create ModelsCreate models for verifying correlation and predicting future demand, evaluate them and
Take ActionInfluence business decisions based on the patterns and demand spikes you
Transforming the data is typically the most time consuming and error-prone part of the process. Feature engineering raw data into features that better represent the underlying problem to predictive models results in improved model accuracy. Better features, means better results. We’ve built a set of key features to help you get the most out of PredictHQ event data and to correlate successfully. Learn more about Aggregate Event Impact, Local Rank™ and Radial Search.
Because correlating your historical data to event data can be time consuming, PredictHQ does this for you. Our Aggregate Event Impact endpoint removes this friction by allowing you to more easily find the events that will have the biggest impact on your business.
Using two key PredictHQ features, find events that impact a location, such as a store. Radial Search identifies the events that have the most impact based on how far away they are from your location and the size and impact of the event. Local Rank™ tells you when an event that might not be big in a national or regional sense is big at the local level. The powerful combination allows you to plan for future events that drive demand at your location. This calculation can be achieved by using the relevance and within parameters in our API.