New ideas don't always mean new faces so it's important to look at the innovation coming from those you've already heard of. In the fourth part of our series with the Business Travel Show, we hear about a new concept in the meetings space hoping to pick up this year's Disrupt Award.
Here's our Q&A with Mark Harris, Paul Hussey and Jim Quintrell about MeetingsBenchmark.
When did you launch?
Our soft launch was in October 2016 and we'll officially launch at Business Travel Show.
How many people are working for the company?
The three founders currently.
Sum up what your company/product does in one sentence.
A live application that independently benchmarks meeting rates by aggregating and analysing data from meetings at all types of venue.
Why is it unique?
This is the only tool that benchmarks future and historical meetings data in real-time.
Why is it disruptive?
Corporates, venues and agents alike have access to impartial data that extends comparisons beyond any existing limitations. The tool brings immediate transparency to meeting rates.
What problem does it solve?
- Corporates can improve meetings spend management by better understanding rate variations by locations, period and venue type, and by recouping productivity lost reviewing multiple quotations.
- Agents can now meet corporates' demand for independent benchmarking of SMM programmes and impartially audit supplier negotiations. Budget exercises become quicker and more productive because the traditional three-option model becomes redundant.
- Venues can now use impartial pricing data to improve revenue and yield management strategies; better forecast demand through understanding of market share and lead time and support business cases for new openings or expansion.
What platforms is it available on and can integrate with?
MeetingsBenchmark can be accessed from any desktop or mobile device with an internet connection, 24/7, 365 days a year. Our API is built to integrate easily with multiple systems.
What markets is it available in?
Currently the UK, but we are already capturing data for Europe and beyond.
Which companies are using it already?
We are already powering a white label solution for HBAA agent members.
What do travel managers like about it?
The ability to audit meeting and event strategies and SMM programmes and compare with their peers.
Why do travellers like it?
Meeting planners can compare DDR and 24 hour rates for their chosen location and venue type. Whilst travellers have long been able to compare flight and hotel room prices online, this is the first time the same is available for meetings.
What are your growth plans?
Our early work has been setting up the data streams to power the tool, this continues as we look to be the undisputed source for benchmarking meeting spend. It is inevitable we will continue to expand our footprint outside of the UK this year as demand is driving this already. We are also being asked to tackle other areas of meeting spend specific to certain client sectors and provide market intelligence, so our product roadmap has aggressive timelines.
Find disruptors in Launchpad at Business Travel Show 22-23 February. Register here