Predicted Event Spend
Using PredictHQ's Predicted Event Spend feature
What is Predicted Event Spend?
Predicted Event Spend is a dollar figure estimate for the impact an event will have on local businesses. It includes a figure for accommodation, transportation providers, and restaurants. It draws on:
Our verified and intelligent event data.
Our predicted attendance models factor in the venue, performers, historical attendance, and more to identify an accurate estimate of the event size.
Anonymized customer impact data from our data lake that spans a wide range of businesses from the relevant industries.
Location-specific information such as standard room rates and restaurant prices for more than 7,000 locations worldwide.
Our event categorization models identify the category, type, and relevant labels to define events.
The machine learning model then generates a predicted event spend. Let’s take a look at SXSW, a major festival in Austin.
Using Predicted Event Spend in PredictHQ's products
Here are details on how Predicted Event Spend is available in PredictHQ's products:
It can be seen in the Control Center search results and the event detail pages for individual events
You can see the total spend for the next 90 days for your locations using the location insights feature in Control Center
In the Event Trends feature, you can see aggregated total Predicted Event Spend per day for a location. Use this to see spikes in spending, dips in spending, and other patterns.
You can use the Predicted Event Spend features in the Features API to get the aggregated spend-per-day values that you can see in Event Trends. See the Features API guide for an introduction to the Features API.
It is returned in the Events API data. You can use it as a filter to return events with a spend value in a given range, you can also sort on Predicted Event Spend. See this section in the technical documentation for more details.
If you are using our Snowflake or ADX integration you can access Predicted Event Spend data in those platforms.
How businesses can use Predicted Event Spend
PredictHQ created this feature because our customers requested it, but its application will vary significantly based on which industry, and which team, is using it. For example:
QSRs can use it to compare apples to apples i.e. the restaurant spend when it comes to different kinds of events near the same store.
Accommodation businesses can use it to communicate to their hotel managers as to why the pricing recommendations have been increased or decreased, as well as to set appealing minimum stay discounts or similar packaging updates.
Event-based marketing or out-of-home marketing groups can use it to quickly describe the impact of an event for particular segments when considering where to place their ads.
Smaller businesses that don’t have the team capacity to use event data extensively in planning can use it as a shorthand for how impactful an event will be, and roster more staff or stock up on inventory accordingly.
Predicted Event Spend is available in our API and our web application. You can find out more about it and how to access it here.
See Introducing Predicted Event Spend for more.