The pickup reports will help you to follow the booking pace of your hotel -
We will give example of a monthly pick-up and daily pick-up report to demonstrate on what basis you can monitor and
quantify your pick-up trends. Monthly Pick up Analysis
Record on every first day of the month the monthly occupancy percentage for every future month. It is recommended to record only the definite on the books for more precise comparison.†
A more detailed tool can be developed to understand and compare from previous months.
The above tool can be developed for the same month i.e. January for January but also for future months i.e. January for February, January for March.
The room night pick up can be informative but the ARR knowledge can definitely be built with such a tool.
Check your existing pick up tool how to develop the knowledge on ARR pick up. What explains the increase or decrease of ARR? Is the decrease of the corporate segment ARR normal i.e. your large main corporate accounts book last minute with its lowest rate. Again such tools should help you to identify new trends to forecast better the future pick up.
To give you even more detailed knowledge of the trends in your hotel, a pick-up tool should include statistics or data per segment.
This way you can identify exactly which market segment is contributing to the reservation production.
To be able to make solid decisions without any doubts, it is advisable to convert the data from your pick-up reports into
graphs. A booking curve graph will help you visualize the booking pace of your hotel.
All the cancellations will be taken into consideration on the reservations curve.
Identify your Hot Days (or cold Days)
Is it what you expected? If not;
- Can you influence it?
- How is it affecting your forecast?
- Are you loosing opportunities?
Your selling strategy affects your forecast; therefore every time you make a rate change, you should analyze the impact on your forecast.
Are your actual rates affecting your booking curve in a way you did not expect?† What are your trends and how they compare to your city or region?
Develop a tool which allows comparison i.e. last year same day versus this year pick up or past 5 Wednesdays as per following graph.
So How far in advance do people start to book the hotel? When does the booking pace increase? Are we ahead or behind on last years or last months trend? What revenue management action steps to take so you answer these questions easily.
Step 5 in our revenue management action plan is:
1.†Develop your macro and micro pick up studies (month and day by day) to recognize exceptions, Hot and Cold periods?
2.†Decide of the level of details: total hotel, pick up by segments.
3.†Develop pick up studies on ARR per segments.
4.†Check on linking your pick up tool to your forecast tool in order to create an automatic forecast.For more information click here: www.xotels.com/en/hotel-revenue-management or contact;
Patrick LandmanEmail: email@example.comPhone: + 34 931 824 537