How far in advance can you identify future fully booked days? Booking patterns are key in revenue management. Stay controls can help you build the shoulder days. This is where your revenue potential is.
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.
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. Hotel revenue management is about data driven decisions.
The pickup report 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 key for revenue management decisions.
What are our trends? Do we have a surplus in demand? How many people did we turn away for a specific date? How far out do groups book? To answer these questions and map our unconstrained demand we will have start measuring all requests. Here are some hotel revenue management action steps to help you out.
Group patterns and trends are different from your regular demand. You can look at your reservations on the Books (OTB) and pick-up, but this does not reveal all the trends. You will have to record all the requests to read trends and apply a coherent revenue management strategy.
The unconstrained demand of a hotel is your total demand for a particular date irrespective of your capacity. Hotels should identify when unconstrained demand is above the capacity of the hotel. This is an important part of your hotel revenue management strategy.