Hotel Booking Curve
To be able to make solid revenue management 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.
Below an example of a popular tool used in revenue management: The Booking Curve.
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;
- Analyze
- Understand
- 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 revenue management tool that allows comparison i.e. last year same day versus this year pick up or past 5 Wednesdays as per the following graph.
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About the Author: Patrick Landman
As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn hotels and resorts into local market leaders. XOTELSยด diverse expertise and deep-knowledge across revenue management consulting, hotel management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.
