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.
Evaluate what you should record: How many leads have you received? How many leads do you currently receive in total? How does that compare to the past months, and to the same period last year? What are the trends? How can you incorporate that into your forecasts and selling strategies?
What is your conversion ratio? (number of groups converted by leads received). Depending of the size of your hotel, you may develop the calculation by group market segments.
Elements to consider:
- Conversion ratio
- Lead time ratio on basis of the dates of request
- Total spend by group
- Size of the groups
- Wash factor
- Segmentation of groups: leisure or corporate
- Denial and cancellation stats with reasons.
About the Author: Patrick Landman
As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. Xotels´ diverse expertise and deep-knowledge across hotel management, hotel operator, asset management, hotel consulting, and revenue management services, enables them to drive results for independent boutique hotels, luxury eco-resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.
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