Hospitality is a fast-paced industry and speed is of the essence for the best performance results. It is vital for hoteliers to ensure their booking pace is high, but which strategies can be done to secure success?
To depict the importance of controlling, monitoring and strategizing for a successful pace, we have carefully selected a real-life example that could happen to any hospitality organization.
For example, on the report presented to the General Manager it was noticed that pick up was particularly high last year, the Revenue Manager explained it was due to a film festival happening in the city at that time. However, this year, the film festival has changed locations and consequently, there isn’t as much demand for bookings this year. By using an advanced analytics solution - AnalyticsPro’s pick up functionality, the Revenue Manager was able to quickly spot and show the General Manager the pick up rate in comparison to the previous year and presented a plan to adjust the hotel’s strategy
to turnaround the lack of booking pace this year. It is imperative to avoid silos in departments, thus, to improve the situation of low pick up, the Marketing department has to be involved. To drive interest for this period, the Marketing team carries out a Facebook campaign for the period leading up to the 10th of August. They strategically used material from the buzz created around the hotel during the film festival last year to generate more interest. The campaign went live on the 21st of July and with a quick glance at the AnalyticsPro’s Facebook Engagement section, the General Manager was presented with a report that showed the interest had heightened due to the campaign! However, has this spike been converted into actual room bookings?
When examining the pace report, occupancy has in fact increased quickly!
By a swift glance of the graph, it shows the On The Books results of today versus last year. On the 22nd of July, 24 room nights were booked, which is not great in comparison to last year. However, on the 23rd of July, 107 room nights were booked. A pick up of 83 room nights - what a success!
Now that the pace has been chased, the General Manager can continue to oversee all the main KPIs and the Revenue Management team can carry on monitoring the booking pace in order to forecast rewardingly. Spotting a pattern forming over particular dates provides valuable insight for projected demand, ensuring that an opportunity for additional revenue is never missed.
More to come in the series...