Our first two posts on this topic covered setting rates and monitoring rates in real-time. Now, we close the feedback loop with the final step - reporting.
Tapping into the final chapter of our recently published eBook, How to price right: a guide to setting profitable B2C hotel rates, three key points stand out, which we review in this short blog post.
First, you look at all of your historical data so that you can confidently set your rates. Then, you monitor demand and adjust your rates. Finally, you measure how your changes have impacted your KPIs - after all, it’s the only way to know whether what you’ve done has worked.
Let's look at each in turn.
There are three basic kinds of reports you should be looking at:
(For more detailed information on these reports, download the complete eBook.)
Additionally, benchmarking data is useful - but it varies from market to market. This is why business intelligence tools partner with other data providers to automate that for you.
For example, OTA Insight works with STR and Benchmarking Alliance, suppliers of hotel market data and benchmarking solutions, along with the likes of OlaKala and Fairmas. This means that users get access to STR and Benchmarking Alliance’s benchmarking data regarding occupancy, RevPAR, and ADR indexes. As a second step, STR and Benchmarking Alliance clients will be able to see future benchmarking KPI data within OTA Insight.
You’ll need to pull these reports from your existing systems:
Compiling the data is one thing; making sense of it is another thing altogether.
Here are some questions you can ask yourself:
The idea is to use the learnings to feed back into how you set your rates. It’s a loop, so the cycle begins again through rate-setting and monitoring.
Expanding on the series, the eBook covers how to set, monitor and report on your rates based on historical and real-time industry data.