Day 9: Peace, joy and reporting insights this festive season
As the year draws to a close, don’t forget to use Avvio’s Insights reporting module to analyse your online business. By analysing this data you can delve into your guest’s browsing behaviour and map user trends. These insights will help you optimise your digital strategies for the year ahead which in turn should help maximise your profitability and increase your property’s booking revenue.
- Login to your Avvio account and go to ‘Insights’.
- Select the date range selector and comparing the year-to-date data to data in the same time period from 2017.
- Break this down by country, device, rate and room to get a better insight into who’s booked and which devices they’ve used.
- Identify the devices that dominated the year. In 2017, it was predicted that mobile search queries would account for a high volume of traffic in 2018 – did your property witness this trend?
- From here, analyse the rate types that were most popular, and those that weren’t. Consider pausing any unsuccessful rates for 2019. You should pay particular attention to the rooms that were booked for 2018: discovering which room types were most popular may help you when setting up your rates and room packages for 2019.
It’s also important when running a rate report to see which rates were booked when they were booked and of course, when guests checked in.
Don’t forget to tick the ‘revenue per room’ box to analyse your rates. The Rate Per Room Per Night (RPRPN) metric in Insights marries up to your average daily rate (ADR) which allows you to see if your pricing was correct. The key to good revenue management is selling your rates and rooms at the right price, to the right person at the right time and Insights allows you to gather this data, analyse it and make significant changes based on your overall performance.
If there are certain months that you are down this year, Insights will allow you to analyse the data and identify where your revenue took a hit. Perhaps you had a rate that was live last year that you didn’t have available this year? Or perhaps the RPRPN was significantly higher this year which had an impact on the volume of bookings coming through?
Once you have done this analysis, work closely with your Avvio E-commerce Manager to put a strategy in place – ensuring that you don’t fall into these same obstacles in the year ahead.
For example – build new landing pages, add attractive offers to target a specific audience and drive targeted traffic to this page through a PPC campaign.
Business on the books reports – forecasting ahead
Now that you’ve looked at 2018 and identified any gaps, it’s time to use Insights to forecast your business for the next few months to determine whether you are ahead or behind.
Calculating your Business on the Books
1. Start by running a report which looks at check-in business from January 2018 v 2017.
2. Then run a report to show you the reservations that were made between this day last year and the end of the month you are forecasting up to – see how many bookings could potentially come in between now and the end of January.
3. At this stage, you now know what you have on the books for January, what you finished up with for 2018 with and what reservations came in between now and the end of January last year. This will help you see what could potentially still come.
This final step will allow you to see what you had on the books this time last year for January vs. what you have on the books for the month ahead. By subtracting one from the other, you will be able to see whether you are forecasting ahead or behind of January last year.
Don’t forget, Avvio’s E-Commerce Managers can support you with using Insights, just get in touch if you want to learn more!
Inventory and Demand graph
Revenue Managers, don’t forget to use the demand graph on your Avvio dashboard.
This unique feature allows you to see demand against your availability year-on-year. The graph quickly enables you to identify any areas of high demand so that if, for example, there is an event in the area, you can check your inventory for those dates and review your rate pricing to maximise your online profitability. You should be looking at this graph on a daily basis to ensure you have enough availability on your direct channel to facilitate demand.
Don’t hesitate to contact your dedicated Avvio E-commerce Manager should you have any reporting queries.
Come back again tomorrow for the next tip!