IT / analysis support tools
There is a value in having specialist software and resources necessary to configure and maintain information systems in support of the business data.
- Google analytics
- Online booking engine
- Channel manager
- Benchmarking intelligence – to see how you are positioned with your competitors
- Property management system
You should have the knowledge of the number of one night stays, two nights stays, three nights stays, four nights stays etc, a booking curve graph will help you visualize the booking pace and flag up any issues.
It is important to keep the history of your competitors' availability and prices. That piece of information is an important part of the understanding of the demand to come.
Does your main competitor sell more or less expensive on the forecasted period versus the same period previous year? How will that impact demand?
Other questions to ask about your competitors:
- What are their fully booked dates?
- Are they changing their selling strategy?
- Low or High rates periods, are they the same?
- What are the openings and closing of competitors for refurbishment?
- Are any competitors being taken over with new management?