We have discussed previously how to set up your extra space to an income generator and how to list out that space in online channels. Here we are going to give you an idea how to use the reporting tools in the online platforms and use that details to grow up your business.
For this you must have registered with one of online platform such as Booking.com, Agoda, Expedia, Mr & Mrs Smith, Airbnb etc. In the previous blog we have discussed how to list out a property in Booking.com. In this blog we are going to discuss how to use the reporting tool in Booking.com. But all the other platforms have similar reporting functions which you can get an idea about your business performance. Currently Booking.com reporting tool is ahead with reporting tools when comparing with other platforms.
Log into your Booking.com account and go to the analytics tab. Once you click on analytics tab you will get the segments of Analytics Dashboard, Pace Report, Sales Report, Booker Insights, Book Window Info, Cancellation Characteristics, Manage Competitive Set, Ranking Dashboard, Performance Dashboard. We will discuss only the main reports which is helpful to get an idea about the sales. All the other reports can be viewed as per your requirements.
Analytics Dashboard
Under Analytics Dashboard there is 5 sections totally. They are Performance Overview, Pace Report, Sales Statistics, Booker Insights, Book Window Info. Under the performance overview you can check on the Room Nights, Room Revenue, Average Daily Rate. This details can take for the last 365, 90, 60, 30, 14, and 7 days compared to Last year, Competitive Set, Peer Group and Market.
The Pace Report, Sales Statistics, Booker Insights, Book Window Info is separately categorized in detail. To check on this click on Analytics tab and select Pace Report.
Pace Report
Under the pace report you can check on the Room Nights and Average Daily Rate. This can check for the bookings within 7, 14, 30,60, 90, 365 days. And this details can view on daily, weekly and monthly and comparison to last year, 3 years ago, competitive set, peer group, and Market. Check on the below image to get an idea.
Sales Statistics
Under the Analytics tab 3rd important report is sales statistics report. In this report you can select the time range you need to check on the sales figures. And this details can take in daily, Weekly, Monthly basis on the reservation date or stay date while comparing Last Year, Competitive Set, Peer Group and Market.
In addition to that you can check on the sales performance with the % Difference and Ranking. Thus, you can have the breakdown by the room and rate in this section as per the below images.
Booker Insights
In the Booker Insights Report page under Analytics tab you can extract the details of the countries where the reservations received, purpose of the travelers and the device which they have used to make the reservations. These details can check on for last 365, 90, 60, 30, 14, 7 days while comparing to the Last Year, Competitive Set, Peer Group and Market. In addition to that you can check on Monthly Share Of Leisure Reservations, Monthly Share Of Reservations With Unspecified Travel Purposes and Monthly Share Of Business Reservations in this section of reports.
This reporting section is very important when creating promotions with country specific and device specific. In booking.com you have the option of targeting specific market segments. Therefore details in this section can use to increase the revenue.
Book Window Info
Book Window Info report is another major important report. Here you can extract the details of the booking patterns in the previous months. With these details you can target and set up your current or future promotions to generate more revenue. Here also you have the option of extracting the details for the Booking period of Last 365, 90, 30, 14, 7 days compared to Last Year, Competitive Set, Peer Group and Market with the Book Window of 0 to 1, 2 to 3, 4 to 7, 8 to 14, 15 to 30, 31 to 60, 61 to 90 and 91+ days.
Cancellation Characteristics
In the cancellations report you can get an idea about how the cancellations happened for your property. This will give a clear idea about how many reservations stayed at your property, how many no shows received and how many total cancellation. With these details you can select on the cancellation policy with the recommended ones from Booking.com or set up your own cancellation policy on settings. Having a more friendly and flexible cancellation will attract more visitors for your page and it will confirm more reservations. Thus, this will help to reduce the fake reservations.
As per the above reports shown, now you have an idea what are the reports can extract from Booking.com to get the overview of your business. With these details you can figure out how to set up future promotions and marketing for your business to achieve your budget. And also with these details you can identify what are the current trends happening in the market.
Our team of expertise is always there for you to guide on this process. Reach out to us to get your business more profitable and success in future.
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