Part of the question has to do with what is important overall. If you're 'the only game in town' you can have high rates and crappy service and not care if anyone comes back. If you're one of 25 inns and you have lower revenue but really high repeats you might be looking to start to nudge that towards higher rev without losing the high repeat rate.
Eventually it ends up being a juggling act. You can't take your eye off any of it for too long..
Totally agree! Right on target Maddie.Madeleine said:Part of the question has to do with what is important overall. If you're 'the only game in town' you can have high rates and crappy service and not care if anyone comes back. If you're one of 25 inns and you have lower revenue but really high repeats you might be looking to start to nudge that towards higher rev without losing the high repeat rate.
Eventually it ends up being a juggling act. You can't take your eye off any of it for too long.
Oddly - I left our winter rates in effect for the first 2 weeks in May this year. Those are the 2 hardest weeks to book at shoulder season rates. We were up by 20% from 2012 and 13% from 2011. Because the rates were lower and we got more guests because of that? Don't know. Maybe they would have paid shoulder rates. I'll never know.Since we have 23 years to compare to, I measure our occupancy and total $$ by the month and year and compare to other years. Figuring about 3% inflation, our goal is to work less but not make less....yet. Next year we will cut back on our work and accept the decrease in $$ that comes with that.
Our May was AWFUL here as well. We were down 50% from 2011 and 25% from 2012. Rates for May have been the same for the last few years. I think the cool weather really put a damper on things so now that the sun has finally come out, I hope the reservations will start to pick up..
So, if you're not really tracking during the year, are there no 'course corrections' that you make? Not just you in particular, either! Does anyone lower rates to spur bookings? Raise rates to slow them down? Put up a special if a day/week/month is lagging behind what you want?We are a seasonal business, only open for about 5 to 6 months out of the year, with the major part of our reservations being made in the other 6 months of the year. So we are tracking nights booked and revenue booked as our two major indicators, recording the data at the end of each month and comparing to previous years for which we have similar records, like this:
But as JB says, it's not really until the end of the year that we can finally see the full picture..
Well, we are tracking bookings during the year, and if we were significantly lagging behind where we thought we should be for that time, we would be looking for additional ways to spur bookings, which could mean offering specials. Also, some of the cottages get booked much more slowly than others, so we do look for ways to try generate more interest in those, from contemplation of renovations/improvements that would make them more attractive to identifying new advertising channels. Obviously these strategies vary in the time period of their impact (renovations: next year; new advertising channel: this year and next year; special deals: this year).So, if you're not really tracking during the year, are there no 'course corrections' that you make? Not just you in particular, either! Does anyone lower rates to spur bookings? Raise rates to slow them down? Put up a special if a day/week/month is lagging behind what you want?We are a seasonal business, only open for about 5 to 6 months out of the year, with the major part of our reservations being made in the other 6 months of the year. So we are tracking nights booked and revenue booked as our two major indicators, recording the data at the end of each month and comparing to previous years for which we have similar records, like this:
But as JB says, it's not really until the end of the year that we can finally see the full picture..
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Constantly. There's a website out there that tracks how many times you lower rates, what it doesn't track is how many times you put rates up...So, if you're not really tracking during the year, are there no 'course corrections' that you make? Not just you in particular, either! Does anyone lower rates to spur bookings? Raise rates to slow them down? Put up a special if a day/week/month is lagging behind what you want?We are a seasonal business, only open for about 5 to 6 months out of the year, with the major part of our reservations being made in the other 6 months of the year. So we are tracking nights booked and revenue booked as our two major indicators, recording the data at the end of each month and comparing to previous years for which we have similar records, like this:
But as JB says, it's not really until the end of the year that we can finally see the full picture..
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We were not planning to be 'seasonal' but we've found that the more hotel rooms that open up the fewer guests we get in the 'off' season (Nov-Apr). When we got here the only month that was really 'slow' was Jan. Now, Jan is so slow we close completely for 6 weeks. And we go on vacation for 2 weeks in April.We are a seasonal business, only open for about 5 to 6 months out of the year, with the major part of our reservations being made in the other 6 months of the year. So we are tracking nights booked and revenue booked as our two major indicators, recording the data at the end of each month and comparing to previous years for which we have similar records, like this:
But as JB says, it's not really until the end of the year that we can finally see the full picture..
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