1. Navigate to Optimization View. Select the time period you’d like to evaluate. Are you comparing to same time last year or looking at last month? Should you look at a full year to see yearly trends in your market or drill down to a busy week to maximize a compression period?
2. Find rate categories with the most profitable business in your market. On the Summary page, look at the opportunities in your market by rate category. Which opportunities have the most revenue? Which can you target more easily? Select two or three opportunities to focus on.
3. Target your competitors by rate category. Drill into the Opportunities tab. For the opportunity that you’re focusing on, expand the “Actions / Trends / Calendar” section. Select “Check Competition” for the target rate category. Do the hotels on this list surprise you? Are they mostly hotels within your Competitive Set, or are they outside your set? How often do you check in on pricing and promotions for those hotels?
4. Determine when and where those categories book into your market. On the “Trend” tab, view the opportunity by date to see when the opportunity is your market. Is it on specific days of week? Does the opportunity occur during certain times of the year? Find where this opportunity is being booked. Which channel do you see the most opportunity? Can you create a strategy to target this opportunity over a specific time frame and on a specific channel?
5. Make a list of actions to target that business. On the “Actions” tab, select “Check Actions” on the channel of your focus. Make a list of the actions you want to discuss with your team. What resources can you allocate to target the rate category you’re focusing on? What revenue returns are you looking for? Does it make sense to bring this up in the next revenue strategy meeting?
Want to learn more? Check out this lesson on Optimization View.
HummingbirdPXM is designed to cut through all the clutter hotel operators face everyday. Zero in on what opportunities in your market matter and understand how you and your team should be spending your time to capture the best revenue available!
Check out Part 1 and Part 2 for more information on how to maximize your time in HummingbirdPXM.