Group Business Booster: Essential Hotel Reports
Hotel management companies must keep up with the competition in the group business market by monitoring how properties perform today and looking for opportunities to grow group business in the future.
This requires attention to the small and larger picture at once. It is not an easy task. Continue reading to find out the most important reports that hotel managers must keep track of to increase group business and build relationships with leads while remaining agile in a changing marketplace.
Hotel Sales Activity Report
There are many things to track across your hotel portfolio. Sometimes, it can be difficult for your group sales team to stay on top of their activity. According to earnings reports from prominent hotel executives, group bookings have been growing steadily.
Sales activity reports allow you to track the day-to-day activities of your sales team. This includes lead generation activities and follow-up activities. These reports show where team members are most productive and which activities are most successful at landing group business. It would be best to look for hotel CRM Software that allows you to customize your sales reports.
Hotel Pace Report
The pace report shows the number of bookings for a given year, month or quarter. It also compares past bookings by year or month. This report is essential to hotel management and can often be taken for granted. As a result, valuable revenue and service opportunities can be missed. Use pace reporting to get the best value.
- Forecast staffing requirements. Track busy periods so that you don’t over-staff or under-staff. Both of these are costly for your hotel group.
- Monitor room demand. This will allow you to adjust room rates and optimize RevPAR.
- Identify areas of weakness in sales. Compare room bookings for a specific period to identify group sales opportunities. If you book large blocks of rooms for basketball teams in winter or family reunions during March, and there are no event space bookings, you can offer a discount to these groups.
For insights into core customers that require high-touch service and group appeal, review win/loss reports regularly. These are just a few examples of the issues win/loss reports can reveal regarding properties in your portfolio.
- World-class A/V setups help hotels win group business at company meetings.
- Because they don’t offer F&B options, select-service hotels lose business from group customers.
- Hotels lose group business because they believe it is difficult to get to the airport from the city center.
- A mid-sized company can repeat an event or group business at a specific property.
GRC (Group Rooms Control Report)
Because research shows that the number of actual meetings is decreasing, the competition for group bookings has been fierce. Your sales team should keep up-to-date on the availability of room blocks in your portfolio.
The GRC (Group Room Control Report) is a vital tracking tool that details reserved rooms and finalized rooms for the current and future months. This information will allow your sales team to respond to RFPs with detailed and precise responses quickly. This can help you land new business.
Event Summary Report
You can view event summary reports that provide a snapshot of all past, present, and future events. These reports prevent double bookings and keep teams in sync for event preparation, A/V setup and staffing. This is crucial for efficient events and exceptional customer service, key factors in repeat business.
A review of past event summaries, similar to GRC reports, can help you identify areas that need improvement, sales opportunities or shortfalls in event space usage. An audit of past events can reveal conference rooms not used during summer and encourage sales outreach to local businesses.