Without a crystal ball, it can be hard to predict the future. But by instituting a proper forecasting model that incorporates a series of important variables and new datasets, hotels can better optimize rates while simultaneously planning for the stays ahead. Our latest webinar, The Secrets to Hotel Demand Forecasting presented by Nat Green, Senior Solutions Engineer for Duetto, explores the elements and influences you should consider when forecasting demand. He elaborates on what affects pick-up and booking trends, while showcasing how forecasting fits into the bigger revenue strategy picture.
Here is a sampling of what you missed:
“There are a few major detriments to not forecasting: No foresight into possible revenue streams. No idea of occupancy. You can’t plan for any budgeting. You can’t optimize revenue or minimize expenses.”
“It’s important to forecast per segment as well as understand the true forecast so you can be pricing and optimizing your rate per segment.” (Click here to view our last webinar, Rethinking Segmentation)
“There are five major reasons to forecast: pricing, staffing, product inventory, development work and performance evaluations.”
“New data points are opening up the doors for more accurate forecasting.”
“Understanding your market placement and how pricing impacts demand around that is vital.”