How We Increase Your Revenue
Hotels often overlook the importance of accurate record-keeping and call reporting for voice reservations when it could easily help them to increase revenue. Tracking what happened with each inbound and outbound call is extremely important in helping to achieve the most from your marketing budget.
Since voice reservations is the second-most profitable revenue channel for hotels, it makes sense to keep this channel constantly open with updated rates and to have calls answered by well-trained agents using an integrated voice sales system. With all of this in place, another vital step is to track what happened with each call.
Probably the most important metric is conversion. At Travel Outlook, we track it three ways: by qualified reservations calls (calls with clients ready to book, but also looking at competitors), by all reservations calls (including changes and cancellations), and by all calls received. We record this by agent, as well, so we can see which agents are our highest-performing.
Other important call parameters that can be extremely helpful to you as manager:
• How quickly were your calls answered, and how long was the average hold time?
• How many calls were abandoned?
• What was the average call length, and which agents took the longest on calls?
• Where did the business originate, by market code and source of business? Which marketing initiatives are working?
• Track future booking reservations, room nights and revenue booked over specified time period for pace reporting.
• A booking pace analysis tracks current reservations confirmed for specified future time periods.
• Hold/transfer activity: How often were callers put on hold and/or transferred?
• What was your agents’ outbound call performance?
• Chat and email queue performance: same metrics as above but for live chat and/or email fulfillment.
• Channel performance comparison: how did voice production compare with other reservation channels?
• Rate code performance analysis: a detailed performance and profitability analysis for specified promotions and/or multi-rate code can be very helpful for the revenue manager.
If your reservations system is not tracking this information and creating a simple, informative summary report for management each month, you are missing a golden opportunity to earn more revenue from your existing marketing and reservations budgets.
Let’s talk about this and other issues you may be facing. Contact us at 844-TRAVELOUTLOOK or write to John Smallwood at [email protected].