{"id":12203,"date":"2018-05-13T17:12:33","date_gmt":"2018-05-13T15:12:33","guid":{"rendered":"http:\/\/revva.net\/?p=12203"},"modified":"2024-01-12T14:53:00","modified_gmt":"2024-01-12T14:53:00","slug":"got-a-booking-engine-probably-youre-losing-money","status":"publish","type":"post","link":"https:\/\/imssc.org\/biflix\/got-a-booking-engine-probably-youre-losing-money\/","title":{"rendered":"Got a booking engine? Probably you&#8217;re losing money"},"content":{"rendered":"<p>Humor me, can\u2019t avoid starting with a true story\u2026 In early 2011, a wholesale operator requested me to perform an audit on their recently acquired reservations system. They paid top dollar to a prestigious software provider for it, but six months after implementation, total business volume from retailers was roughly the same as previously recorded figures. While offline traffic remained unvaried, bookings online where not flowing in at all, in spite of a much larger product base available on the system, in relation to their offline catalogue. Their booking engine appeared to be in perfect working order, so what was the mystery, then? Why was there no conversion?<\/p>\n<p>I had to beg the software giant to grant me access to the users\u2019 logs, since there was no such option from my client\u2019s system\u2019s back office. Was the problem spawn by the proverbial retailers\u2019 refusal to adopt new tools? No sir, actually offline requests were a tiny fraction of the total searches in the system. But agents were looking (a lot) for dates, destinations and services <strong>not loaded<\/strong> into the system!<\/p>\n<p>Case solved, yet it does not finish there: bear with me, as this telltale brings two lessons\u2026 Back then, the only way to fix this was to keep monitoring retailers\u2019 searches (periodically requesting logs from the IT provider), hence loading products and services based on their demand. A reactive solution, though better than nothing, right? I even designed an operational procedure to meet this need. But at the wholesaler nobody did anything, or even paid attention. A ludicrous amount forked out for a top-notch system, my consultancy fee\u2026 all for nothing. Unsurprisingly, they went out of business not long after the episode.<br \/>\nIf you can\u2019t \/ won\u2019t read the next thousand words, these are the lessons you can carry with you today:<\/p>\n<ul>\n<li><strong>Know what your customers are shopping for, then place it before their eyes<\/strong><\/li>\n<li><strong>Do whatever data tells you to, or trust your guts until retirement (or bankruptcy)<\/strong><\/li>\n<\/ul>\n<h4>Find the money leakage!<\/h4>\n<p>For the life of me, I cannot fathom how come today (seven years after that incident), online reservation systems still fail to provide user search information. \u00bfOr should I ask, how come operators don\u2019t care about such relevant functionality? Sounds like a \u201c<em>first the hen or the egg?<\/em>\u201d question, even so it\u2019s a double whammy of a problem. The prestigious software vendor I mentioned in my story is still strong in the market, thus far they don\u2019t provide direct access to searches logs. Knowing how IT companies operate, it means that their operators are not asking for this feature.<br \/>\nNo matter who the culprit is, you\u2019re reading this far because you don\u2019t intend to end up as my former client. The first lesson, then, can be reformulated as follows:<\/p>\n<blockquote><p><strong>Pay close attention to your booking engine\u2019s searches, not only to the confirmed reservations. That way, you\u2019ll have a clear indication of -at least- what your audience is willing to buy.<\/strong><\/p><\/blockquote>\n<p>It\u2019s simply a question of satisfying demand! It\u2019s not that difficult either: ask your IT provider to have a look at your own system\u2019s innards, if that feature is not accessible from back-office. Often logs come in a structured file, so you could study them in a spreadsheet that looks like this:<a href=\"searches log\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-large wp-image-12207\" src=\"http:\/\/revva.net\/wp-content\/uploads\/2018\/06\/searches-1-1024x436.png\" alt=\"searches 1\" width=\"1024\" height=\"436\" \/><\/a><\/p>\n<p>If you log a few hundred searches per day, a simple spreadsheet might do for your company, but if you\u2019re an OTA or bed bank with thousands (or even millions) of searches per day, you\u2019ll need a tool like REVVA that allows you to easily and quickly visualize profitable events. For instance, a peak in demand over a certain hotel or city in a very specific date span, from a single market or client.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-12208\" src=\"http:\/\/revva.net\/wp-content\/uploads\/2018\/06\/Demo-LEO-2.fw_.png\" alt=\"Destination search\" width=\"854\" height=\"471\" \/><\/p>\n<p>With a solution like REVVA, you could even get <strong>automated alerts<\/strong> for this kind of occurrence, however there\u2019s an even more interesting application: <strong>demand prediction<\/strong>.<\/p>\n<blockquote><p><strong>Mixing historic data (old searches) with actual bookings and future-date spans searches, you\u2019ll be able to predict -with notable accuracy- who will buy what, when and for how much.<\/strong><\/p><\/blockquote>\n<p>That\u2019s exactly what we\u2019re doing at REVVA, as it\u2019s not something you can concoct with Excel (nor you should care to). Well, actually you could go DIY, if you had zero budget, few hundred searches per day and used formulae like these:<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"aligncenter wp-image-12212\" src=\"http:\/\/revva.net\/wp-content\/uploads\/2018\/06\/forecast-form.png\" alt=\"forecast formulas\" width=\"328\" height=\"153\" \/><\/p>\n<p>That\u2019s what we needed a few years ago in the accommodation industry, when there was no automated means to answer business questions like \u201c<em>what would be segment X\u2019s demand for 4 stars hotels in destination Y during period from A to B?<\/em>\u201d.<br \/>\nA pain in the arse to calculate forecasts like these, even with small datasets, I can assure you.<\/p>\n<p>These days, ask Google about <em>demand forecasts<\/em> and you\u2019ll find it often associated with terms such as machine learning and econometric models. The reason is that companies with thousands of transactions per day accumulate datasets so huge, that the spreadsheet method is not feasible. Plus, being accuracy a must -for the investments may be rather significant-, a shoddy forecast could bring heavy losses.<\/p>\n<p>To wrap it up:<\/p>\n<blockquote><p><strong>Even if you own or manage a travel-related SMB, there is no excuse to dismiss scrutiny over what your customers (be it B2B or B2C) are shopping for in your system, at least on a weekly basis. Not covering their demand is like throwing your hard-earned dosh into the drain.<\/strong><\/p><\/blockquote>\n<h4>Act upon the problem!<\/h4>\n<p>Once you found the problem, it\u2019s suicidal to leave it hanging there, hoping for it to solve itself. See, after my client closed down, I questioned myself for quite some time, wondering if their demise was inevitable due to inaction and wicked resource management, or if I had a share in their collapse. Hey, it was a well-positioned brand with decades in the market, which survived Internet\u2019s advent\u2026 That was the core problem, perhaps: everyone in there was so comfortable doing the same old same, that they failed to realize the market (and the world) was rapidly changing, so my advice was incomprehensible at least. Or just ignored by a couple of forgotten know-it-alls, who vanished in the mist of the industry\u2019s graveyard.<\/p>\n<p>Of course, now I know my consultancy was fatally flawed too. It wasn\u2019t enough to detect a supply\/demand issue, nor to provide a written plan to address it. It did cost me yet another similar fiasco to realize my strategy was faulty because it lacked an <strong>executor<\/strong>. One of the fundamental requirements to embrace a profitable data-driven culture (see <a href=\"https:\/\/imssc.org\/biflix\/how-to-set-up-a-data-driven-culture-in-hotels\/\">my article on the subject &gt;&gt;<\/a>) is to assign somebody with data management chores, possibly to oversee completion of whatever task data suggested as well, as if their lives were at stake. Their job certainly is! Be it you, your boss or the bellboy, somebody must analyze and convert data into actionable insights. Sorry for the stupid obviousness I&#8217;m about to throw, but actionable insights are not defined as such only to be overlooked! The second lesson to learn by my mistakes (and the long dead operator\u2019s) is this:<\/p>\n<blockquote><p><strong>Data is gold, your booking engine accumulates a lot of it. If you don\u2019t convert your idle data into business value through action, you\u2019re wasting money. Probably truckloads of it.<\/strong><\/p><\/blockquote>\n<h4>Go on, fix that leakage right now!<\/h4>\n<p>In case you\u2019re pondering if all this is applicable to your situation, just ask yourself the question that titles this article. Have you got a booking engine? If you do, of any kind, for whatever travel business, you\u2019ll certainly benefit from the two lessons contained in this text. So please get away from that screen and start immediately to examine your own logs. Try to discover who your customers actually are (buying personas), where their preferences are aimed at (buyer habits) and how much is in their wallet (buying power). Remember segmentation? <a href=\"http:\/\/revva.net\/en\/segm\/\">Find more here &gt;&gt;<\/a>, if you don&#8217;t own the concept yet.<br \/>\nEvery minute you procrastinate this analysis, you lose a few cents. Every day, instead, might mean hundreds or thousands of your local currency lost in revenue!<\/p>\n<p>As you surely anticipated, these ideas are valid for small independent hotels as much as global chains, for regional airlines as much as OTAs, for incoming operators as well as package resellers\u2026\u00a0I\u2019ve been providing free assessments to small operators all over the world, so if you\u2019re struggling with this kind of troubles, don\u2019t be shy and reach out to me (no strings attached, I love to help for the sake of it). Just don\u2019t wait to be too late to save your company!<\/p>\n<p>On the other hand, if a reader has experience in overcoming these data obstacles, I\u2019d love to hear how they did it in their organization. I would really hate to appear as a pompous lecturer to professionals with a lifetime in the business, but then again it greatly surprises me to find out that multi-million worth operators are not even <strong>storing<\/strong> their valuable data, lest scrutinize it. I couldn\u2019t help but notice that quite an audience from <strong>Accor, Marriott, Amadeus <\/strong>and<strong> Hotelbeds<\/strong> read (and even liked) my latest posts: can any of you nice people step forward and teach us how it&#8217;s done in a colossal company like yours?<\/p>\n<p>Thanks for reading, commenting and sharing!<\/p>\n<p><em>Marcello Bresin<\/em><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12214\" src=\"http:\/\/revva.net\/wp-content\/uploads\/2018\/06\/Bad-booking-engine.png\" alt=\"Bad booki\" width=\"725\" height=\"255\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Got a booking engine? Probably you&#8217;re losing money because you&#8217;re not analyzing its hidden data<\/p>\n","protected":false},"author":1,"featured_media":15082,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[70],"tags":[74,78,71,76,77,79],"class_list":["post-12203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","tag-analytics","tag-bedb","tag-bi","tag-data-analysis","tag-dmc","tag-hotels"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Got a booking engine? 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