Conversion Metrics by Arrival Date

The two Conversion Shows how much of your potential business you convert into definite business. Conversion percentage equals potential business divided by Definite bookings. Potential business includes Tentative, Prospect and Cxl/Lost bookings, but excludes Turn Down status. Metrics reports help you measure how you turn enquiries into definite bookings. Both reports offer the same functionality but differ by how they group the data: when bookings arrive or when business was created.

See Multi Property Mode to learn how this page functions when you have access to several venues Any business that sells function space. For example, hotel, conference centre or a sporting arena..

Use the By Arrival Date report to learn how a specific month is performing, for example, an upcoming month you are concerned about, or to review past months. It has four tabs:

Tab	Description
Conversion	A quick glance at monthly conversion percentages by revenue and by enquiries for the past year. If the conversion percentage by revenue is equal to or higher than the conversion by enquiries, it shows that you successfully focus on high-value business.
Status Summary	Bar charts show you how much business for each status exists. Quickly assess for each month how much business opportunity still exists and how much you lost, to determine priorities.
Year on Year Revenue	After the Status Summary, use this tab to investigate the data for a month in detail. You can also compare to the same month last year and drill down to view the bookings for each month.
Source	Compare conversion by origin of your bookings. For example, drill down to find the sources that never convert and seem to send you enquiries only for research "shopping" purposes.

Using Conversion Metrics

Conversion Tab

1. On the Performance menu, select.Conversion Metrics and click By Arrival Date.The Conversion Metrics by Arrival Date page displays.
2. Select the property you want to view from the Current Property list.
3. Click the Conversion tab.
4. Click one or more filter buttons to review or select the filter options based on how you want to view the data. See Filters for a list of filters and how to use them.
   Note: The Show Variance checkbox doesn't apply to this chart.
5. Review each of the metrics of Revenue and Conversion percentages in relation to each other by arrival month.
6. Click the chart context menu to select a format to export the chart for presentation purposes.
7. Click the PDF option to convert and save the current page as a PDF file.

Status Summary Tab

1. On the Performance menu, select Conversion Metrics and click By Arrival Date.The Conversion Metrics by Arrival Date page displays.
2. Select the property that you want to view from the Current Property list.
3. Click the Status Summary tab.
4. Click one or more filter buttons to review or select the filter options based on how you want to view the data. See Filters for a list of filters and how to use them.
   Note: The Show Variance checkbox doesn't apply to this chart.
5. Select a month and year from the Start Monthlist to change the months in view. The Event Year and Event Month filters do not apply to this chart.
6. Review each of the metrics of Revenue and Conversion percentages in relation to each other by arrival month.
7. Click the chart context menu to select a format to export the chart for presentation purposes.
8. Click the PDF option to convert and save the current page as a PDF file.

Year on Year Revenue Tab

1. On the Performance menu, select Conversion Metrics and click By Arrival Date.The Conversion Metrics by Arrival Date page displays.
2. Select the property that you want to view from the Current Property list.
3. Click the Year on Year tab.
4. Click one or more filter buttons to review or select the filter options based on how you want to view the data. See Filters for a list of filters and how to use them.
5. Select or clear the Show variance checkbox to show the variance between two selected years.
6. To work with this data, click Export to Excel. The ConversionYOY_by_ArrivalDate.xls file downloads.
7. Click a value in the Enquiries or Revenue columns for a particular status to view a detailed Bookings Report on this date.
8. Click Export to Excel in the Bookings Report window to export this data for further review.
9. Click Close to exit the Bookings Report window.
10. Click the PDF option to convert and save the current page as a PDF file or click Export to Excel below the table to export data for further review.

Source Tab

1. On the Performance menu, select Conversion Metrics and click By Arrival Date.The Conversion Metrics by Arrival Date page displays.
2. Select the property that you want to view from the Current Property list.
3. Click the Source tab.
4. Click one or more filter buttons to review or select the filter options based on how you want to view the data. See Filters for a list of filters and how to use them.
   Note: The Show Variance checkbox doesn't apply to this chart.
5. Click a value in the Enquiries or Revenue columns for a particular status to view a detailed Bookings Report on this date.
6. Click Export to Excel in the Bookings Report window to export this data for further review.
7. Click Close to exit the Bookings Report window.
8. Click the PDF option to convert and save the current page as a PDF file or click Export to Excel below the table to export data for further review.

Data Details

Conversion

Field	Description
Month and Year	The chart defaults to the current month and year and the previous five months.
Conversion Percentage	The number of bookings Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl. confirmed (signed contract) in relation to the total number of bookings received for a specific period. It is shown as a percentage and is calculated for both enquiries Also called a booking. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite or Lost/Cxl. and revenue based on the number of definite enquiries divided by the total number of enquiries (excluding Turn Down or Denials).

Status Summary

Field	Description
Revenue	The total value of the booking Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl., including catering, function room, and room hire revenue.
Arrival Month	The month in which an event occurs.
Average Enquiry Value	The total function room and catering revenue divided by the number of enquiries Also called a booking. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite or Lost/Cxl..

Year on Year Revenue

Field	Description
Event Month or Total	The month in which an event occurs. The Total row shows the totals for the months you selected in the Event Month filter.
Status	The booking Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl. status depending on its stage in the booking life cycle, for example Enquiry, Prospect, Tentative, Definite, Lost/Cxl, and Turn Down.
Enquiries	The sum of bookings for the month for this year, last year, and the variance between the two years.
Revenue	The total value of the booking, including catering, function room and room hire revenue for the month for this year, last year, and the variance between the two years.
Average Value	The total combined revenue for a specific status and period divided by the number of corresponding enquiries Also called a booking. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite or Lost/Cxl. for the month for this year, last year, and the variance between the two years.

Source

Field	Description
Event Month or Total	The month in which an event occurs. The Total row shows the totals for the months you selected in the Event Month filter.
Status	The booking Also called an enquiry. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite, or Lost/Cxl. status depending on its stage in the booking life cycle, for example Enquiry, Prospect, Tentative, Definite, Lost/Cxl, and Turn Down.
Enquiries	The sum of bookings for the month by direct, third-party, and central reservations booking types.
Revenue	The total value of the booking, including catering, function room, and room hire revenue for the month by direct, third party, and central reservations booking types.
Average Value	The total combined revenue for a specific status and period divided by the number of corresponding enquiries Also called a booking. A piece of business that consists of one or more events over one or more days. Can be of any status, for example Prospect, Definite or Lost/Cxl. for the month by direct, third party, and central reservations booking types.

Best Practices

Use all four tabs to ensure that your team is successfully implementing the strategies that you set. Look for exceptional and challenging months first at a high level in the Conversion and Status Summary tabs. Then drill down to the specific bookings in Year on Year Revenue tab. Talk to your sales team about what actions they are taking. The outcome might be that demand is weaker than expected and that you need to adjust your Demand Forecast.

Conversion

At least once a week, check the conversion progress for the current month and key bookings for next two months.

• For periods with high demand forecast, is the conversion percentage by revenue equal to or higher than the conversion by enquiries? If so, it means that you successfully focus on high-value business. Otherwise you might be filling up too early with too much low-value business.
• Look for months where conversion by Enquiries or Revenue is very different from other months or from the average. If needed, investigate in more detail in the Status Summary and Year on Year Revenue tabs.
• Use the Filters to learn about conversion by booking type. This can help you develop your sales and marketing activities.
• Conversion percentages vary by venue, but, typically, convention hotels average 50% to 60% by Enquiries and 30% to 40% by Revenue. Averages for city centre venues might be 35% by Enquiries and 20% by Revenue.

Status Summary

The Conversion tab might flag a month with a low percentage. Review that month in the Status Summary tab to get a quick overview of the amount of business for each status. This might remove your concern, for example, if you see that the potential business includes more Tentative than Prospect bookings, or that the average value for Tentative business is much higher than for Prospect.

The review of this tab can also help you determine priorities. The conversion percentage for a month might not worry you, but the low volume of potential business overall might mean that the month requires action.

Year on Year Revenue

Use for in-depth investigation. A few examples:

• In the Conversion tab, you might notice a month where conversion is behind other months. In the Status Summary tab, you realize that the potential business contains more Prospect than Tentative bookings. In the Year on Year Revenue tab, compare conversion against the months last year. And review the details of the prospect groups, for example, who booked them and when. With this data, talk to your sales team about actions to improve conversion for the month.
• Investigate the conversion of past months. Look for patterns that explain months with high or low conversion. Verify how successfully you focused on high-value business in high-demand months. If the average value for Cxl/Lost business is 10,000 but for Definite it is 5,000, did you accept the low-value business too early instead of waiting for higher-value business that came later?
• If it's available, use the Team Member filter to compare conversion by team members. Look for opportunities to improve or recognize performance. If one team member has a lower conversion than others, do they need training in converting business or do they handle too many enquiries?
• Compare average values of bookings against previous years. Are you improving your operational efficiency by trending towards fewer bookings of greater value?

View this video to learn more about measuring conversion metrics:

Source

Comparing your enquiry sources based on their conversion helps you prioritize. For most clients, third-party sources have a lower conversion percentage but higher average value than those taken directly at your venue. The analysis helps you redirect resources to the most important sources. For example, go down to individual bookings to find agents that rarely or never send you business that converts.