Conversion Metrics by Create Date

The two ConversionClosed 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. The two reports 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 venuesClosed Any business that sells function space. For example, hotel, conference centre or a sporting arena..

Use the By Create Date report to learn about the workload by month and to prioritize which bookings you convert. 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, grouped by the month it was created. Quickly assess for each month how much business opportunity still exists and how much you lost to determine priorities. Learn from past trends to pro-actively manage future opportunities.
Year on Year Revenue Shows the underlying data used in the Conversion and Status Summary tabs. Use it to investigate the data for a month in more 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 "shopping" purposes.

Using Conversion Metrics

Conversion

  1. On the Performance menu, select Conversion Metrics.
  2. Click By Create Date.The Conversion Metrics by Create Date page displays
  3. Select the property you want to view from the Current property list.
  4. Click the Conversion tab.
  5. 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 does not apply to this chart.
  6. Review each of the metrics of Revenue and Conversion percentages in relation to each other by the create 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.

Status Summary

  1. On the Performance menu, select Conversion Metrics, and then click By Create Date.
    The Conversion Metrics by Create Date page displays
  2. Select the property 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.
  5. Click on a Legend item (for example, the yellow dotted line for Average Enquiry Value) to remove this data from the chart. The legend item becomes inactive. Click it again to add the data.
    Note: the Show Variance checkbox does not apply to this chart.
  6. Select or clear the Include accommodation revenue checkbox, if it exists. See Data Details below for more information.
  7. 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.
  8. Review each of the metrics of Revenue and Average Enquiry Value in relation to each other by the create month. Point to a bar or line to view values for a specific date.
  9. Click the chart context menu to select a format to export the chart for presentation purposes.
  10. Click the PDF option to convert and save the current page as a PDF file.

Year on Year Revenue

  1. On the Performance menu, select.Conversion Metrics.
  2. Click By Create Date.The Conversion Metrics by Create Date page displays.
  3. Select the property you want to view from the Current property list.
  4. Click the Year on Year Revenue tab.
  5. 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.
  6. Select or clear the Show variance checkbox to show the variance between two selected years.
  7. To work with this data, click Export to Excel. The ConversionYOY_by_CreateDate.xls file downloads.
  8. Click a value in the Enquiries or Revenue columns for a particular status to view a detailed Bookings Report on this date.
  9. Click Export to Excel in the Bookings Report window to export this data for further review.
  10. Click Close to exit the Bookings Report window.
  11. 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

  1. On the Performance menu, select.Conversion Metrics.
  2. Click By Create Date.The Conversion Metrics by Create Date page displays
  3. Select the property you want to view from the Current property list.
  4. Click the Source tab.
  5. 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 does not apply to this chart.
  6. Click a value in the Enquiries or Revenue columns for a particular status to view a detailed Bookings Report on this date.
  7. Click Export to Excel in the Bookings Report window to export this data for further review.
  8. Click Close to exit the Bookings Report window.
  9. 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

All Tabs

All revenue figures in SmartSpace are displayed exclusive of value-added tax (VAT).

Item Description
Show Variance The checkbox doesn't apply to the Conversion, Status Summary, and Source charts. In the Year on Year Revenue chart it shows the variance between two selected years. The columns show increases (green) and decreases (red). Even an increase in cancellations is in green text.
Revenue Stream filter - Accommodation option

If selected, the values include non-Meeting and Events revenues, for example, from hotel guest rooms. Bookings with accommodations and no Meeting and Events revenues are never included.

This option only shows if you select it in Database Setup under Settings.

Conversion

Item Description
Month and Year The chart defaults to the current month and year and the previous five months.
Conversion Percentage The number of bookingsClosed 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 enquiriesClosed 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

Item Description
Revenue The total value of the bookingClosed 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.
Create Month The month in which a booking agent created an event.
Average Enquiry Value

The total function room and catering revenue divided by the number of enquiriesClosed 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

Item Description
Event Month or Total

The month in which a booking agent created an event.

The Total row shows the totals for the months you selected in the Event Month filter.

Status

The bookingClosed 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.

Total exc TD is the total of all statuses excluding Turn Down bookings.

Conversion % exc TD is the ConversionClosed 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. percentage excluding Turn Down bookings.
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 enquiriesClosed 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

Item Description

Event Month or Total

The month in which a booking agent created an event.

The Total row shows the totals for the months you selected in the Event Month filter.

Status

The bookingClosed 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.

Total exc TD is the total of all statuses excluding Turn Down bookings.

Conversion % exc TD is the ConversionClosed 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. percentage excluding Turn Down bookings.
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 enquiriesClosed 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.
Direct Bookings made directly by clients.
3rd Party Bookings made by agents or bookers on behalf of clients.
Central Reservations Bookings made through your central reservation system or desk.

Best Practices

Prioritize Your Conversion Efforts

Every week, check the status of unconfirmed business, based on how long it has been on the books. Older bookings usually are harder to convert and many of our clients use this report to focus on converting the more recent ProspectClosed The booking status of an unconfirmed event. You have no verbal or written confirmation, but you might hold space provisionally. and TentativeClosed The booking status of an event that the client has verbally confirmed. You have sent them a contract. bookings. Are there older unconfirmed bookings without activity that should be changed to Lost/CxlClosed Lost: the client decides not to hold a prospect or tentative event at your venue.?

Start in the Conversion and Status Summary tabs and then drill down to the booking level in the Year on Year Revenue tab.

Learn Your Conversion Trends

Every month, check the Year on Year Revenue tab to compare booking volume to previous years. Look for changes in the booking trends of when bookings are created. Compare average values of bookings against previous years. Are you improving your operational efficiency by booking fewer bookings of greater value? Every month review your Source trends for trend changes.

Follow Up on Promotional and Marketing Efforts

If you started a promotion or attended an event to increase demand, measure the success. Use the Status Summary and Year on Year Revenue tabs to check if the number of BookingsClosed 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. has increased compared to previous months and the same month last year.

Monitor Operational Workload

How busy is your team? How many bookings are they handling this month compared to last year and previous months? This might be useful to assess the impact of staffing changes. If it's available, select the Team Member filter to check if a particular salesperson is overloaded, indicated by a large number of older unconfirmed bookings.