Daily Demand by Status
Use the page to learn the historic patterns and the future trends of your Demand
The amount of business that wants to book your function rooms. It equals the number of enquiries for a time period and includes all statuses. You define four demand levels, from High to Distressed, in the Daily Demand pages..This helps you create and update your Demand Forecast. The page allows you to:
- View total enquiries by day and by 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, grouped by month.
- Easily identify demand patterns, using a heat map for High, Medium, Low, and Distressed demand levels.
- Highlight days with unusually high levels of Lost/Cxl Lost: the client decides not to hold a prospect or tentative event at your venue. or Turn Down Also known as denials. It’s the booking status of events for which you decide not to offer availability. This can be because you don't have the space available, or because you believe it is not the right piece of business. business.
- Identify changes in demand year on year, month on month, and day by day.
View this video for an overview of the benefits of Daily Demand reports:
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..
Using Daily Demand
- On the Trend Analysis menu, select Daily Demand and click By Status. The Daily Demand by Status page displays.
- If necessary, use the Formatting Key to update the definitions of the colour-coded demand levels and of Lost/Cxl and Turn Down business.
- Click one or more filter buttons to change how you view the data. See Filters for a list of filters and how to use them.
- Click a number in the Data Table to view the Booking Details for these values.
- Click Export to Excel in the Bookings Report window to export this data for further review.
- Click Close to exit the Bookings Report window.
- Click the PDF option
to convert and save the current page as a PDF file.
Data Details
| Field | Description |
|---|---|
| Event Month | The month in which an event occurs. Defaults to January through December of the current year. If you select multiple years in the filter, the table sorts by Event Month first, so all January data appears together, then all February data. |
| Year | The year in which the event occurs. If you select multiple years in the filter, the table sorts by Event Month first, so all January data appears together, then all February data. |
| 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: Prospect The booking status of an unconfirmed event. You have no verbal or written confirmation, but you might hold space provisionally., Tentative The booking status of an event that the client has verbally confirmed. You have sent them a contract., Definite The booking status of an event for which you have received the signed contract from the client., Lost/Cxl Lost: the client decides not to hold a prospect or tentative event at your venue., and Turn Down Also known as denials. It’s the booking status of events for which you decide not to offer availability. This can be because you don't have the space available, or because you believe it is not the right piece of business.. |
| Daily Values |
Shows the number of bookings that occur on that day and that matches the status. Saturdays and Sundays are shaded in grey. A booking that spans multiple days is counted on each of the days. Click any of the values to view the Booking Details. The Total row at the bottom of each month is colour-coded based on the values in the Formatting Key legend. |
| Total | The sum of total demand by status by month. A black triangle  indicates that you entered an event for that day. Point to the triangle to see the event name and date range. |
Best Practices
Improve Your Strategy by Learning Your Demand Patterns
Use this page to learn the historic patterns of your demand. Then use those patterns to create or update your Demand Forecast, which is the basis for your Pricing Strategy. Follow this process:
- Ensure historic data is accurate. If past dates have Prospect The booking status of an unconfirmed event. You have no verbal or written confirmation, but you might hold space provisionally. or Tentative The booking status of an event that the client has verbally confirmed. You have sent them a contract. bookings, ensure that they are changed to either Lost/Cxl Lost: the client decides not to hold a prospect or tentative event at your venue. or Turn Down Also known as denials. It’s the booking status of events for which you decide not to offer availability. This can be because you don't have the space available, or because you believe it is not the right piece of business..
- Review past data for demand patterns by day of week, using the colour-coded demand levels. For example, is weekend demand lower than midweek?If so, does that apply year-round or does it differ by season or month?Use the filters to check if patterns vary by booking type.
- Find seasonal and monthly patterns. Use the filters to analyse a single month for all previous years. Look for consistent patterns over the years.
- Investigate days that vary from patterns. Click the value for the day and review the Bookings Details of everything that occurred on that day. Export the data if you need to follow up with your sales team.
Understand Your Total Demand
Many Sales and Catering systems The system that you use to manage the bookings for your function rooms. Also known as a diary management, or meetings and events reservation system. Examples include Delphi and Opera. only show you definite business, which is not enough to reliably forecast demand. Instead, you want to understand your total, unconstrained demand. How much potential business was there for a day, including bookings that cancelled or that you turned away. SmartSpace enables you view definite next to turned down business.
Understanding your total demand means you know how many enquiries you need to fill all your function rooms. And total demand is the basis for the definitions of High, Medium, Low, and Distressed demand levels. Review the Best Practices for Configuring the Formatting Key and update those demand levels, if necessary.
View this video to understand the importance of tracking lost and cancelled bookings:
Review Past Days for Missed Opportunities
If a past period shows that you sold only half your function rooms, you might forecast low occupancy for a matching future period. But what if you turned down a lot of business for that past period because you overestimated demand and waited for higher-value business that never came? Therefore, review the volume of Turn Down bookings for past days when the demand level wasn't High. And review dates with unusually high levels of Turn Down business, indicated by red values.
Look for Exceptional Demand in the Future
Similarly, look for future days where on books business seems to vary from the normal patterns. To confirm that it represents unusual booking pace, review the Business Pickup report. The outcome might be that you update your Demand Forecast for those days.
