Formatting Key
The Formatting Key tool gives you with a quick, colour-coded way to see how much 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. you have by day or how much distressed, cancelled, or turned down business you have. For example, if you set the High value to 30, any day with the total number of enquiries above 30 (regardless of the enquiry status) displays in red on Daily Demand charts.
You can define four demand levels, High, Medium, Low, and Distressed. Defining demand levels helps you identify demand patterns and set the optimal Demand Forecast and Pricing Strategy.
Correctly set your demand values to ensure that these indicators are useful. You can also define the number of lost, cancelled (Lost/Cxl), or Turn Down bookings per day that you want to highlight in the Daily Demand charts.
View this video to understand how demand is measured in SmartSpace:
Editing Settings
This key is available for three pages in the Trend Analysis menu: Daily Demand by Status, by Attendee, and by Number of Function Rooms.
- Click Formatting Key
. The Formatting Key window is displayed. - Edit the number of enquiries that indicate High, Medium, Low, and Distressed demand levels for your property.
- Edit the number of Lost/Cxl and Turned Down bookings that need to occur for it to be highlighted in the chart. Cancelled and lost bookings show as Lost/Cxl in the system.
- Click Save to save your changes in the Formatting Key window.
- Click Close to exit the window.
Data Details
| Demand Level | Guideline |
|---|---|
| High | Days where you sell every meeting room, at close to rack rate (90%), with high Attendee Density (80%). |
| Medium | Days where you sell 60% to 70% of meeting rooms, with discounted rates (up to 30%), with an average Attendee Density. |
| Low | Days where you sell 40% to 60% of meeting rooms, with significantly discounted rates (up to 50%) with a moderate Attendee Density. |
| Distressed | Days where you are unlikely to fill 40% of meeting space, accept minimum rates, and have no restrictions on Attendee Density. |
| Lost/Cxl | The minimum threshold to highlight daily lost or cancelled bookings for your review. |
| Turn Down | The minimum threshold to highlight daily turn down bookings for your review. |
Best Practices
Set Demand Levels Based on Your Needs
The number of enquiries for each demand level depend on what is typical for your business. Consider how many days you typically get enquiries that are four times higher than your number of meeting rooms. For example, If you have 10 meeting rooms and your conversion rate averages 25%, then to fill all your rooms to capacity on one day you may need:
- 40 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. to fill every room
- 50 enquiries to fill every room with a high attendee density
- 60 enquiries to fill every room with a high density and high rate price
High and Distressed Demand Days Should Be Rare
After you set your demand threshold, both High and Distressed demand days should be infrequent (between 10-20 days out of the year). Medium and Low demand days should be the most common. If that's not the case, adjust your demand values.
Set Different Thresholds for Demand by Function Rooms
The values in the Daily Demand by Function Rooms relate to the total demand by number of function rooms, so these thresholds are higher than the Daily Demand by Status and Daily Demand by Attendee values.
