Today's Revenue Management thought:-
Another cancellation ticks in……..
You should definitely be tracking your own cancellation rates and building your strategy with this in mind.
To successfully deal with cancellations, it’s important to know how many cancellations you’re likely to get and create a plan to deal with them.
How often do your guests cancel their bookings, how far in advance do they usually cancel, and why are they cancelling - are all questions you should be addressing.
Do you have an overbooking strategy in place for times you know you’re likely to get a lot of cancellations?
Have a profitable week.
✌🏼