As 2020 draws to a close, you’ve likely got your eyes set on the year ahead. But when it comes to goal-setting, it can be difficult to know how you should go about it, especially after a year like this. Futurepace, a pace reporting tool powered by Simpleview and 2Synergize, enables you to proactively plan for the future with greater accuracy in the calculation of pace targets. Keep reading to learn more about the benefits of pace reporting, or check out the webinar below.
What is a pace target and how is it calculated?
A pace target is an indicator of tracking your pace toward achieving your year-end goal based on your prior performance and analysis of booking behavior. It considers on — a monthly basis — the booking patterns of the entire volume of your business over the last 5 years, lead to definite, in order to understand how many months it takes for business to actualize to determine pace patterns.
Why was an update to calculating pace targets warranted?
The Simpleview business intelligence team identified and addressed three primary issues with other pace reporting: 1) Results skewing toward longer booking windows, 2) targets being calculated on 30-day windows projected into a calendar causing a gradual shift in future years, and 3) the actual room flow of events being attributed only to the month of the arrival date.
How is FuturePace different?
Unlike a monthly static snapshot of pace production, FuturePace dynamic real-time access to two types of reporting: long-term pace and short-term 5-year STLY pace (Same Time Last Year) production. You also have the ability to drill-down information, intended to help you more fully understand variances and areas of concern or questioning right when you are viewing the report. No more waiting days for additional reports when your pace report interpretation indicates further investigation is necessary
How was FuturePace designed?
FuturePace was designed by the Simpleview business intelligence team with extensive feedback from DMOs obtained through the Simpleview Innovation Roundtable sales leadership, comprehensive development workshops, and beta testing with more than fifteen DMOs.
How does FuturePace align with my hotel partners?
One of the main goals of FuturePace was creating more meaningful communication and reporting with your hotel and stakeholder community. The Long-Term Pace report reflects a view of future years which allows you to identify “when you are in trouble, before you are in trouble,” giving you the opportunity for a more proactive and aligned booking strategy with stakeholders.
The 5-year STYL pace report reflects a view of short-term events to determine if you are staying ahead of the previous year’s production, comparing how much the sales team has confirmed definite for future periods against last year at the same time. The STLY report also emulates the report formatting and terminology most commonly used by hotels, allowing them to easily understand your organization’s production in relation to their own pace production.
Still have questions? Reach out to Terri Roberts at firstname.lastname@example.org for more information.