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Revenue Management Woordenlijst

Lost Business

Definitie

Lost Business refers to potential bookings that showed interest in the hotel but ultimately chose to book elsewhere. This can include inquiries that did not convert, website visitors who didn’t complete a reservation, or RFPs (requests for proposals) that were awarded to competitors.

Hoe te gebruiken

Revenue managers analyze lost business data to identify patterns and reasons for missed bookings. By understanding when and why potential guests do not complete bookings, hotels can adjust pricing strategies, availability, and marketing efforts to better capture future demand. For instance, if a significant number of regrets are due to high pricing during certain periods, the hotel might consider adjusting rates or offering promotions to convert these potential guests into actual bookings.

Formule

Lost Business = Potential Inquiries or RFPs – Converted Bookings

Verwante termen

Denials, Regrets, Demand Unconstraining, Conversion Rate, Competitive Set
“Lost business isn’t just a missed opportunity—it’s valuable insight into what your guests want and what your competitors are doing better.”

Sarah Kock

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