STAR Reports are vital benchmarking tool for hotels. Reports allow comparing the hotel's performance against its competitors and the market. Revenue managers monitor supply, demand, and revenue changes in the market and assess business strategies' effects.
However, reports only show past performance. Once the report is received, nothing can be changed or adjusted for the previous week or month. If the pricing strategies were incorrect, it would be reflected in the STAR report. At this point, revenue managers can not undo the negative effect. They would adjust strategies for the future and wait for the new STAR report to evaluate the results.
What if hotels could receive future data about the competitive set and the market and proactively adjust pricing strategies?
Now STR provides such a tool.
Meet Forward STAR - A new report from STR gives a 360-degree view of actual occupancy on the books and pickup and compares the hotel's upcoming daily performance with the market and competition. The report allows revenue managers to evaluate the impact of their decisions in advance of a specific period.
What information do hotels get?
The report shows occupancy on the books for hotel, competitive set, and the market for the next 90 days (weekly) and 12 months (monthly). Occupancy is broken down by day as well as 7, 14, 28, and 90 days.
Pickup Since Last Week
The report shows bookings pickup for hotel, competitive set, and the market for the next 90 days. Pickup data is broken down by day and 7, 14, 28, and 90 days.
Why use Forward STAR?
Proactive vs. Reactive
Adjust pricing strategies and inventory controls based on changes in the hotel's occupancy and pickup pace compared to the market and competition. Develop marketing campaigns based on the forward market data.
Monitor and Evaluate
Look at the current results and impact of the decisions on future business. Adjust, if necessary.
Win the business and bit the competition. Future data allows having a real-life picture of the market. Decisions made based on the forward-looking data are more effective.
Uncover Demand Generators
Markets can be very dynamic, and a sudden increase in demand can be missed. Forward STAR will ensure the hotel sees an increase in demand and acts appropriately to maximize the revenue.
Combine Historical Trends with Forward Booking Data
Now, hotels can better analyze their performance and strategies by looking at historical and future data for a specific period. The broader view allows revenue managers to make better decisions to maximize revenue.
Monitor Competitive Set and Market
Changes in the market can be assessed against competitors' performance and the hotel's performance against the competitive set and the market.
What about availability?
As of October 2020, Forward STAR is available for 57 markets globally. New markets are being added rapidly.