Scorecard Flashcards
What is the concept of a scorecard?
Imagine yourself on a desert island. You have an ipad with one screen and no other way to communicate with the world. A scorecard is designed to give you enough information about your business to know the health and performance.
What does the STR Scorecard do for us?
It gives us insights into our listing performance, revenue and health as well as a diagnostic tool to help solve any areas of concern.
What is the 3 step performance sheet?
Part of the scorecard. Shows us specific information about when people are making bookings at a listing, split into the Hedge, Control & Test Period.
What do we look for on the 3 step performance sheet?
We are looking for any indications that something is wrong with the strategy based on the number of bookings occurring in each step (H,C&T)
What is the Listing Health Sheet?
the listing health sheet gives us a full performance breakdown of the listing categorised into each step (H,C&T)
Based on future dates
What do we look for in the listing health sheet?
We are looking for any issues with the strategy, diagnosing any booking issues and viewing the actual performance of the listing against the competitive set.
What is the monthly performance sheet?
The monthly performance sheet is designed to allow us to look at the absolute raw data broken into monthly or daily increments.
Why do we use the monthly performance sheet?
Any time we are concerned that there may be some outliers in the hedge, control or test step that would make the data we are seeing on the listing health sheet less reliable. E.g a peak period or high season in the middle of a step skewing the data to a high season.
What is wrong with this picture?
Think of how the sheet should be set up, not the data itself
There is no Cleaning fee, service fee or tax rate applied. Meaning that the ABR will be overly inflated.
What is your assessment of the 3 step performance?
There are two major things that jump out at me here:
1. The spread of bookings between hedge, control & Test is healthy.
2. The number of nights booked is not healthy. There were 16 nights booked in a 30 day period (slow booking pace).
However, we need more information to be able to assess the overall listing health.
What is Your Assessment of this situation?
based on the information available
All bookings are occurring in the hedge period. That is a major sign that someone is over priced in the control/test period or has other rules affecting their bookability at that time.
Is this a good or bad situation?
This is likely to be good. However, we need more information (listing health sheet) to be able to make that assertion confidently
Is this a good or bad situation?
What we see here is an even split between control and test bookings. this is a good sign that you may be able to increase your test pricing. You may also note that the ABR is higher in the control than the test. This would suggest there is a high season or peak period included in the data that may be providing a false positive for the 3 step pricing.
what are the major areas of concern here?
- listing occupancy is super low
- Listing Booked Price Position is very low
- Listing Listed (Advertised) Price Position is VERY high
- length of the hedge step is long (60 days) that is possible, but uncommon
This is the hedge period only
What are the major areas of concern here?
- Listing Occupancy is ridiculously low
- Listing Booked Price Position is high, could possibly be a peak period/high season
- Listing Listed Price position is very high, especially mid week. (remember the reason we have a control price)
4.
This is control only
What are the major areas of concern here?
- market occupancy is incredibly low, length of step may need to be revisited
- Listing Booked Price Position is very high. Could indicate a peak period/high season booking at a lower than desired price
- there are 45 blocked nights in this period. Clarify why?
this is test only
what is the major area of concern here?
- only one night booked in the month
- very high vacancy
- listed price is extremely high given the actual occupancy for the listing and booked price
3 step performance
What is your assessment of this situation?
- there are a lot of bookings through the test period at significantly higher prices. Needs further investigation to see if this is bad
- limited hedge bookings which is good
- decent control bookings which is also good
- 67 nights booked in a 123 day period. some cause for concern
3 step performance
what is your assessment of this situation
- a lot of bookings occuring in the hedge period, that is a potential opportunity
- 27 bookings in 31 days is good pace
- major difference in price between control and hedge bookings needs investigation, potentially peak period/high season
what is your assessment of this situation
- midweek occupancy is 0% not good
- mid week price positon is high considering last minute and low market occupancy
- weekend bookings are really good
what is your assessment of this situation
- listing occupancy is 0% all round.
- midweek expected market occupancy is quite low
- listing listed price position is quite high for both midweek and weekend considering current listing occupancy and expected market occupancy
what is your assessment of this situation
- market occupancy is really low, perhaps reconsider the lenght of step here
- there is a significant number of blocked nights during the test period
- the test period is 328 days therefore you should look further into the monthly performance sheet for better information
