Figuring out exactly when to run a special or when to slightly raise your rates can sometimes feel like a guessing game. But what if you had an assistant to look at your past bookings and give you smart, easy-to-understand suggestions? Using ChatGPT alongside your NightsBridge Booking Summary is a brilliant way to uncover your quiet periods and spot opportunities to increase your revenue without needing a degree in finance. This guide will walk you through exactly how to use this clever tool to get personalised recommendations for your property. Let us look at your numbers so you can make confident decisions.
What is ChatGPT?
ChatGPT is a conversational artificial intelligence (AI) program. You ask it something and it uses the power of the internet to give you an answer or, in this case, analyse your booking information. It is a convenient yield management tool.
What is yield management
Yield management is a pricing strategy to increase revenue. It's about selling the right product (your rooms) to the right customer at the right time and price. It involves analysing demand and market information to adjust prices, ensuring the best return from your rooms.
1. Download your Booking Summary
First, we need to grab your booking history so ChatGPT has some data to look at.
- Head over to your Online Calendar and click on 'Reports'.
- Look for your Booking Summary report and set the date range to cover a full year. This ensures the tool can see all of your different travel seasons.
- Click 'Run Reports'. The file will safely download straight to your computer. Just make sure it is saved as an Excel (.xlsx) or CSV file.
2. Copy your instructions for ChatGPT
ChatGPT is very clever, but it needs clear instructions on what to look for. We have written the perfect prompt for you to use! Simply copy this exact text:
Analyze my booking Excel file (deduplicate by Booking ID).
“Own web site” in Source = direct bookings; ignore Type column.
Find quietest periods (fewest bookings) and create a plan using promo codes, % discounts, last-minute, early-bird, and minimum stay offers to fill quietest periods.
Then find busiest periods and suggestions to boost revenue. Base all recommendations only on this dataset. Give it in a simple format that is easy to read and interpret. present findings in a table and not on a spreadsheet.
3. Upload your file and ask ChatGPT
Now, let us put the tool to work. Open ChatGPT in your web browser by going to https://chatgpt.com/.
- Paste the text you just copied right into the 'Ask anything' message box.
- Next, click on 'Add photos & files' and select the Booking Summary report you downloaded earlier.
- Once your file is attached, hit the 'Send' button. It might take a moment or two for the system to process your request.
4. Review your personalised advice
Because ChatGPT is an adaptive tool, it will shape its answer specifically to your property's unique data. It will reply with a neat table showing your quiet and busy months, along with practical ideas on how to fill those empty rooms or get the best possible rate when you are busy.
It is important to remember that while ChatGPT is helpful, it can sometimes get things wrong. Always read through its suggestions carefully to make sure they feel like the right fit for your specific property before you apply them.
