1. Organize and understand data: This step is essential to effectively help drive the decision-making process. This is also true when it comes to channel performance, in particular as it relates to channel costs. To accurately track costs, it is critical that effective best practices and standards are structured around the proper use of business coding and data collection. This ensures the available data is both accurate and suitable for digging into new channel performance opportunities. 2. Identify the true cost of each reservation: Yet another critical element is identifying the true cost of a reservation. The depth and breadth of charges related to a reservation are often more complex than you think. Considerations must be made for all costs involved – which may include items such as variable commissions, labor costs, marketing spend, loyalty program charges and more. Ensuring that these elements are understood, organized and tracked correctly is essential. Get the full story at IDeaS