Compare what each booking leaves behind
A direct booking comes with acquisition costs. A booking through an intermediary may come with commission. Comparing the gross booking values alone leaves both out.
Start with the same stay period and room type where practical. Record the booking value, cancellations and refunds, channel charges, variable stay costs, and advertising costs. Be explicit about costs you have not included. The goal is a comparable view of contribution, not a larger revenue number.
Put demand next to availability
More enquiries are not always the immediate need. A campaign promoting dates that are already full can waste attention, while another period still has rooms to sell. Put booking lead time and available capacity beside your campaign results.
A location page attracting visitors but few booking enquiries deserves a closer look. Check room information, rate availability, mobile booking steps, and whether the page matches the reason people searched. The data identifies a place to investigate; it cannot tell you the cause by itself.
Give each test a specific job
Choose a change you can explain: a clearer family-room page, a campaign for a quieter travel period, or a simpler route into the booking engine. Decide which outcome matters before the test begins.
Follow bookings through cancellations and completed stays where possible. Keep the reporting window consistent and note changes in pricing or availability. That gives you a more useful basis for the next campaign than celebrating bookings that never became stays.