Ever wondered how your hotel's online reputation is going to positively or negatively impact your hotel pricing?
Ever wondered what is the return on investment for maintaining an excellent brand reputation in social media?
Now, there is apparently a tool built to answer these questions.
IDeaS Revenue Solutions, the revenue management service provider to hospitality industry has built a tool for analyzing hotels' social media ratings /sentiment and its impact on hotel room pricing.
The solution developed by Brand Karma and ReviewPro enables hotels to make more reputation-aware pricing decisions by factoring social media sentiment into IDeaS Revenue Management System (RMS) pricing analysis.
This new Reputation Management Pricing feature will be available within the Best Available Rate (BAR) module for IDeaS RMS.
The feature will enable hoteliers to evaluate their online reputation and that of their competitors in context of the competitive pricing landscape in order to more effectively price rooms and drive revenue performance.
In addition to taking various factors like arrival date, length of stay and competitor rate information to arrive at a BAR, the Reputation Management Pricing feature enables IDeaS RMS to factor in reputation management data from hundreds of online travel agencies, review sites and social media platforms, including TripAdvisor, Expedia and Booking.com.
The Reputation Management Pricing feature is currently in beta status and it is scheduled for general availability in mid-2014.
Recently, ReviewPro launched Revenue Optimizer, a feature that suggests revenue improvement parameters (for hotels) depending on their online reputation.
NB: Dollar image via Shutterstock.