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Social-Media-Money

Well-informed hotel revenue managers have always used a variety of factors to determine pricing for available rooms.  These factors include the competitive landscape, market trends as well as long-term business plans.  However, a new factor that must be considered is the role social media plays in making more informed pricing decisions.

In the hospitality industry, cultivating and nurturing your online reputation is critical for success.  This is something we talked about in a previous blog post titled “The Importance of Online Reputation Management”. 

What once may have been viewed as a minor factor in pricing decisions has quickly become an increasingly important indicator for revenue managers.  The global trend of reputation management has prompted several studies over the past couple of years exploring the link between online consumer behaviors and pricing decisions.

Kelly McGuire of SAS, went so far as to uncover a strong relationship between user-generated content (ratings and reviews) and the quality of value perceptions of hotel room purchases.  Her research ranks positive or negative review valence as having the most significant impact on purchase decisions, followed by price and then aggregate rating.

What Does This Mean For You?

Social media should be used as a two-way communication forum.  When guests post a positive or negative comment on Facebook or Twitter, your social media department should respond as soon as possible.  This lets the individual traveler know that their comments are appreciated and lets the rest of your social media following know that you care about the needs of all guests.

When you are proactive and appropriately reactive with your social media channels, your online reputation will improve.  This can be a great way to build loyalty with a new generation of travelers, the Millennials, and can in turn change the way you manage your revenue strategies.

Reviews sites should be seen in the same light.  When you receive a negative review on one of the major OTAs or meta-search engines, whether it is about the rooms, food or service, a quick and well thought out response is the best way to ease a customer’s troubles.  Make sure you remedy this issue soon so that additional guests do not leave the same feedback on these review sites.

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