Brief on review pro
- 1. BRIEF ON REVIEW PRO Pooja Bhatt MBA 2B
- 2. To get on track Founded in 2008 Social media can be used to drive revenue gorwth by increasing guest satisfaction All the departments of a hotel are important for the strategy Better informed decision, empowerment to client & maximize the revenue Background with various companies Global review index : reviews from 90 OTAS+reviews sites to analyse
- 3. How to optimize datas? A key parameter to track operational & service excellence as well as track performance comparing to direct competitors Lack of confidence on DATAS because theyre public User generated content or social media upon hotel performance : online consumer panel DATAS from review pro : relationship between online reputation & hotel performance on 3 criterias : Hotel performance Pricing Demand Revenue per available room
- 4. How to optimize datas? Travelocity : North american major travel agency If reviews are monitored efficiently, price can be increased Estimate 3 regression models to estimate impact of online reputation management : Demand Pricing power Performance A NEW MEASUREMENT TOOL : UGC ELASTICITY
- 5. TO SUM UP : TAKE AWAYS User generated content / review score can increase a part of research process Substantive impact at time of purchase Impact translated into pricing power, demand & overall performance
- 6. Evolution of Revenue Management Reality of revenue management as a discipline today Value proposition : Impact of review metrics New sinergy, three factors to consider : Demand creation Demand capture Demand management A need of new revenue management era A so called generation 3 that combines leverage of technology + awareness of online marketing As overall impact of social media & specifically review sites drive purchase decisions
- 7. Importance of value Value proposition as a key element Reality is that customer define the value of a product based on : Price Service component Quality of product And they will compare these to other product available in the market Important to be aware of VALUE RATING on trip advisor, expedia & other OTAS Some useful tips : Compare variance month over month Compare GRI to pricing strategy during the same period
- 8. Case study : Melia Hotel International A market when it is getting more and more challenging to compete Grab revenue potential Revenue management connoted as complicated though the aim is to optimize the revpar Demand is not that much growing as well as supply Key question : How to push hotels pricing policy & strategy in a better way? Comparing is very important Quality penetration Index : new key performance indicator