ReviewPro, the leading provider of online reputation and social media analytics for the hospitality industry, will provide IDeaS Revenue Solutions with data from its award-winning reputation management for hotels solution for a new price optimization product. Using ReviewPro’s data, IDeaS, the leading provider of pricing and revenue management software, services and consulting to the hospitality industry, will allow its global clients to discover how social media ratings and sentiment impact consumer demand and pricing power.
The new feature, called Reputation Management Pricing, is currently in beta status and is scheduled for general availability through IDeaS Revenue Management System’s Best Available Rate module by mid-2014. By combining IDeaS’ world-class revenue optimization algorithms and ReviewPro’s unparalleled insight into online reputation performance, this new tool will enable hoteliers to make more informed decisions on rate strategy and price elasticity based on online guest satisfaction and competitive comparisons.
According to RJ Friedlander, CEO of ReviewPro, “The hospitality industry has experienced a surge in the incorporation of social analytics into revenue management decisions as online guest feedback’s impact for hoteliers continues to grow. Our collaboration with IDeaS arrives hot on the heels of a landmark study by Cornell University that proves that hotels can effectively drive financial performance through improving their online guest satisfaction.” According to Cornell’s research, a 1-point increase in ReviewPro’s 100-point online reputation score, the Global Review Index™, can lead up to a 0.89% increase in price, a 0.54% increase in occupancy, and a 1.42% increase in RevPar.
“Most hoteliers understand that social media ratings impact their ability to attract and retain customers, but they don’t have the tools to calculate how it impacts pricing,” said Sanjay Nagalia, Chief Operating Officer and Co-founder, IDeaS Revenue Solutions. “This is the industry’s first integrated solution that draws the correlation between how a hotel is reviewed and perceived online and how much it should influence pricing”.
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ReviewPro enables hoteliers to increase guest satisfaction and online revenue by more effectively managing their online reputation and presence in leading social media sites. The company provides the analysis, customer intelligence, competitive benchmarking and reporting needed to help hotel professionals more effectively manage their organization. ReviewPro aggregates hundreds of millions of social media mentions, in 45+ languages, from hundreds of the most relevant Online Travel Agencies (OTAs), review websites and social media platforms. After rapid growth in the European market, the company has expanded internationally and quickly grown its client roster to thousands of hotels in over 80 countries, including Louvre Hotels Group, Kempinski Hotels, Meliá Hotels International, The Red Carnation Hotel Collection, The Library Hotel Collection, CitizenM Hotels and Apex Hotels.
Founded in 1989, IDeaS Revenue Solutions – a SAS Company, offers industry-leading pricing and revenue management Software, Services, and Consulting to the hospitality and travel industries. Headquartered in Minneapolis, MN with a global technology center located in Pune, India, IDeaS maintains sales, support and distribution offices in North & South America, the United Kingdom, Europe, Middle East, Africa, Greater China, Australia and Asia. For more information, visit www.ideas.com