IDeaS Revenue Solutions, the leading provider of pricing and revenue management software, services and consulting, today announced its newest revenue management capability: IDeaS Reputation Pricing module, an innovative solution that provides hotels with fully automated pricing recommendations that capitalize on the relationship between online reputation and pricing to generate revenue uplift.
Developed in partnership with Brand Karma and Review Pro, IDeaS Reputation Pricing module integrates data from IDeaS Revenue Management System (RMS) and creates a powerful, graphical visualization of market position for rate and reputation based on online ratings and reviews. The module adds another layer of information to a hotel’s pricing capabilities, allowing companies to take a more comprehensive look at their competitive positioning, and make tactical pricing adjustments.
“We have a commitment to our customers and the marketplace to create innovative solutions to drive better revenue,” said Sanjay Nagalia, chief operating officer of IDeaS. “Social platforms and peer-to-peer recommendations are not going away, and customer behavior online continues to have an impact on a hotel’s reputation, and ultimately its pricing. We’re eager to serve our customer base with this innovative feature.”
IDeaS Reputation Pricing module capitalizes on the inherent relationship between online reputation and pricing, aligning and optimizing a hotel’s Best Available Rates (BAR), accounting not only for a consumer’s sensitivity to price, but also the correlations between price and reputation for the entire market. By enhancing a hotel’s pricing capability with reputation data found in online reviews and ratings, this brand new pricing module realizes revenue opportunities and strengthens a hotel’s overall revenue management program. Key benefits include:
- Obtain a new automated BAR recommendation which now includes competitive reputation performance in addition to competitive rates
- Identify, validate, and quantify the revenue opportunity of reputation impacted pricing
- Assess and visualize market position in relation to competitors’ rate and reputation performance
Loews Hotels and Shangri-La Hotels and Resorts are serving as the charter clients for the company’s first-to-market Reputation Pricing module as part of the latest version of IDeaS Revenue Management System (RMS).
“Our hotels have always had a strong focus on reputation management, and we’re looking forward to incorporating this data into our pricing analysis process,” said Monica Xuereb, vice president of revenue management for Loews Hotels. “IDeaS Reputation Pricing module is a first-of-its-kind solution, and we look forward to continue our partnership with IDeaS in evolving how we think about customer perception and pricing.”
“We are delighted to be part of the charter program. This will enable us to look at sentiments and reputation data in combination with rates and performance, which is very exciting,” said Siv Forlie, vice president of corporate revenue management of Shangri-La Hotels and Resorts. “We are already seeing interesting correlations, and we look forward to further developing measurements in this area to learn more about how reputation can possibly impact pricing.“
IDeaS Reputation Pricing module will be available in an upcoming release of IDeaS RMS, July 2014.