MINNEAPOLIS – November 11, 2013 – IDeaS Revenue Solutions, the leading provider of pricing and revenue management software, services and consulting to the hospitality industry, today announced the industry’s first tool for analyzing how social media ratings and sentiment should impact hotel room pricing. Developed with Brand Karma and ReviewPro, the solution will enable hotels to make more reputation-aware pricing decisions by factoring social media sentiment into IDeaS Revenue Management System (RMS) pricing analysis.
“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. By creating this within IDeaS RMS, we can help hoteliers make much more informed pricing decisions.”
The Reputation Management Pricing is an additional feature within the Best Available Rate (BAR) module for IDeaS RMS. The feature will combine IDeaS’ industry-leading pricing data with Brand Karma and ReviewPro’s online reputation and social media analytics—bringing greater depth and functionality to IDeaS RMS. The feature will provide joint clients and future prospects with a fast, automated way to evaluate their online reputations and that of their competitors in context of the competitive pricing landscape in order to more effectively price rooms and drive revenue performance.
“As the impact of online reputation continues to grow, more hotels are seeking ways to calculate the return on investment of having an excellent reputation,” said Morris Sim, CEO and Co-founder, Brand Karma. “We are pleased to partner with IDeaS and help develop a tool that automatically assesses a hotel’s online reputation so that hoteliers can use this intelligence to price more competitively.”
In addition to producing the Best-Available-Rate (BAR) pricing decision based on arrival date, length of stay and competitor rate information, 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.
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.
The Reputation Management Pricing feature is currently in beta status and scheduled for general availability in mid-2014.
For more information about IDeaS, please visit www.ideas.com.
About Brand Karma
Brand Karma provides the only holistic marketing solution designed for hospitality and travel professionals to attract and retain customers via social and digital media. Founded in 2006 by 3 friends who are ex-Microsoft executives, today Brand Karma provides analytic tools marketers use to audit their brand, a social CRM to manage reputation, agency services to increase social commerce and brand awareness, and consultants to form winning competitive sales and marketing strategies. Headquartered in the United States, Brand Karma has offices in Japan, China, Taiwan, Singapore, and France. For more information, visit www.brand-karma.com.
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. For more information, www.reviewpro.com.