Revenue Management – Calculators and Twitter Required
If the multiple sessions on social media at the HSMAI and HITEC events this week didn’t give it away, I will let you in on a big secret. Revenue Managers are starting to pay close attention to social media. Why? I would argue that it’s part of job. Revenue management is about setting the correct room rate based on a variety of factors that impact price. With the growing impact of online reviews and social media in guests’ hotel booking decisions, it only makes sense that revenue managers would look to social media to gauge reputation and perceived market position of their hotels.
We have heard repeatedly from Revinate clients that our dashboards and scorecards are being used in management team meetings to present the ‘pulse of public opinion’. Reviews allow management to see their hotels from a different perspective. Revinate is helping to empower all departments within a hotel, from sales and marketing to frontdesk to housekeeping to make changes based on customer input. We’re excited to see it now being adopted by revenue managers. And the experts agree that revenue managers need to keep their eyes on reviews. In the HSMAI keynote on Monday, Rafi Mohammed, author of The 1% Windfall, suggested that consistent great reviews should drive confidence in raising prices.