Bests Stats of the Year – Why Revinate?
As we come to the end of 2010 I thought I would summarize some of the best stats and quotes that I have found this year that point to the importance of social media and online reputation management for hoteliers. While common sense is on my side, sometimes it takes a good stats to drive the point home. So here are my favorite stats for the year. Have more that you would like to share? Please comment below.
1. In January, 2010 Market Metrix released a report that links online reviews and bookings. “‘Guest experience factors’ which include past experience, reputation, recommendations, and online reviews, are critical to selecting a hotel by the majority of hotel guests (51%) and are now more important to guests than either hotel location (48%) or price (42%). For the first time, more bookings are driven by reputation than either location or price.”
2. 92% of internet users read product reviews and 89% of people say that reviews influence their purchasing decision. (source: e-tailing group)
3. “On Expedia.com, good reviews of 4.0 or 5.0 generate more than double the conversion of a review of 1.0 – 2.9,” Jennifer Davies, Expedia in an article on hotelmarketing.com.
4. 35% of social media users changed their hotel after browsing a social platform (source: World Travel Market, November 2010, reported by Tnooz)
5. 64 percent said they use social media to make their travel plans and within the 25-34 year old participant group, the number is even higher; 76 percent look to popular social media sites to plan their next getaway. (Sheraton Survey, November 2010)
6. “Reviews are a particularly important factor in what hotels will be able to charge through a third-party site. A 1-point increase in a review score equates to a 9% increase in average daily rate.”
Brian Ferguson, VP of Supply Strategy and Analytics at Expedia as reported by HotelsNewsNow.com.
7. 30% of travelers who use social networks report soliciting trip-planning advice from their networks. (source: PhoCusWright as reported by TravelWeekly.)
8. OTA shoppers who visit hotel review pages in OTAs are twice as likely to convert. (Source: PhoCusWright as reported by TravelWeekly.)