Most hoteliers understand to grow revenue by competitive analysis, historical data and current market demand. Now world business structure is reshaping; Revenue and marketing drivers are no more liner, most businesses are affected by impact of social media and customer reviews.Many of us now book the hotel bedroom, holiday or restaurant dinner after reviewing review website like Trip Advisor, Booking.com or Agoda.com. Sharing our views on Facebook, Twitter or Linked In. Showing Visual effects on You Tube or Picasso. People not only check size of room / food, quality of product or services but also how customer sentiment handled at different situations.Social Media is growing on verge of global transformation. There is rising pressure on businesses to be more socially responsible and crate long term value creation. In the coming years, social media will become a powerful tool that will aggressively use to influence business attitudes and force companies into greater social responsibility—and, I suggest, Integrating Social Media into Revenue Management and in hotels Reputation management tools to Best Available Rate will move us towards a more sustainable practice of capitalism.Imparting social media ratings and sentiments from Review Pro with demand based pricing strategy will unable to make hoteliers to make more semantic pricing decision. The solution was analyzed using various process and frameworks and the main objective is to improve Revenue per available room.Implementation???
The Hotel ABC is country house hotel and conference center; part of renowned national hotel group and located on M25 Corridor near Watford, London.A premium venue has 197 bed rooms, 50 …
…oit : Sale effort to increase the revenue from group business.
Enhance : Attention to customer engagement, training and education programs.
Stage 2.3.5 : Risk Control
– Communicate daily Positive and Negative Customer feedback, Scores, Ranking, Revenue Rate RevPar, ADR and Occupancy to the team.
– All Incidents log in Risk Log and Plan of Action and Outcome for future learning as per example Exhibit 19
– Semantic Risk log if CompSet Ranking go higher due to any specific reason like new product in bedroom or special promotions.
– Most important Risk control tool is learning from daily activity, communicating and reviewing risk log.
Exhibit:1 Company Revenue Management Structure.Exhibit:2 Hotel Operations and Support Department Hierarchy.
Exhibit:3 Recommended Cross Department Process Analysis