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Online Reputations Mean More Revenue
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Online Reputations Mean More Revenue

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Positive online reputations and social media influence buyers in new ways, and a study confirms this. A good online reputation can mean more revenue.

Positive online reputations and social media influence buyers in new ways, and a study confirms this. A good online reputation can mean more revenue.

Published in: Business

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  • 1. Getting Positive Online Reviews Mean Increase Revenue• Online reputations are important – Continue to play an ever more important role in customer’s decision to purchase a product or service www.recoverreputation.comRecover 347-421-7598Reputation
  • 2. Getting Positive Online Reviews Mean Increase Revenue• Positive online reputation translates in very tangible ways into: – Increased revenue – More business www.recoverreputation.comRecover 347-421-7598Reputation
  • 3. Getting Positive Online Reviews Mean Increase Revenue• Hotel/hospitality industry use social media to: – Engage with guests – Generate bookings www.recoverreputation.comRecover 347-421-7598Reputation
  • 4. Getting Positive Online Reviews Mean Increase Revenue• Study by Cornell University Center for Hospitality Research, discovered 5 important points that focus on online reputations: www.recoverreputation.comRecover 347-421-7598Reputation
  • 5. Getting Positive Online Reviews Mean Increase Revenue1. Guests Look at Reviews Before Booking – Travelocity guests looking at views before booking a room or a trip have steadily increased. www.recoverreputation.comRecover 347-421-7598Reputation
  • 6. Getting Positive Online Reviews Mean Increase Revenue2. More Online Reviews are Being Written – Reviews on sites like Travelocity have increased as well. www.recoverreputation.comRecover 347-421-7598Reputation
  • 7. Getting Positive Online Reviews Mean Increase Revenue3. Occupancy Increases the Result of Reviews – Occupancy increases 0.54% for each 1% increase in a hotel’s online reputation score per available room. www.recoverreputation.comRecover 347-421-7598Reputation
  • 8. Getting Positive Online Reviews Mean Increase Revenue4. Revenue Jumps Due to Reviews – Each 1% increase in a hotel’s online reputation score results in 1.42% increase in revenue. www.recoverreputation.comRecover 347-421-7598Reputation
  • 9. Getting Positive Online Reviews Mean Increase Revenue5. Higher Prices Due to Online Reviews – As online review scores improve, the price charged can be increased. – For the Travelocity website, this means that a 1 point increase in hotel ratings—say from a 3.2 to a 4.3—the hotel can increase its price by 11.2%. www.recoverreputation.comRecover 347-421-7598Reputation
  • 10. Getting Positive Online Reviews Mean Increase Revenue• The study spent: – Six months analyzing occupancy numbers – Daily room rates – Online reviews – From more than 3,000 hotels in 20 international and US cities. www.recoverreputation.comRecover 347-421-7598Reputation
  • 11. Getting Positive Online Reviews Mean Increase Revenue• The conclusions could be applied to: – Financial – Legal – Dental/medical professions – Any business where online reviews are used to aid the customer in deciding what to purchase. www.recoverreputation.comRecover 347-421-7598Reputation