2. • Research from Cornell's Center for Hospitality
• Research that highlights the correlation between
aggregate guest ratings, as defined by ReviewPro's
Global Review Index™, and hotel rates and revPAR.
3. Host Daniel Edward Craig :
• brings in the experts to discuss highlights of the research
• its implications
• how hotels can use this data to optimize rates,
distribution channels and revenue
4. • New performance measure
• Competitive quality index
• Allowing to measure the guest reviews performance
relative to competitors
• Track the direct competitors
• Measure of guest satisfaction
5. : Associate Professor, Cornell School of
Hotel Administration
• He will discuss the results of the Cornell study, conducted in partnership
with ReviewPro and STR Global, which examines the correlation
between aggregate review scores and a hotel's demand, pricing power
and revPAR.
Co-founder, Buckhiester Management
• She will show how to turn this knowledge into power by integrating
review metrics into revenue management strategies and tactics.
Global Director of Revenue Management, Meliá Hotels International
• He will show how Meliá is pioneering the integration of reputation
metrics and revenue management to drive higher ADR, demand and
guest satisfaction.
6. The 1st analysis from Cornell University, the first hospitality
management program and now leader in this field:
Social media user generated impact on performance:
• An important part of the research process
• Impact of reviews on purchase decision
• Impact of online reputation upon performance ( Occupancy,
ADR, revPar)
• Impact translated into pricing powern demand and overall
performance
• Ex: Increase in reviews score by 1 point(3.8 to 4.8) increases
the odd of being booked by 13.5% and can increase the price
by 8% and maintain probability of purchase, market share
7. The second analysis from Victoria Edwards:
• New synergy, new approach of the revenue
management, combines 3 points: the demand creation,
demand capture, demand management = optimal RM
• 3generations of RM:
• Old view/last generation: revenue manager= reservation
manager
• Generation 2: more sophisticated, more tools, more
education
• Generation 3: combines all of the elements
8. • Define value proposition
• Value= price + product itself
• Indexes from review sites provide pricing signals
9. • Compare variance month over month
• Compare GRI to your pricing strategy during the same period
• Compare your STR index balance to GRI
• Look at your GRI versus comp set GRI
• Compare your forecast accurancy with your GRI variance
• Drill down to see how your rooms score
• Look at all of these metrics in terms of forward looking
indicators such as the rate shopping tools and the predictive
forecast sites
• In the 3rd analysis, it is a case study which demonstrates how
we have to manage the revenue management department and
reputation metrics to drive higher ADR, demand and guest
satisfaction.
10. • Reviews are very important, they drive revenue, thus
don’t
• Role of revenue manager must become even more
strategic and analytical
• Review metrics must be used and integrated as a key
component of revenue management strategy
• To maximize revenue and to stay ahead of the
competition, compare your review index with rate,
occupancy, and RevPar indexes to find optimal rates and
positionning in the market place
