ReviewPro, the leading provider of online reputation and social media analytics for the hotel industry, announces a new revenue management capability developed in partnership with IDeaS Revenue Solutions, a leading provider of pricing and revenue management software, services and consulting. The IDeaS Reputation Pricing module is an innovative solution that provides hotels with fully automated pricing recommendations, capitalizing on the relationship between online reputation and pricing to generate revenue uplift. IDeaS Reputation Pricing module integrates data from IDeaS’ Revenue Management System (RMS) and creates a powerful, graphical visualization of market position for rate and reputation based on online ratings and reviews. The module adds another layer of information to a hotel’s pricing capabilities, allowing companies to take a more comprehensive look at their competitive positioning and make tactical pricing adjustments. It aligns and optimizes a hotel’s Best Available Rates (BAR), which accounts not only for a consumer’s sensitivity to price, but also the correlations between price and reputation for the entire market. By enhancing a hotel’s pricing capability with reputation data found in online reviews and ratings, with the Global Review Index™ (GRI), this new pricing module helps revenue managers to identify and realize opportunities and strengthen a hotel’s overall yield management program. Key benefits include: - Obtain a new automated BAR recommendation which now includes competitive reputation performance in addition to competitive rates - Identify, validate, and quantify the revenue opportunity of reputation impacted pricing - Assess and visualize market position in relation to competitors’ rate and reputation performance “We have a commitment to our customers and the marketplace to create innovative solutions to drive better revenue,” says Sanjay Nagalia, CEO of IDeaS. “Social platforms and peer-to-peer recommendations are not going away, and customer behavior online continues to have an impact on a hotel’s reputation, and ultimately its pricing. We’re eager to serve our customer base with this innovative feature.” ReviewPro CEO, RJ Friedlander, says, “We’re very happy to partner with IDeaS, an innovative leader in the area of revenue management. In today’s technology and social media-driven climate, for better or worse, a hotel’s online reputation directly impacts revenue potential. The integration of our data into IDeaS’ product gives savvy revenue managers an important leg-up on competitors in their effort to maximize BAR.” IDeaS will harness the industry-leading GRI, an online reputation score which is calculated from reviews in 40+ languages in more than 100 online travel agencies and review sites and originally developed in collaboration with mathematicians, hotel industry experts and leading academic institutions. The GRI offers unparalleled benchmarking capabilities for individual hotels, groups of hotels or brands. In fact, the Cornell School of Hotel Administration published a landmark study on the correlation between hotel reputation and revenue and revealed that, on average, a 1-point increase in a hotel’s GRI™ score leads to a 0.89% in price (ADR), a 0.54% increase in occupancy and a 1.42% increase in revenue per available room (RevPAR). ReviewPro client Loews Hotels will serve as a charter client for the company’s first-to-market Reputation Pricing module as part of the latest version of IDeaS Revenue Management System (RMS). “Our hotels have always had a strong focus on reputation management, and we’re looking forward to incorporating this data into our pricing analysis process,” says Monica Xuereb, vice president of revenue management for Loews Hotels. “IDeaS Reputation Pricing module is a first-of-its-kind solution, and we look forward to continue our partnership with IDeaS in evolving how we think about customer perception and pricing.” Related Link: ReviewPro