1. Product alignment: Buckhiester stressed the importance of knowing value scores on websites such as TripAdvisor. Most hoteliers are familiar with where they stand in the rankings, but value scores provide pricing signals. If a hotel has a higher value than its competitors, it’s revenue manager should be pushing higher prices. Consumers are getting hyper-details about hotel guestrooms before they even check into hotels. Some hotel sites even allow guests to see the view from each room online. When the consumer has hyper-details such as these, revenue managers will have to watch RevPAR by room type much more closely. 2. Competitive benchmarking: “Social media is changing the whole way we approach benchmarking,” Buckhiester said. Websites such as Chatter Guard and Market Metrix help revenue managers manage and understand what is being said about their properties online. The new metrics to track and evaluate are reviews on online travel websites, videos, Facebook fans, Twitter, photo shares, bookmarks and blog entries. Buckhiester also suggested cross-comparing social-media metrics to market share performance. 3. Strategic pricing: Consumers are intrigued by new retail concepts that offer members-only deals, flash sales, group buying and auctions. The key is to focus on value instead of price. There are websites that show consumers exactly what they are getting for the price they are paying. Value seekers will pay more if they are getting more and then move on to social-media networks to spread the word about the great value. If revenue managers decide to start a social-media initiative involving pricing, it is imperative they have sufficient staff to handle questions as they start coming in. Get the full story at HotelNewsNow.com