You don’t have to look very far to realize social media’s importance in today’s economy. Even in commodity markets, online sentiment can shift demand in 140 characters or less from one supplier to another. And in the hospitality industry, cultivating and nurturing your online reputation is critical for success. The path to purchase is increasingly social, and hotels with a solid online presence and a unified brand are able to reach more customers in more places. In 2014, the best social strategies mix content types and platforms; they connect with customers at all stages of travel and create a loyal customer base. An informed, engaged and connected social audience cultivates brand loyalty among your guests and drives one of the most important trends in social media sentiment: online reviews. What once may have been viewed as a minor factor in pricing decisions has quickly become an increasingly important indicator for revenue managers. The global trend of reputation management has prompted several studies over the past couple of years exploring the link between online consumer behaviors and pricing decisions. Get the full story at Hotel Year Book (PDF 1.7 MB) Read also "Moving from revenue management to revenue strategy"