Holistic digital marketing solution for hotel and travel brands, Brand Karma, and IDeaS Revenue Solutions have partnered to launch an innovative solution called the IDeaS Reputation Pricing module.
Shangri-La Hotels and Resorts participates in the charter programme / Image credit: shangrila.com
According to the Brand Karma’s media release, this is the “hospitality industry’s first tool to integrate Social Reputation Index with revenue management”.
The solution, integrated into the IDeaS Revenue Management System (RMS) pricing analysis, enables hotels to make reputation-aware pricing decisions by factoring in social media sentiment data.
The data comes from Brand Karma iO, the social business intelligence tool that analyzes a hotel’s online reputation against its competitors. Using this data, the IDeaS Reputation Pricing module recommends a Best Available Rate (BAR) by considering a hotel’s online reputation against its competitors.
Key benefits include:
- Identify, validate, and quantify the revenue opportunity of reputation impacted pricing
- Assess and visualise market position in relation to competitors’ rate and reputation performance
- Realise revenue opportunities and strengthen a hotel’s overall revenue management programme
Shangri-La Hotels and Resorts participated in the charter programme of this new pricing module.
Siv Forlie, vice president of corporate revenue management of Shangri-La Hotels and Resorts, said the solution would enable the hotel group to look at sentiments and reputation data in combination with rates and performance
“We are already seeing interesting correlations, and we look forward to further developing measurements in this area to learn more about how reputation can possibly impact pricing.”
Morris Sim, Brand Karma CEO & co-founder said, “The social reputation conversation has moved from monitoring to monetisation. Connecting a hotel’s pricing decisions with its online reputation is an important part of this shift, and it’s now a reality.”
The IDeaS Reputation Pricing module will be available in an upcoming release of IDeaS RMS this month.
• Featured image credit (technology in hands): violetkaipa/Shutterstock
