The fundamentals of revenue management are changing. Historical booking patterns and sophisticated algorithms are a strong base for the rate and distribution strategies but they are not dynamic enough. For many hotels the impact of social media on revenue management strategy, still remains unresolved.
The value a hotel delivers to its guests is reflected in the reviews they write; the hotel’s position in a fast-moving market determines the revenue performance it can achieve; competitors are busy finding new and innovative ways to attract guests. There are a myriad of information sources and as many ways to interpret and use the data they provide. In this paper we examine the multiple influences on revenue performance in the Age of Social Media and look at the virtuous circle which can be established when revenue performance is driven by value and market position.
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