Social media influences revenue managemen

Social media is transforming not just how people connect and stay in touch but also how they collaborate, plan, share information and make decisions. TripAdvisor, Facebook, Twitter and Foursquare are changing the travel landscape, and newer social entrants like Instagram and Pinterest are rapidly coming into their own as the viral, sharing economy compounds. As the next generation of travelers, marketers and revenue managers use these sources to make decisions, it will become paramount for hotel teams to analyze the quantitative and qualitative data to capitalize on social trends.

Is social just marketing?
There has been much talk recently about the differences between revenue management and marketing—how the latter is about building brand awareness, recall and affinity to drive long-term demand, while the former is focused on matching that demand with price given finite supply to maximize revenues and profits. Both disciplines aim to make the hotel more money, but at times they are at odds on how to develop and execute social strategies that drive revenue. Managing social network activity has been under the marketing umbrella, and rightfully so. Social media is a purveyor of preferences, locations, experiences and ideas that have been most influential for the phase of a trip, the experiences during the actual trip and sharing once the trip is over. Read more

Published in: http://www.hotelnewsnow.com

By: Jay Hubbs

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About RezNext

RezNext is the world’s only true Real-Time Distribution Management Solution provider. It empowers hotels to adopt a distribution strategy that simplifies the complex global distribution environment and makes it understandable and manageable. It is integrated with revenue management, operating intelligence and powered with reputation management insights. RezNext’s portfolio of offerings include Rate & Channel Manager, Revenue Management, Online Reputation Management, Website Designing and Web Booking Engine, Mobile solutions, Central Reservation System, Business Intelligence, Property Management System (PMS) two-way connect, GDS and OTA Interface and Loyalty & Feedback Management. Our growing range of solutions can be access by hospitality properties across market segment and size, such as independent hotels, chain hotels, business hotels, resorts, clubs, service and limited service apartments, spas, restaurants and others.
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