Today, we completed another successful webinar with Zac Ali – VP sales for AxisRooms and our very own Ravisha Kumar – Head customer success for RepUp. The topic of the webinar was “How to use Revenue and Review Management to Drive More Bookings”. We would like to extend our gratitude to all the hoteliers and managers around the world, who joined us.
The webinar mainly covered the following topics-
Market Intelligence, Competitor Set Selection, Why are reviews important, Relation of reviews to revenue, Essentials of a review management platform and Key actions to take at the hotel followed by a participatory Q&A session at the end.
Zac started by emphasizing about Market Intelligence and why it is an important factor in the hotel industry today. He went on to convey that Market Intelligence is imperative to understand how external and internal influencers, market trends, product positioning, demand indicators, and competition influence the revenue management strategy and planning.
According to him, the importance of Market Intelligence are as such:
- To understand how external and internal influencers, market trends, product positioning, demand indicators, and competition influence the revenue management strategy and plan.
- To enhance the ability to identify various types of benchmarks and why they are important.
- To understand how to create a benchmarking tool for your hotel.
- To understand how to complete a valuable S.W.O.T. analysis.
- To understand how a hotel’s market position relates to right pricing.
Zac went on to convey the importance of creating a Competitor Set Selection in order to benchmark your property’s performance against your competitors and why is it imperative in the hotel industry to know, what your competitors are up to. He emphasized that upon completion of the Competitor Set Selection, the hotel will have a clear view of where it stands regarding Price and Quality within every Market Segment in which they compete.
Ravisha ( Customer Success Manager RepUp) had also shared that online reviews are the second most trusted source for the potential bookings after direct recommendations from peers as almost 76% people choose hotels based on guest online reviews. Ravisha further shared that the connection between reputation management and revenue is becoming more transparent with every passing day. She went on to convey that for every 1 point increase in rating, booking increases by 14.2% and revenue generation by 5-9%. She provided valuable insights on the topic and mentioned that 80% of all negative mentions are about the same issues, so a process to manage and resolve the issues as soon as possible is a necessity.
Proceeding further, the differences between RepUp’s In-house Feedback Solution in partnership with TripAdvisor and the generic Email Feedback Solution that hotels usually use, were discussed thoroughly. In comparison with Repup Solution that has a conversion rate of 7-9%, generic e-mail feedbacks has a conversion rate of only 2-3%.
A successful case study about “Shahpura House” was also discussed during the webinar. Post implementation of RepUp “Shahpura” saw a review volume increase by 95% month on month and ranking increase from 33 to 20 out of 519 hotels during a time period of 9 months.
The webinar then concluded with the speakers engaging in a participatory Q&A session after the discussion with interested people.