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Budgeting for Hotel Reputation Management

Budgeting for Hotel Reputation Management

  |   Hotel Reputation Management   |   No comment

Budgeting for Hotel Reputation Management

The question of why to budget for hotel reputation management often arises. Hotel Reputation Management now encompasses not just on-site reputation building but also online reputation formation and maintenance.  Hotels have seen that online reviews can build or break a hotels brand image and reputation. Online hotel reviews also have a proven link with sales revenue. So it is vital that you assign an adequate budget to your Hotel Reputation management function.

Factors to consider when budgeting for hotel reputation management

The VP of Analytics at the famous travel site Expedia said that is was seen that a one point increase in rating (where there are a maximum of five points) translates into a 9% increase in the average daily rate.  Case studies also show that hotels who do not invest in building their online reputation are forced to adopt price cutting strategies.

Online reviews serve as tools in identifying your hotel’s strengths and weaknesses. Online guest reviews allow managers to view their hotel from the viewpoint of their guests. Analysis of online reviews can help to understand the experience clients are getting from your hotel and use this understanding in developing new business strategies. Therefore an increase in reviews due to investment in hotel reputation management will possibly result in greater sales and the increased feedback will help management to make more informed decisions.

When deciding on what amount to set aside for hotel reputation management you also have to decide about the level of technology you will use. It is vital to involve management in hotel reputation management function but there time already has many “pulls” on it. Asking management to aggregate data is a waste of precious hours. You can invest in reputation management technology. The time saved by implementing such a system can be used to focus on serving guests and acting on the information provided by the software. Implementing such a system maybe expensive but it will give hotel reputation management function’s efficiency a big boost and free up valuable management time.