preview

Impact Of Social Media On Lodging Performance 2012 Essay

Decent Essays

INTRODUCTION
In the current economic aura, it is not advisable for the hotel industry to rely on conventional techniques of promoting economic growth and increasing prices which may lead a situation where the travelers may book hotels elsewhere. The hotel industry operates in a competitive market structure and in order to gain competitive advantage, brands, hotel owners and operators must capitalize on social media, mobile and analytics and make their business customer centric. This would help them to gain in the long run.
Any industry’s image is built based on the better views it obtains and also earns better revenues. This is true in case of the hotel industry as well. Hotels with large volume of booking and pricing strategy that attracts customer can obtain a good review in the market.’ The impact of Social Media on Lodging Performance 2012’ a study by Cornell’s Center for Hospitality Research revealed that the guest satisfaction obtained from online review score directly impact the hotel’s financial performance. The study also concluded that for increase in every one point in a hotel’s 100 point ReviewPro Global Review Indexcauses a 0.89 percent increase in its price, a 0.54 percent increase in the rate of occupancy and an increase of 1.42 percent are seen in RevPar value.
HOTELS NOT SERIOUS ABOUT SOCIAL MEDIA MARKETING
The power of the social media is no doubt identified by the hotel industry. The social media marketing is important because people now-a-days are

Get Access