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Reputation Management

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by

Gretchen Pitcairn

on 8 September 2013

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Transcript of Reputation Management

Drive New Business
What are the costs of doing or not doing this?
Companies we'll discussWh
-Revinate
-Market Metrix
We Recommend;
Reputation Management
By: Gretchen, Meredith, Jill and Dennis
Reputation Management
Financial Analysis
Why is reputation management necessary?
Reputation Management Services
Sources
-Interview, Talene Staab. Sr. Director Brand Performance Support at Hilton Worldwide
We are a fast-paced Social World...
-Grow Revenue
-Improve Loyalty
-Create Promoters
-Reduce Problems
Revinate Focuses On
http://uprisenetwork.com/content/brand-analytics/platform?id2=6
http://online-reputation-management-review.toptenreviews.com/
* Reputation accounts for approximately 30-40 percent of overall worth
https://www.hotelschool.cornell.edu/app/facultydb/instructors/cka9
* Pushes negative reviews away from search results
http://www.reputation.com/reputationwatch/blog/hotel-reputation-management-how-encourage-positive-reviews
http://news.yahoo.com/revinate-clarabridge-partner-bring-world-class-customer-feedback-120245141.html
* Start upon guests arrival with excellent customer service
*Always stay updated with social media
* Train employees to ask if customers are enjoying their stay
*Always respond to reviews (Positive and Negative) in a timely matter
* Increase on-site conversions to save commission fees
* Maximize pricing
Consider:
change in loyalty
cost per incident
Tom Shaver - General Manager of The Inn at Virginia Tech
On reputation management services:
Makes sure search engines reflect your company in good light
That negative WOM affects the bottom line.
Looks at
Hotels cannot afford to do nothing!
Content
Website
Social Networking
Complaints and negative reviews have a cost
Service Tools
* Facebook
* Tweet Concierge
* Corporate Reporting
* Sentiment Analysis
* Social Buzz
* Tickets
* GS2 Reports
How are chains responding?
Hilton
Marriott
The Inn at Virginia Tech
(managed by benchmark)
"1 bad review resulted in a 9% decrease in revenue"-Reputation.com
Reputation Management Services: Cost Structures
Hyatt


Customer Feedback throughout the whole hotel stay
solving Problems to customer satisfaction BEFORE they write negative on-line reviews.
Early Intervention is Market Metrix’s niche
* 70% of consumers trust brand recommendations from friends

* 75% of travelers post on social media

* 54% of consumers perceive Facebook as the most useful and trusted social media platform for researching travel
Revinate:
$1,188

= $99
(cost per month) X 12 (months per year)
What is Reputation Management?
* Reviews
* Web monitoring
* Bad content suppression
* Increase loyalty and profitability
* Social media
Why use Reputation Management Services?
* Gain profit and credibility
“For Hospitality, Social Media
is too little too late”
"A few years ago we were told to constantly be searching for the Inn on YouTube but today we use Market Metrix and Revinate to help us respond to online reviews"
http://www.infooninternet.com/protect-your-positive-image-through-best-reputation-management-services-3809171
"It takes years to build a good reputation but it merely takes seconds to get it damaged."
http://hiltongardeninn3.hilton.com/en/hotels/virginia/hilton-garden-inn-blacksburg-BCBGIGI/index.html
http://www.innatvirginiatech.com/
Interview, Michelle. Revinate
http://www.businessweek.com/stories/2008-04-30/do-reputation-management-services-work-businessweek-business-news-stock-market-and-financial-advice
http://www.rewards-insiders.marriott.com/community/hotel-reviews
newBrandAnalytics:
http://www.newbrandanalytics.com/products-nBA-Advantage.php
http://corp.marketmetrix.com/how-we-do-it/
http://www.tnooz.com/2012/07/17/how-to/three-ways-hotels-can-drive-revenue-keeping-a-close-eye-on-social-media-data/
Market Metrix:
ReviewPro:
eBuzz Connect:
Revinate pricing is based on the economics of each user.
$300

= $25
(cost per month) X 12 (months per year)
$2,388

= $199
(cost per month) X 12 (months per year)
$1,200

= $99
(cost per month) X 12 (months per year)
newBrandAnalytics delivers
Social Intelligence solutions for
The Inn at Virginia Tech
the restaurant, hospitality,
government and retail industries.
Currently uses Market Metrix for surveys and Revinate for social Media
147 Rooms
Market Metrix: $300 = $25 (cost per month) X 12 (months per year)
A 1% increase in Reputation leads to
0.54% increase in Occupancy
. . . & a 1.42% Increase in ADR
source: Chris Anderson Ph.D of Cornell Hotel School
IS IT WORTH IT?!?!
Look at the numbers . . .
$300 (Market Metrix) + 5,400 (Revinate = $450 X 12 mo.) =
$5,700 annually
Assuming 75% occupancy and $121.72 ADR . . .
($121.72 X 1.0142) X 75.54% = $93.25 X 147 = $13,708.18
$121.72 X 75% = $91.29 X 147 = $13,419.63
13,708.18 - 13,419.63 = $288.55 in additional daily revenue
$288.55 X 365 = $105,320.75 in a additional annual revenue
$73,724.52 - $5,700 =
$68,024.52
$105,320.75 X 70%= $73,724.52 Flow Thru @ Flow Thru = 70%
$68,024.52 in return AND happy customers!
Full transcript