With the growing popularity and availability of online reviews and ratings, consumers have more information than ever before when purchasing a hotel stay.
* Reviews matter – business travelers look to the reviews to assess what their experience will be like. If the review is positive or negative they want to know why.
* Loyalty matters – Business travelers will put up with “good enough” or “OK” if they can get their points
* Price matters – Business travelers still recognize a deal, but it’s only the lowest price that entices them. They are relatively insensitive beyond that.
These takeaways present several opportunities for hoteliers. For example A brand that is relatively unknown in the market, could attract business travelers to forgo their preferred brand if their reputation was better, by offering a “deal”.
The bottom line is that pricing in today’s social world is not getting any easier. Not only do you have to understand your price relative to the market, and your reputation relative to the market, but you also need to understand your business mix.