Most hoteliers consider the STR report a bible when it comes to measuring the comp set on ADR, occupancy and other revenue-related data. There’s no denying that revenue and reputation go hand in hand. With the increasing importance and volume of online reviews comes a new way to benchmark against the competition on reputation: the TrustYou Comp Index. Online reputation management (ORM) market leader for the travel industry, TrustYou, has unveiled a new portion of its tool that will show hotels how they stack up against its competitive set on the reputation front – up to 10 other properties that they can identify – with the number of reviews, overall score, management response rate, positive vs. negative comments and more. This new reporting functionality will show properties how they are doing versus those they compete with, platform-by-platform across all relevant sites in the market, including TripAdvisor, Expedia, Yelp!, Google+ and more. Hoteliers can access this data in the tool itself on the dashboard and also pull reports.
“We have seen time and time again that reviews drive revenue and have the data to support this,” said Ben Jost, CEO and co-founder of TrustYou. “Taking a closer look at how a hotel is doing in the review space, not is a silo but vis-à-vis its competitors in a side-by-side comparison, can inform a strategy to help ranking and positioning. The TrustYou Comp Index helps to pinpoint areas for opportunity on sites that hotels might not be focusing on. Taking an aggressive, focused approach on improving reputation will drive revenue. A hotel not maximizing its reputation potential is leaving revenue on the table.”
The tie to revenue and reputation is clear; here’s a look at what some of the TrustYou Comp Index measures and how it translates:
Overall Score: Hotels with a TrustScore higher than 90 have shown an increase of about 10.5% in ADR when the TrustScore increases by 1%. Hotels with a TrustScore lower than 90 have shown an increase of about 4.6% in ADR when the TrustScore increases by 1%.
Management Response Rate: Responding to reviews, whether positive or negative, has resulted in a 6% higher score.
Number of Reviews: For every additional 30 reviews a hotel’s score improves an average of 5%.
Bottom Line: More positive reviews = higher rankings = higher ADR.
Note: TrustScore ranks how a hotel does overall across all online comments/opinions/reviews.
The TrustYou solutions extend far beyond monitoring; its holistic approach to include increasing reviews, distribution of content and marketing reputation is extremely valuable for individual properties, hotel brands, destinations, OTAs and virtually every segment of the industry. TrustYou has a philosophy of the review space overall and how it relates to driving revenue and impacting bottom line results. Its Reputation Machine focuses on this philosophy: the 360-degree approach to the ORM space and driving revenue.
Since 2008, TrustYou has set the standard for reputation management with solutions for hospitality-industry businesses to analyze online reviews, tweets and posts across the social web, to gather trusted reviews directly from its customers, and to use the authentic conversations to successfully market online reputations.
TrustYou’s monitoring dashboards capture sentiment and opinions from millions of comments in one easy-to-view place from sources like Tripadvisor, Facebook, Google+, Twitter, Yelp and more across 23 different languages. In addition, TrustYou provides free online customer satisfaction surveys and marketing tools for all hotels. TrustYou's international team hails from 23 countries and speaks more than 20 different languages. The company already has more than 12,000 customers in 60 countries and monitors over 400,000 hotels, provide an extensive base for competitive analysis. TrustYou’s clients include individual hotels, independent boutique chains, destinations and major global brands such as Accor, Marriott, Starwood, Hard Rock Cafes and Best Western Hotels. The company’s partnerships span an impressive variety of organizations; from tech companies like Google, Trust and Micros, to destination-specific alignment with Germany and Switzerland to develop the countries’ official star-rating systems for hotels. TrustYou’s headquarters are in Dallas, USA and Munich, Germany, with further representatives in the U.K., the Netherlands, France, Central Europe, Asia and Australia. To learn more about TrustYou visit trustyou.wpengine.com.
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