London-based revenue management software provider IDeaS Revenue Solutions is to introduce new software that can help analyse how social media ratings should affect hotel room pricing.

The tool will combine IDeaS’ pricing data with social media analytics for an all-round study of the impact on pricing by social media.

IDeaS co-founder and COO Sanjay Nagalia explains: “This is the industry’s first integrated solution that draws the correlation between how a hotel is reviewed and perceived online and how much it should influence pricing,”

“By creating this within IDeaS RMS, we can help hoteliers make much more informed pricing decisions,” he continues.

The new tool allow users a quick and automated way to appraise their online reputation and that of their competitors so that hotels can adopt more effective pricing strategies to maximise traffic and revenue in turn.

In addition, the Reputation Management Pricing feature will also factor in reputation management data from external online travel agencies, social media platforms and review sites, including TripAdvisor and Expedia among others.

The software which was developed by in collaboration with Brand Karma and ReviewPro is currently in beta status, but is scheduled to be available for general use by mid-2014.

© 2013 ITP Business Publishing Ltd. All Rights Reserved. Provided by an company.