Business Builder

Online Reputation Management Can Make or Break Your Business

By October 12, 2017 No Comments

At FullServiceReview.com, we develop tools to help with reputation management, and connecting customers to businesses to help fast-track growth, customer satisfaction, and information. The importance of online reputation management is well-documented.

A few statistics you might find interesting:

  • 95% of consumers report reading online reviews
  • 90% of consumers read less than 10 reviews before forming an opinion about a business
  • 84% of people trust online reviews as much as a personal recommendation
  • 65% of consumers feel user reviews are more interesting than the information written by the company
  • 58% of consumers say that the star rating of a business is most important

Overall, the findings are that customers rely more on user experiences and the overall rating provided, than on the information generated by the company. Online Reputation Management is quickly eclipsing traditional marketing, and important in an integrated marketing approach.

What is the value of one positive review?

  • 74% of consumers say that positive reviews make them trust a local business more
  • 73% of consumers think that reviews older than 3 months are no longer relevant
  • 54% of people will visit the website after reading positive reviews

While it might sound like a motivational poster, the importance of recent positive reviews help immensely. FullServiceReview.com provides tools and tips to help you grow your business, listen to your customers and prospects, and understand what matters most to them (and ultimately you).

What is the effect of one negative review?

  • 35% of consumers say that a three-star (or below) rating would make them take their business elsewhere

This statistic is significant and scary to any business. The number of requests for online reputation management, crisis communications, and influencer marketing to offset negative publicity have increased dramatically since 2013. In large part, this increase (especially in influencer marketing) correlates to the rise in popularity of online review sites, and the integration and relevance of reviews on websites like Google and Yelp.

Will consumers write reviews?

  • 70% of consumers report that they will leave a review for a business if they’re asked
  • 7% of consumers report writing a review as a daily media activity

FullServiceReview.com provides guidelines and data on how to achieve higher review ratings. One thing worth mentioning: while consumers in the survey report this level of interest in providing reviews, our qualifying data (follow-through)? or actual conversion is lower. FullServiceReview.com provides strategies for users on how to most effectively convert requests to reviews for businesses.

What’s the difference between a three-star rating and a three-and-a-half-star rating in terms of sales?

Restaurants, especially local restaurants, are likely to sell out/reach peak volumes 49% more often by a half star increase on Yelp.

That’s correct. Better ratings = better sales. Understanding and responding to your customers and prospects, and taking their feedback to heart can help your business outpace and grow.

Sources : BrightLocal Local Consumer Review Survey 2016; Statista.com;  Entrepreneur.com; Michael Luca, Harvard Business School; Michael Anderson & Jeremy Magruder, The Economic Journal, Berkeley Department of Agriculture and Resource Economics