You may have heard that word of mouth is the best type of marketing. That may be true, but in today’s digital world, word of mouth no longer just happens face-to-face.
Online reviews are the new normal for customers who want to recommend (or discommend) businesses to others. Unlike conventional word of mouth, online reviews give consumers access to testimonials from a broad range of customers, including those that they don’t know personally. Additionally, online review platforms make it easy to see the average customer opinion, generally in the form of stars.
So, how exactly do online reviews impact your business? Is there anything that you can do to improve them? We’ll answer these key questions below.
Online reviews can have a far-reaching effect on your business by impacting your:
A good reputation for your business can instill confidence in potential customers, encouraging them to purchase your product or service. But, a negative reputation can do exactly the opposite. Now, your business’s online reviews play a critical role in its reputation and how consumers perceive your brand.
Unfortunately, a significant number of negative reviews can ultimately lead to lost revenue. In 2018, the ReviewTrackers Online Reviews Survey found that negative reviews persuaded 94% of consumers to steer clear of a specific business. This statistic speaks volumes about the lost customers and, therefore, revenue that may follow bad reviews.
Search engines are designed to suggest top businesses to consumers. So, online reviews and ratings are taken into account when your search engine ranking is determined. Unfortunately, several negative reviews can make your listing fall in online search results, making it more difficult for potential customers to find your business.
Although the negative effects of online reviews can sound discouraging, the opposite is also true: Positive reviews can be a powerful asset for your business. To overcome negative reviews and encourage positive ones, consider the following tips:
At WattMedia, Inc., we offer Reputation and Review Management services to maximize the benefits of positive reviews while working to lessen negative reviews. Our services include review monitoring on the largest review sites. Contact us today to learn more!