“79% of consumers trust online reviews as much as personal recommendations.”
4 out of 5 consumers who search for you online will trust what reviewers say about you online. This rings true whether you’re a plastic surgeon being searched by a potential patient or an auto service garage who was found by someone who needs a new bumper. People who see your reviews are likely to trust what was said about you online, whether those reviews were left by your best friend or a complete stranger.
“A one-star increase in Yelp rating leads to a 5-9% increase in revenue.”
Professor Michael Luca found this online reputation management statistic to be true while conducting a study at Harvard Business School. It’s terrific if your business has a 3-star review on Yelp and brings in yearly revenue of $1 million. Increase that Yelp rating to 4-stars, and you’re looking at a cool $50,000-$90,000 of revenue every year. A strong online reputation management campaign can literally allow your business to earn more revenue. Many are hesitant to invest because they don’t believe there will be a return on their investment. Those who promote their business reviews online will reap the monetary benefits.
“73% of consumers say positive reviews make them trust a business more.”
This rep management stat is all about your brand. Branding is all our businesses really have online. If people trust you to provide solid services or products, they’re much more likely to convert into customers, clients, or patients. When people don’t trust you, even if it’s because of a few unjust reviews, they won’t invest their time or money in your business. When your industry is driven by online reviews (most of the major ones are these days), your online testimonials will tell people whether you’re trustworthy or not. With online reputation management comes the ability to take control over this.
Hopefully, these online reputation management statistics were useful to you. Online rep management is no longer optional, whether your a big business or a start-up. People will trust the brands with the best reviews, and this will only become more important as your business moves forward. Be proactive about promoting yourself and your business online, and don’t force yourself to be reactive when you receive negative reviews. Managing your online reviews effectively is an important element to ensuring you appeal to new business on the Internet.