The Impact of Online Reviews on Business

Online reviews play a crucial role in the success of your business. As a matter of fact, a 2017 study proved that the content of online reviews, especially on websites like Tripadvisor, Yelp, Facebook and Glassdoor, can make or break your company. Moreover, Bright Local revealed that roughly 93% of individuals read online reviews before choosing the right company to hire. The same report found out that 85% of individuals put a lot of trust in online reviews.

It promotes your credibility as a brand.

Nothing is more powerful and credible than the testimonies of your actual customers. To create a powerful impact, encourage your customers to share positive feedback on different social media channels and even on your own website.

It offers insight into products or services.

It has been proven that external review websites such as Bestonlinereviews aren’t just a reliable source of information. They also produce reviews on companies as whole instead of on a certain service or product. Through online reviews, clients will know what the business has to offer and how much experience they have in the industry.

It affects your bottom line.

Online reviews go beyond consumer trust.  It can affect your bottom line directly. A Harvard Business School research proved that a star rating in Yelp could boost revenues by 5% to 9%.

In the same manner, negative feedback can be impactful. A 2017 poll from Bright Local explained that about 48% people look for a minimum of 4-star rating prior to selecting a company or business. Having four or more negative feedbacks and articles concerning your business can, unfortunately, make you lose 70% of possible new clients.

You should know that consumers these days are more cautious. Before hiring or buying something, they conduct a legwork first. With just one terribly negative feedback, your reputation will suffer great damages.

It boosts your online rankings.

If you aren’t aware yet, Google also pulls data from online review websites. This means that the higher count of positive reviews you have, the better rankings you’ll get specifically in organic search results.

How to maintain good online reviews?

Mistakes and miscommunication can occur in a business. It is inevitable to get negative online reviews. When that happens, what should be your course of action? While it is not right to get negative online feedbacks, you don’t have to worry that much. Mitigate any possible damage it may incur in your business by responding to it correctly. Do not let emotions take over when dealing with irate customers. If necessary, apologize and compensate for the trouble you’ve made. It won’t just calm down a dissatisfied client, but it can also teach you how to take things professionally.

Final Thoughts

Competition is tougher with the rise of e-commerce. It is more vital than ever to manage and monitor your reputation online. Through balancing your customer service and marketing, you can control online reviews. Once you’ve accumulated many positive feedback, it will be easier to expand your business.