As you may know, I am a big fan of the R-4 Framework (see the image to the right) as a way of describing how you can grow your business. In this Blog Post, I’ll be focusing on Reputation and what you should know about it to help grow your local business.
What People Say About You Online on Sites Like Yelp, Trip Advisor, and Google Matters
It’s never been easier for a potential customer to find out what other people think about your business. Want to see what people are saying – just Google your Business Name and see what pops up.
Obviously, if you’re not nurturing your reputation online, if you’re not taking care of that, and you’re putting out a bad reputation or no reputation to the market place every day—you are just costing yourself lots and lots of money. Check out these stats:
Statistics show that 70% of people read online reviews and take them with as much credibility as a personal friend or family members. Further, if you have any negative reviews you may already be losing potential customers. Did you know that 80% of consumers say NEGATIVE information online has made them change their minds about purchasing a product or service? If you have a negative review online it could be costing you a lot of money.
One negative review online can cost a company about 30 customers.
Unfortunately it is nearly impossible to get negative reviews taken down and some experts say it takes 10-12 positive reviews to counteract the damage of one negative review (I know, pretty lame right?).
The good news is that 87% of consumers say a favorable review has confirmed their decision to purchase (yay!). A Harvard Business School study showed that each additional star rating on Yelp review equates to 5-9% increase in revenue. Makes a good case to proactively work on cranking up your online reputation eh?
That’s why I recommend you start with Online Reputation as the base of your business growth efforts. It makes no sense to reach more people if they are going to Google you and see bad reviews right? If you are spending money on paid advertising online or offline and NOT managing your reputation you could be flushing that money down the drain – reason being is that people don’t trust ads and many consumers Google your business after seeing an Ad to see what others are saying about.
So what to do about this? The answer is simple (simple but not easy).
You must proactively nurture your business online reputation. If you want to learn how to do this fill out this Contact Form
I can share the best ways to handle getting more online reviews the RIGHT WAY that won’t get you in trouble.