Last time I let you know about how we’re now in the New Reputation Economy.
And what that means is that your business’ “reputation” is your new online currency.
When search results online come up with less than stellar reviews, human nature being what it is, people will tend to say “next!”
A good online review is now equal to a referral to your business.
But it’s even better than that – it’s not just a one-to-one referral as someone would do in person, online it’s a one-to-many (think hundreds of people in a local market…) Call it instant customers!
As for bad reviews, well they get even more exposure because as we know, bad news travels fast. People will have a tendency to also verbally pass on a bad review.
You’re only one review away from a bad reputation! A bad reputation will scare off potential customers – even a couple of bad reviews will do that! There’s research that’s found that 79% of consumers trust online reviews as much as personal recommendations from friends and family members. That’s huge!
Imagine what kind of LIABILITY a bad reputation is to your business. Your reputation is YOUR MOST PRIZED BUSINESS ASSET and something you need to guard, protect, and promote more than anything else.
Let me ask you, how many customers do you see through your doors in a month? 10, 50, a 100?
Even if we say 10 a month, that’s 120 a year. Do you have 120 favourable reviews?? Did you know that part of how Google ranks a business online is by the reviews that it has?
Let me show you this for a second… This study done by economists at the University of California – Berkeley showed that a slight half-star improvement in ratings increased restaurant business by 19%!
Imagine if we applied this to your business and it increased sales by even 10% or 15%. Pretty impressive, huh?
So how do you do get a consistent stream of reviews from your customers to build your 5-star reputation online?
First of all you need a systematized method of collecting those reviews. The feedback that you’ll get will also be a great tool to make improvements to your business. Even if you do get less than stellar reviews, it’s an opportunity for customer service to turn the situation around with that particular customer!
Everything old is new again. This is the same as word-of-mouth offline and it starts with great customer service. Remember, you’re only one review away from a bad reputation.
Next time I’ll talk about how you take those reviews to not only to build your 5-star reputation, but to market it as well to make you more sales!
To find out how Marketing Strategics can help your business, e-mail email@example.com, or call 613.691.1221, extension 101.
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