Over the years, the importance of online reviews has grown significantly as customers are incessantly checking reviews to obtain information about a particular product or service. Online reviews help a person to decide whether what product they should buy, from which brand they should buy, what time they should buy, etc. This in a way is directly impacting the revenue of various businesses, its popularity and brand presence through all the marketing channels.
As customers post both positive and negative reviews online, it’s important for a business owner to understand the impact of these reviews on their businesses.
What positive reviews can do for your business?
If your customer writes a good, positive review about your business then it can directly help you make more revenue as 68% of consumers trust reviews posted online. Having a positive review on your page can do the following:
- Increase your business
- Help you get new customers
- Help build brand loyalty
- Having positive reviews help you build a solid social media presence
- Positive reviews with good star ratings work wonders for your business by boosting your local search rankings. Customer ratings are an important factor as they help Google determine which pages should rank higher. Search engines have not started displaying pages with star ratings on top to help customers make an informed decision about availing a particular product or service type. So if your business has positive reviews and high star ratings, then it can help you improve your SEO.
- Positive online reviews can increase your click-through rate as customers read reviews that provide them with the required information about buying the product. So if you have a high star rating and positive reviews about your business, then it can help you generate more clicks. Star ratings displayed in Google pack generate high CTR as compared to organic search results.
- Positive online reviews build unique content for your SEO. Online reviews talk all about customer experience. So if your customer has given a good review of your product, then it can provide local search engines with a source of rich and unique content.
What negative reviews can do for your business?
Having a negative review can drastically affect your business and can affect the credibility of the same.
Take away customer trust from you.
Reading a negative review can refrain from a customer from buying a product or availing any service from you.
As per a study, a negative review can cost you business from around 30 customers. Two negative reviews can drive away 22% of your customers, whereas, three negative reviews can take away 59% of your customers.
86% of customers don’t like to invest their money in a business that has negative reviews online.
Since negative reviews can have a bad impact on your business, then here’s how you can deal with negative reviews posted online.
Look for common problems:
While reading a negative review of your brand, look for common problems faced by the customer and work on them. Determine the factors in your business that is giving your customers a bad experience. Few online review websites actually help you highlight the common words used by the customers while writing a review about your product.
For instance, if you notice that many of your customers have highlighted about your brand offering a bad customer service, then take steps that will make it better and offer your future customers a good experience.
The most important thing you need to do is do not take negative reviews personally and instead work on them for improving your business.
Respond to negative reviews:
Don’t went out your anger on a customer who has written a negative review online. Respond to all the negative reviews online and apologize the customer for offering them a bad experience. Consider offering a discount or a special deal to such customers and respond to them in a professional way, highlighting a solution to the problems faced by them.
Just reading negative reviews is not important, taking positive steps to flourish your business is imperative. Failing to take an appropriate action will largely affect your business and can never let you generate hefty revenue.
In short, a user’s buying decision is largely dependent on online reviews so as a business owner it’s your job to take interest and convert the online audience into new customers.