In 2018, Your Online Reputation Can Make Or Break Your Business.
Here Are 17 Extraordinary Statistics To Prove It…
Think you can succeed in 2018 with a weak online reputation? Think again. If you’re a contractor whose online reputation is nonexistent—or contains even one or two poor reviews—you’re losing business and leaving money on the table. End of story.
To prove it, we’ve compiled a list of 17 eye-opening statistics about online reviews and how they affect businesses. If you’re a “non-believer” in the power of online reviews, be forewarned: These stats will scare you straight!
- 92% of people read online reviews before contacting a company.
- Online reviews influence 68% of buying decisions.
- 74% of people say good reviews make a local business more trustworthy.
- 40% of people make up their mind about a company after reading only one online review.
- 73% form an opinion about a company after six reviews.
- Just 14% of consumers would consider hiring a company with a one- or two-star rating.
- 57% would hire a company with a three-star rating.
- 94% would hire a company with a four-star rating.
- 86% of consumers will give pause to buy from a company that has negative online reviews.
- Think a few bad online reviews are no big deal? Think again. One to three bad online reviews is enough to dissuade 67% of people from buying your product or service.
- 44% of people say a review must be written within a month of their reading it to be relevant.
- 100% (!!!) of people who make over $150K annually say they leave negative reviews if they have a poor experience.
- Only 9% of people say they “never” search for local businesses online.
- 84% of consumers put as much trust in online reviews as personal recommendations.
- Every one-star increase in a Yelp rating leads to a 5 to 9% revenue increase.
- If a company resolves a negative customer experience quickly, 95% of those unsatisfied customers will do return business with the company.
- 48% of people will visit your website after reading positive online reviews of your company.
If your brain is on information overload right now, here’s the bottom line: Good online reviews are ESSENTIAL to your success. End of story.
If your online reputation isn’t brimming with positive reviews, it’s crippling your sales. On the other hand, loads of great reviews will provide you with a constant stream of quality leads.
So, what can you do to improve your online reputation RIGHT NOW? You have a few options…
- Manually follow up with your customers (email, phone, etc.) to see if they will write you a good online review. This is time consuming, so do this only if you have the time to spare.
- Consider investing in an Online Reputation Management (ORM) service. Companies that provide ORM will monitor your reviews, alert you to negative reviews so you have the chance to fix or respond to them, and actively seek out positive reviews from your satisfied customers.
- Utilize automated reputation-building apps like GuildQuality and Listen360. For a modest investment, these programs will collect feedback from your customers on your behalf, nurture your relationship with your clients, and strengthen your online reputation.
If you’d like to know more about reputation-building apps like GuildQuality and Listen360, contact us. In addition to streamlining your operations and improving your lead generation, MarkSharp CRM integrates with the online-reputation programs listed above. We’d love to show you how these programs—in conjunction with MarketSharp—can build you a stout, online reputation that boosts leads and sales.
Michelle M. Nowlan, MarketSharp Co-President
Home Improvement Industry Enthusiast since 1992. Proud River Rat. Extreme Dog Lover.