We have been talking about the importance of reviews in the last few articles and have realized how each and every feedback shared online counts! Reviews can certainly showcase your brand in good or bad light and thus need to be handled with care. Let’s take a look at how reviews can build or damage your brand’s reputation online.
Impact of Positive Reviews on Business:
1. Positive feedback increases the likelihood of consumers spending more money on your products and services.
2. Online reviews are the new form of ‘Word-of-mouth’. Having a pool of favorable reviews can encourage potential consumers to try your products or service without hesitation.
3. Consumers do not just review the product but also the service given to them. Good service and after sales service reflects positively on the brand thus increasing business revenue.
4. Good reviews certify your business. They build trust and credibility for your brand.
5. Positive review is an advertisement free of cost. Organic feedback holds more weightage as compared to the brand’s over-all marketing and advertising efforts.
Impact of Negative Reviews on Business:
1. Consumers are hesitant to purchase from a brand with no reviews or too many negative reviews.
2. Unhappy consumers are more motivated to write online and share their experience suggesting to stay away from the brand thus damaging the goodwill of your business online.
3. According to a study by consumer affairs, a bad review reaches 2x consumers as compared to a positive review. Hence, negative reviews directly translate to loss of business.
4. Negative feedbacks receive more traction online due to the curiosity of people to know how the brand manages to resolve their concern. In the unfortunate case of these reviews popping up on Google searches, a brand could lose upto 70% of their potential consumers.
5. The brand’s marketing and advertising spends do not reap the desired results if the feedback written online is left unaddressed.
Online reviews are increasingly important for both consumers and businesses. While there is no control over what people say about your business online, you do have the power to change the conversation. Managing critical consumer feedback online and encouraging your satisfied customers to share their experience can do wonders! After all, online reviews play a vital role in influencing consumers and research is the first step towards making a buying decision.