This is what a bad review will cost your business.
We talk a lot around here about reputation management, protecting your brand across your social media outlets near and far, and the importance of responding to conversations and reviews pertaining to your business in a timely manner. (Yes, we also tout how SOCi does all this and more,) but what we’re really here to talk about today is brass tacks: Even one negative review can cost you a lot of money.
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Let’s do a little math, shall we? In 2016, U.S. consumers spent $11.8 trillion. Trillion. However, it’s said that 60% of consumers would look for an alternative product or company if they saw 3 negative reviews of said product or company. So when we plug that into the old abacus, it looks a little something like this:
3 negative reviews
$7,080,000,000,000 in lost revenue nationwide
Maybe you’re asking yourself, “Can’t I just turn off reviews and call it a day? No reviews are better than negative reviews.” Well, first and foremost, no you can’t turn them off. This is the Internet, and like the great Dr. Ian Malcolm said, “Life, uh, finds a way.” As with life, reviews will find a way to live… forever. Luckily, there are tools to help manage reviews, advice on how and when to respond, and a plethora of other resources at your disposal to help combat/embrace reviews (AKA: the lifeblood of your business).
The Economics of a Bad Review
Want to see more on what a bad review will cost you? Check out our new infographic, “The Economics of a Bad Review,” and dig into just how important managing your reputation online is to your business.
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Some of these figures are just staggering, aren’t they? Google My Business, alone, sees over 158.03 million monthly visits. That is almost as much as Facebook and Amazon combined. And while reviews for reputation are important on their own, it’s amazing, too, that products/businesses with more than 50 reviews can mean an increase of 4.6% in conversion rates. So while we talk about keeping your reputation sterling online by responding to your reviews, the sheer fact that they exist at all is either helping your business or hurting it. It’s all about how you manage them.
When you’re ready to get serious about your online reputation, give us a call. We’ll guide you through the unknown and show you more on the how, what, why, and where of online reviews.