5-Star ratings aren’t just for hotels and restaurants anymore. Companies in any industry are susceptible to customer ratings and reviews through online channels such as Yelp, Amazon, and Google. As the world wide web is telling us, companies that achieve high ratings can price products and services proportionately, driving revenues in an upward trend. These correlations are no coincidence; according to several online studies, consumers are placing more and more importance on companies’ online ratings before pulling out their wallets.
According to Invesp, an SEO subject matter expert, “Customers are likely to spend 31% more on a business with ‘excellent’ reviews.” It’s not rocket science; if the greater consumer base is willing to spend more on companies with higher ratings, it is more important than ever to manage and curate high customer experience reviews.
So, we know that customers are willing to spend more at companies with higher reviews, but how many consumers are actually taking the time to sit and read reviews before making a financial decision? Real talk: the online reputation management company BirdEye finds that 92% of consumers read online reviews, and a company’s star rating is the #1 factor in choosing a business. It’s as simple as that, consumers are reading reviews and making decisions based off what they read.
The numbers don’t lie; ratings and reviews matter more than ever in today’s world of real-time consumer input. This should motivate companies to bust their butts to offer an exceptional buying experience, not only in the name of good customer service, but to harvest those 5-star reviews in the hope of building an online reputation to build a happy, expanding customer base.
Step it up: are you ready to take control of your ratings and see business revenues spike? Contact us at Social Media Energy to get started with our expert team of social media and digital marketing professionals!