The management of your online reputation is essential for the long-term growth of your business, no matter the size. Online reputation management can directly affect your sales and revenue streams and businesses have begun to take note. Many have begun to think twice about investing in solutions, like Yellow Pages’ NetSync Complete solution, which can assist them in controlling and enhancing their business’ reputation.
However, some business owners remain skeptical that online reviews and information accuracy can greatly influence their revenue stream. This is why we’ve put together a definitive report on the importance of reputation management and how vital it can be to a business’ long term success:
Be Visible Wherever Your Customers Are Looking
Having an online presence is a sure-fire way to increase your business’ visibility and reach more high-intent consumers who are looking for business like yours. In setting up online listings will help you put your information out there for consumers to browse and engage with, and thus increase your chances of securing a sales lead. In fact, it has been found that businesses that claim free listings on multiple review sites make 36% more revenue. (Womply, 2019).
When looking to establish your online presence, review sites like Google My Business or Yellow Pages are a must for any business owner. Recent research has found that businesses who claim their Google listing average 10% more in annual revenue than the average business, but those who don’t claim theirs average 24% less in annual revenue. (Google, 2019) This means that, by not having an established online presence, you could be missing out on a significant amount of extra revenue, so be sure to set your business up online on as many review websites as possible in order to maximize your visibility!
Manage Your Reputation
Once you’ve established your business listings, it’s extremely important that, when reviews come in from your expanding customer base, good or bad, that you address them in a timely manner. Answering reviews and seeking solutions for less positive experiences are almost as important as the star rating itself. This is because recent research has shown that businesses that reply to their reviews at least 25% of the time average 35% more revenue. (Womply,2019) Thus, by interacting and responding to your customer base online, you can increase brand trust and loyalty, which will increase your business’ ability to secure more sales leads.
This common practice of managing your reviews is becoming more and more popular with business, often hiring community managers to engage with current and potential customers on these various reviews sites. In fact, 84% of all marketers agree that building consumer trust will become marketing’s primary objective in the near future. (Brightlocal, 2017)
Be a Star
When it comes to review websites like Google My Business, Yelp, Yellow Pages, just to name a few, business owners and consumers are very interested in the quality of a business’ product/service and customer service. This is why, before doing business with a company, potential consumers will do some research on the prospective business they wish to engage with. The number of stars (generally on 5-star ratings), the amount of reviews and the content of those detailed reviews is often what sets one company apart from another.
In fact, a recent study by Womply showed that businesses with a rating between 3.5 and 4.5 stars earn more revenue than any other rating. In addition, stores with a 4.0 – 4.5 rating earn an additional 28 percent in annual revenue.
Maintaining good reviews is essential for the long-term health of your business, as 83% of companies that believe it’s important to make customers happy also experience growing revenue. (Hubspot research, 2017) This is a fact backed by consumers as well, as consumers will look at reviews in order to choose what kind of business they would like to engage with. Not convinced? According to a recent survey study from Invesp, customers are willing to spend 31% more on a business with excellent reviews! (Invesp,2018)
Don’t know where to start? We got you covered!
The main complaint heard from small and medium business owners is always how complicated and time-consuming such a valuable yet burgeoning concept online reputation management can be. Not to worry! Yellow Pages has an all-in-one solution that can help you manage, read and respond to business reviews from one user-friendly dashboard with their NetSync Complete solution!
This platform will allow you to synchronize your business information on more than 30 of the most popular review sites in Canada, manage your reviews and reply to them from one dashboard, rather than logging into each account one by one, and also break down your ratings score for you. Don’t miss out on expanding your business’ revenue potential by not maximizing your online reputation! Get started today.