How Does Reputation Management Improve Revenue?

How Does Reputation Management Improve Revenue?

97%. That’s how many business owners understand the importance of reputation management. And in the digital age, reputation management has never been more critical for a business. But how does reputation management improve revenue?

Lost Customers

For starters, a negative reputation hurts your business. Companies risk losing 22% of business when customers find one negative article within the first page of search results. Sadly, it doesn’t stop there. What if your business had a bad week or month, and somehow, someway three negative articles were written about it. Welp, your Yelp will be hurt, and the amount of business you can lose is as high as 59%!

Responding to Reviews

Fortunately, even if you have negative reviews, you can take action to help your online reputation. For starters, you need to publicly apologize for a negative review and work toward a solution. This means figuring out why it happened in the first place, then rectifying it–and making sure it never happens again. By doing this, and making amends with the reviewer, it can often lead to them editing or deleting the review.

Revenue Generator

A good online reputation is worth its weight in gold. Literally. Because 91% of people read online reviews regularly. But it doesn’t stop there–90% of customers say that online reviews have an impact on their buying decisions. Still not convinced? 84% of people trust online reviews as much as they do a friend’s recommendation!

How To Improve

One way you can improve your online reputation is quite simple: ask for more reviews. Whenever someone purchases something from your business, email them and ask for an online review. The email should be simple and easy to use. In fact, it can be synced so that the customer only has to answer several questions, and then the review is automatically added to a review site like Yelp.

If you want to increase revenue, increase your online reputation. And make it a good one.