By Jennifer Wang
If you haven't been paying attention to your online reviews, it's probably time to start. This morning, RatePoint, a firm that provides businesses with online reputation management tools, revealed the results of a survey illustrating the importance of customer feedback.
Nearly 25 percent of respondents said online reviews benefited their businesses, and only four percent indicated a negative impact. And not only are reviews six times more likely to help a business, but the numbers also imply a correlation between good testimonials and business growth: 71 percent of small-business owners who said they didn't know the impact of an online review reported a decline in business; but 55 percent who stated reviews had a positive effect perceived either no change or positive growth.
So in plain-speak, what's the significance of a business's online reputation? I asked RatePoint CEO Neal Creighton to explain.
Why are customer reviews so important?
It's the No. 1 customer retention and acquisition tool you can use on the internet today. The statistic is that more than 70 percent of consumers look for reviews, and the number should probably be higher than that. (more)
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