Here's what you can do with great online reviews!
Online Reviews, whether you get them on Google or Facebook or Yelp reviews or any place on the internet that allows your customers to speak about your business, are a great analytical tool.
Did you know that a Harvard Business Study of 2016 stated that every 1-star increase in your business’s star rating increased revenue by 5 – 9%! Well, that was 2016 – fast forward present-day – every business works on getting a five-star rating on the internet, at every conceivable customer touchpoint. Well, a ‘reviews analysis’ can give your business a boost.
This article will discuss five things that every business owner should consider while doing their ‘Reviews Analysis’ on Google. Why do we say Google over other search engines? It’s because Google is dominating the search engine market share by 87% as of July 2020 (statista.com). Ok, so here’s what you can do with your ‘Reviews Analysis’:-
- 1. Build on Insights: Co-create value propositions based on insights received from your customers. It could be a particular feature to be enhanced, a service to be considered, or continue doing what the customers are happy to consume. Hundreds of reviews can give your tonnes of analytical data to build upon. And above all, it is your proprietory data to help you understand your customers.
- 2. Customer retention: Your existing customers find it satisfactory when they see that you have great online reviews on Google, Facebook, or Yelp. High customer retention drives brand loyalty, which in turn helps your business to grow. From your customer reviews, you can quickly analyze your retention ratio and sell more to existing customers.
- 3. Lower your cost of Customer Acquisition: Usually, businesses have to spend high on customer acquisition. Great online business reviews help consumers in their buyer journey. High-quality Google reviews or Facebook reviews attract new customers to buy-in to your offering. Customers also notice how you handle negative feedback, and this helps them in their decision-making process. Your investment in reviews is optimized when your customer acquisition cost is low.
- 4. Boost Local SEO: The best way to bring visibility or boost your local SEO is to have tons of positive online reviews by your real customers. A positive online presence drives revenue. The better your SEO, the higher you are ranked in the search engine. Let’s say your Google My Business is updated; your services are cataloged in Google Merchant Center, but there are no reviews! There is no testimony from happy customers. Your rank starts dropping as Google’s algorithm wants to provide its consumers with only the best of everything and Google Reviews is one of the parameters.
- 5. Build Online Reputation: Businesses can monitor and analyze their reviews periodically to build a robust online reputation. Reviews speak the customer’s mind and, if read carefully, can help you work on the areas of improvement in your business. The customer feels heard and builds your reputation by word of mouth. Well, this positive sentiment leads to your revenue growth as well.
Online Reviews on Google and social media are one of the most powerful marketing tools of modern times. It’s never too late to start accumulating them at various touchpoints of your consumers' journey. And all this with a QR code at an absolutely competitive price compared to any other review provider.
A1 Reviews is a tool that you can download at just US$10 per month, get the QR Code, and use the same at various touchpoints. We understand the importance of Reviews, and we want to help you get the best online reviews.
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