Online Reviews Grow in Value for Retailers
Managing your company's reputation online is growing in importance, a new study from business reputation monitoring company RatePoint found. According to the study, 76 percent of consumers read online reviews prior to doing business with a company they're unfamiliar with.
Reading reviews online isn't new, it's just becoming more popular — almost as popular as recommendations from friends. Seventy-seven percent of surveyed consumers said they use online reviews almost as much as friends’ recommendations before trying out a new business.
The stakes are even higher for businesses that conduct work in consumers’ homes. Eighty-one percent of respondents said they'd look for online reviews of a local business that comes to their house.
“Our data clearly shows online reviews are the new way consumers validate a local business before they will set foot inside,” said Keith Cooper, CEO of RatePoint, in a company press release. “Local businesses need to proactively collect and showcase feedback from their satisfied customers. Those who do will be in a much stronger position to gain new business and future revenue directly from online reviews.”