In today’s tech savvy world, a reputation that took you years or even decades to build can be destroyed by negative reviews, or word-of-mouth. Previously, sharing an underwhelming or unhappy experience with a company was usually a one-on-one affair. It usually took place across a backyard fence or in a telephone conversation.
But today’s consumers can express a righteous rage using the power of social media. The consumer now has the power of sharing their views with hundreds of friends or thousands of strangers with a negative review on one of the online rating websites.
Of course, companies can get plenty of positive reviews, but most business owners don’t think much about online reputation unless there is an issue. We put together some statistics that you might consider when developing strategies to control the situation even before it happens.
According to a study conducted by GE Capital Retail Bank, before purchasing $500 or more, over 80% of consumers will do some online research. Moreover, 60% of these prospective buyers will begin with using Google or Bing.
The search result influence
According to a study by Lightspeed Research, over 80% of consumers say that online research significantly shapes their perception of a company or a product. Among the people who begin with a neutral or positive view, over 60% alter their purchasing decisions if they read three negative reviews.
Impacts on payroll and recruitment
Your company’s online reputation directly impacts payroll and recruitment. Almost two-thirds of job applications and prospective employees prefer to join a company with good online reviews. Even an off-hand comment that comes out of nowhere on the internet can lead to a massive controversy. It can lead customers and even prospective employees away from your company.
Consumers turn to the internet for information about different companies. More people are sharing their opinions about different companies online. Managing your online reputation will help your company in more than one way.
SynchroNet understands the power of good online reviews. For more tips and tricks, check out the next article in this series.