In today's world, customers are empowered to share their shopping opinions and preferences with the farthest corners of the world.
What are they saying about your business?
Successful businesses understand the need for online reputation and channel management. Unsuccessful businesses are earning their fair share of negative reviews and ratings. If you have a business that has been the subject of negative customer sentiment, then you need a program to minimize, diminish, and when possible, remove the negative feedback to help you regain your good name.
In the last five years, Rio World Class has managed major online initiatives for some of the world's largest and most innovative businesses. With this experience, we have developed a system to suppress negative feedback and turn customers in walking advertisements for businesses they love and trust.
Depending on your business and industry, negative reviews like this may be costing your business thousands or even millions of dollars.
REPUTATION MANAGEMENT IS CRITICAL
1. Online reviews influence people and their spending. 83% of online consumers say online reviews influence their purchase decisions, according to Opinion Research. For example, in the hotel industry, travelers are three times more likely to book a room at a hotel that has 5 stars vs. a hotel with only 3 stars, Morpace has found.
2. Negative online reviews are a 'silent killer.' Lost customers don’t call you and say, "I read your negative reviews and shopped with your competition instead." They just go to the competition.
Recent statistics by eMarketer are even more staggering -- have a look.
ESTIMATE YOUR LOSSES
To estimate your own losses, consider your average transaction amount, the total number of transactions per year, total value of transactions, and the percent of business influenced by word of mouth.
For example, a hotel might be estimated like this:
$100 per room x 4,000 rooms per year = $400,000
83% of prospects use reviews to decide x $400,000 = $332,000
Revenue under influence of reviews = $332,000
Does your business have good reviews or bad reviews?
Sometimes, online reputation management starts with a phone call. We can help your business re-connect with customers and improve your customer lifetime value.
Contact us today!