'Reviews' the most significant word in the business world. In this digital era, some businesses are bloomed and some are doomed because of reviews from the public. Before a decade ago they got carried away by TV commercials which were an effective marketing tool. Checking reviews before buying a product and reading testimonials before availing a service was not possible for everyone. But as the smartphone & PC sales reached a peak everything is changed.
People totally rely on media for everything they do. Digital media engraved a phenomenal mark in everyone's mind. No matter what they do, they started checking out the internet before doing that. So, it's difficult to run business ignoring any public reviews.
According to a study, 67.7% of customers decide to buy a product after reading a positive review. Negative reviews keep others from buying from you. Another research states that one negative review has the capacity of losing 22% of potential customers. Whereas four negative reviews mean the capacity of losing potential customers is increased up to 70%. This shows that review has the ability to determine the business.
The impact of review over business gives way to numerous review site. As people started accepting online reviews like they preferred their friends and family, these review sites are making a huge amount out of it. Companies have to pay to show positive reviews on top of the list. For a successful business, you have to monitor well-known review sites like Google, Facebook, Yelp, Amazon, Trip Advisor, Glassdoor, Yellow Pages, Foursquare, Angel list. Based on the business nature, a business can choose which review site to follow. Keeping a tap on popular review sites helps to monitor the reviews posted by customers but the effect of bad review over business is still there.
Severe effects of bad reviews in business are
1. Losing your brand name: The reputation of a business is the result of brand awareness among the customers. Creating brand awareness is a difficult job, you have to make plans and strategy to attract leads and convert them into your potential customers. BUT a single negative review will make your hard work for nothing. Even loyal customers will respond to this negative review results in losing customers. Losing customer means losing your brand name.
2. Losing leads: Negative review repels away new customers. 67% of customers rely on the online review which means your chance of getting new leads and converting it into sales is 67% less if there is a negative review about your product or service.
3. Losing existing customers: Sustaining old customer is important as much as acquiring new customers. It is much significant that good customer service will ensure to retain the customers. But with one experience in bad customer service will make a mark in the digital business world as a negative review. This creates doubt about your service with existing customer and they will start looking for other options.
4. Change in your balance sheet: The above said side effects will automatically result in lack of sales; means no profit or less profit. This will affect your balance sheet adversely, forces you to take a serious decision like firing some employees, cutting off money in various sector and spend the extra amount for market research to make the profit.
Some other effects like losing efficient employees, making hard decisions to renew the existing business or making plans for the new business are caused by bad reviews.
Till now there is no way to stop false and negative reviews which affect your business. Some people threaten through false reviews to avail discounts. No systems are effective for business to avoid these things. No one can be satisfied 100% likewise no business can provide 100% customer satisfaction as each and every customer is unique in their perspective. if the business has the chance to respond to these negative reviews before even it is posted online and the customer has an effective way to reach companies to solve their issues, then most of the problems are solved.
Brandelp has a way to help business to resolve the problems. Through brandelp companies get their reviews and feedback directly to their inbox which is a great chance for companies to solve the problem and avoid a bad review. Resolving customer issue creates a trustworthy relationship between business and customer which convert a customer into a loyal one. In that way, companies make a phenomenal place in the business world.
Brandelp- as the name implies it helps companies to improve their brand awareness among the customers. Brandelp has a simple and efficient task management system which helps to collect, assign, prioritize, monitor the feedbacks of customers. The steps which are taken to resolve the issues of the customer can be updated in your brandelp page. It has a lot more for business to reach their goal.
Brandelp - a place for business to do effective customer service and to get leads through the list of customer inquiries. Try brandelp, let your business reach its full potential.