With the increasing popularity of online reviews, business reputation has amassed an entirely new meaning in past years. Before the internet’s existence, a reputation could only be ruined by word of mouth, but today, damning online reviews can take a huge toll on the success of a business.
As many as 70% of a business’s potential customers will research available online reviews before making a purchase, and barely more than half of interviewed consumers stated that they would use a business with a rating of fewer than four stars.
Another statistic that’s eye-opening for many business owners is that, as soon as a business loses its five-star reputation, it risks sacrificing 12% of its customer base.
What if your establishment has lost its business reputation? What can happen?
The consequences of a bad reputation.
Unfortunately, even just a couple of devastating online reviews can lead to some serious consequences. For instance, a poor reputation can result in: