Every day, there are 75 billion items of content posted or shared on Facebook, 400 million tweets sent on Twitter, 2 billion photos stamped with a heart on Instagram, and 4 billion videos watched on YouTube.
With these numbers, it makes sense for a business owner or marketer to want to be in the same places where people are spending time online. Research firm BIA/Kelsey forecasts social media advertising revenues to reach an astounding $15 billion by 2018. It's a testament to the ability of social platforms to capture optimal wallet share. Review content also boosts both on-site SEO and search rankings.
Not as many businesses, however, have yet embraced online review management - an emergent area of focus that, ideally, should work in perfect tandem with your social media marketing efforts.
So here are some hard numbers to get everyone on the same page:
A Harvard study on restaurants showed that a difference of 1 star can translate to 9% in sales.
Volkswagen conducted a study that showed its dealerships with average reviews of 4 stars and higher got 32% more traffic than those with 2 stars and below.
Research at The Hotel School at Cornell University showed that a hotel can raise its price by 11.2% without negatively affecting sales if it’s rated 1 star higher.
The fact that independent studies in a variety of industries have reached similar conclusions is more than coincidence. The bottom line is that your reviews and online reputation impact revenue.
Important Platforms We Help You Engage:
- Angie's List
- Shopper Approved
- Google Maps
- Home Advisor
- Better Business Bereue
- The Yellow Pages