How Much Money Do Bad Reviews Cost The Average Business?
Usually, a company’s credibility comes from having a good reputation. Individuals might think one bad review does not influence customers’ buying decision. But, remember, hundreds of target customers are likely to read this review. According to a recent survey, every 1 in 10 prospective customer gets turned off by a negative review. As a result, this prevents companies from maximizing their sales, revenues, and profits.
Bad reviews can cost your company a fortune
No company wants to see negative customer feedback on their sites. But, at one point, every business owner has to experience one or two negative reviews. Keep in mind that once your brand reputation gets destroyed, it may cost you a lot of money and time. The type of services and products offered does not matter. Not everyone will like your services or products, no matter how good you are. When a company does not respond to a bad review, it could lead to the destruction of its reputation. In turn, the company experiences a decrease in sales and revenues.
So, consider using a reliable reputation management system that will boost your positive reviews. With Manage Rep, you can rest assured that your positive reviews will increase within a short period. While helping you address your negative reviews, we also help you prevent them. This way, we protect your reputation as well as grow your business.
Ruining your online reputation
Today, anyone who has access to the internet can ruin your brand reputation. It is, thus, crucial for business owners to create effective marketing strategies on social media. They can consider implementing protection software that will prevent idlers from posting false negative reviews.
Otherwise, a bad review can ruin the company’s social media platforms. Consequently, the number of followers on social media reduces, thus influencing the number of sales. Additionally, there’s a reduction in their website traffic. One negative review can damage your Facebook, Twitter, Instagram, and other social media platforms. Rebuilding your online reputation again is expensive.
Search results get lowered
A negative reviews lower your search rank online, thus adversely affects your brand visibility. Remember, it will take some time for Google to stop displaying your reviews. So, there is a good chance that your target population will view your bad review every day for more than seven years. As a result, you will end up scaring more than 3000 prospective clients from purchasing your products or services.
Due to this, you won’t be able to maximize your annual sales and revenues. Moreover, your company will find it challenging to gain a competitive edge in the market.
Analyzing customer reviews play a massive role in determining your purchase decisions. Based on recent studies, approximately 40% of clients don’t buy from companies with negative reviews. With the evolution of technology, most companies cannot do much to delete bad reviews. So, they end up carving a small niche for themselves in the market due to decreased clientele. It is, thus, relevant to aim at optimizing your customer’s satisfaction and meeting all their requirements.
Bad reviews undeniably harm on your company’s profitability. But a single bad review should not be a cause of panic. Note that every business encounters terrible reviews from time to time. The problems begin when a bad review is ignored. Whenever you don’t offer a response to a bad review, it raises the alarm to both the media and the public.
Therefore, companies should have various strategies for dealing with bad reviews. They can hire a reputation management company like Manage Rep. At Manage Rep, we have the best reputation management strategies that help companies deal with negative reviews while promoting positive reviews. With us, you can never put your reputation at stake. Our experts have extensive experience in ensuring you gain a competitive edge and maximize your profits. Furthermore, we can help you make the most of your negative customer feedback.