Having a 5 star reputation for your company is now mandatory unless you love giving your money away on marketing and driving potential clients to our competition.
From a recent survey 92% of your potential customers who see your ad or get personal referrals now go directly to Google to research your companies reputation. If there is not a 5 star reputation for your company 56% of them will go to your competitor with a better reputation. “A positive reputation is arguably the most valuable intangible asset that a firm can possess. Firms with favorable reputations are more attractive to investors, customers, suppliers, exchange partners and employees; this attractiveness yields price, cost, and selection advantages, and it often persists over time” (Reuber, R. and Fischer, Eileen, 2007:54, Rotman Magazine)
In a Review paper published in Harvard School of Business they found that “A one-star increase is associated with a 5.4% increase in revenue, controlling for restaurant and quarter specific unobservables.” Study Conducted by ComScore and The Kelsey Group Reveals that 24 Percent of Online Local Service Review Users Purchase Service and that consumers were willing to pay at least 20 percent more for services receiving an “Excellent,” or 5-star, rating than for the same service receiving a “Good,” or 4-star, rating.
David Taylor a local marketing consultant in Pompano Beach, Fl. said, “As you can see in photo, Google is ranking most company sites at top with the best reviews. Bottom line if you do not have a 5 Star reputation all your marketing efforts are going to be wasted once your potential customer or clients see your bad reviews or no reviews which are as bad”
Here is a great free online tool to check what people are saying about your company http://usr44821.localreputationreport.com/ . This tool search’s all the online review sites and presents all your online reviews in one click of the button.