The following are more quotes from Wikipedia
The following study was done in 2012 and showed a 15% increase in the previous 4 years. It has probably also increased further since 2012
A study done by Neilsen in 2012 suggests that 70% of all consumers trust online reviews (a 15% increase in the last four years), second only to personal recommendations. This gives credibility to the social proof theory, in the famous study done by Muzafer Sherif and is also highlighted as one of the Six Principals of Persuasion by Robert Cialdini.
While restaurants and tourism are the most affected,other businesses are also impacted positively or negatively by a good or bad reputation. This is even more so for Local Businesses
This has attracted the attention of Harvard Business School which conducted a study of online reviews and their effects on restaurants. The study found that a one star increase in Yelp rating led to a 5-7% increase in restaurant revenue, which was a major impact on local restaurants and very little on big chains A similar study done at UC Berkeley reports that a half star improvement on a five star rating could make it 30-49% more likely that a restaurant will sell out its evening seats.
The following study was conducted by Dimensional Research and published in http://www.marketingland.com
Accredited institutions such as banks and investors will most likely look at a business’ online reputation to see if it is good for a loan. In today’s non private social society, it would be plausible to see that one’s business could be affected by what people say about it or the owner or employees online.
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