Trust has become big business. According to PwC’s 20th annual Global CEO Survey 58% of CEOs believe that a lack of trust in their company could challenge their growth. In Australia, that number rises to 63%. Yet in this age of online connectedness, trust can be hard to come by and easy to lose.
Whether in the business of selling physical products or simply selling your brand, online reviews can make or break a company. This infographic, which looks at how consumers respond to online feedback, highlights the importance of securing a positive review.
The majority of customers trust an online review as much as a personal recommendation. That rating, along with other information about your company, will be searched and consumed before they visit your business. Not only will a glowing report mean that a customer is more likely to choose you over your competitors, it also indicates they’ll spend more money when they arrive.
As transparency and trust become even more critical to consumer purchasing decisions, the importance of seeking positive online reviews – and responding to them appropriately – will only become greater when it comes to the profitability of a business.