Woodbury University Business Research Study Results

We recently partnered with Woodbury University to conduct a study on online reviews and how they are viewed by both business owners and consumers. Click below to view the results:

Woodbury University Business Research Study Results

Key Takeaways:

– Out of 261 participants, 74.3% of respondents monitor customer satisfaction in some form.

– While 49% of respondents reported that they monitor reviews at least twice a month, over half responded that they do not monitor reviews at all.

– A whopping 79.5% of respondents said they expected revenue to increase at least 1% with a one point star improvement.

– If their overall business rating went from a 4.5 star to 3.5 star rating, 75.2% of respondents expected their revenue to decrease at least 1%.

– In consumer studies, reviews have the most impact on business selection. However, this survey demonstrates that reviews are not yet a top priority for business owners and executives.

– Expectations for increased revenue based on star rating improvement were consistent with the Harvard Business School Study.