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:
– 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.