Negative reviews can be expensive and painful, but every business is bound to get one at some point. Here’s why monitoring your reputation is essential for a healthy bottom line.

You can’t please all the people all of the time, so any business with customers is bound to get negative reviews at some point. Finding out how much negative reviews costs in lost business and what value a positive review carries is essential.

According to SFGate, lawmakers are taking steps to protect reviewers and review sites. The House passed a bill that prevents businesses from requiring high-cost-negative-reviewscustomers to sign agreements that that won’t post negative reviews. A similar Senate version passed last year, so the two will have to be reconciled before the measure goes to the president.

Retail reviews platform BazaarVoice reported on the ROBO economy (ROBO was coined by YAHOO for “Research Online, Buy Offline”). The report shows that consumer-generated content (CGC) is all forms of digital content that people create about a product or service, including a critical ratings, comprehensive reviews, and brief comments all influence purchases.  Their research discovered 54% of online buyers read online reviews before making a purchase, compared to 39% of in-store buyers.

This makes it a great time for you to audit your digital marketing programs and discover the cost of negative reviews and the value of positive reviews on your business.

Is reputation management a priority? Do you continuously engage in the customer conversations taking place online? Yes, it takes a lot of bandwidth to build your social media presence and connect all of the dots, but you ignore it at your own peril.  Google places a priority on the CGC in reviews, which means they have an impact on your search results.

What is your review strategy? How do you encourage reviews? Do you monitor the online reviews your business receives? Do you have a mechanism in place to respond to reviews? Customer reviews are a valuable marketing asset but require a strategic plan and the resources to implement it.

Contact us today to see how we can help you manage and build your online reputation.