RiskEye release report on why online reviews matter for any business

Online Reviews represent a tremendous concern and risk for a great number of businesses. Without adequate protection review sites are an open field for disgruntled ex-employees, jealous competitors and disappointed customers to ruin businesses’ reputations in a short space of time.

Dublin 3, Ireland – May 22, 2017 /PressCable/ —

The importance of Online Reviews for businesses is growing exponentially. For many, a presence on a review site is a fantastic way to be endorsed and receive feedback from valued customers. Yet at the same time, Online Reviews represent a tremendous concern and risk for a great number of businesses. Without adequate protection review sites are an open field for disgruntled ex-employees, jealous competitors and disappointed customers to ruin businesses’ reputations in a short space of time. In the current climate of instant data sharing, viral content and the power google reviews have for a business, having an effective reputation management system is becoming an increasing imperative for any company that deal on or off-line.

The trends are clear and the statistics in support of those trends endless. How a business is perceived online matters more than ever. Principally, for many businesses this perception is overwhelmingly and increasingly based on online reviews, with many consumers basing buying decisions on average scores alone. RiskEye continues to go above and beyond for their customers and at present focus on online reputation management U.K and in Ireland.

Reputation matters:

87% of executives rate managing reputation risk as more important than other strategic risks

25% of an average company’s market value that is directly attributable to its reputation, according to the World Economic Forum

Simply put, the bottom line matters: 5-9 % is the average difference in revenues as a result of a 1 star difference in a businesses’ online rating

What the internet has done for businesses is miraculous and it allows a company to scale like never before but in any time of unprecedented growth there are casualties as forms fail to adapt to change, ignore the trends or resist the psychology of the market. A business owner cannot hope to understand every facet of their business let alone the complex world of Google search, reviews, social media and the entire web 2.0 ecosystem. Large companies have entire teams to take care of these aspects of running a business in the modern world and know of the importance of online reputation management. Many SME’s on the other hand can be caught in a technological limbo and fail to react to negative reviews or news stories on time. Below is a list of statistics that edify this point.

97% of consumers aged 18-34 read online reviews to judge a local business

88% of consumers say they would trust a online review as much as personal recommendations

87% of people say that a business need a rating of 3-5 stars before they will use them – up from 74% in 2014

86% of people would pay more for services from a company with higher ratings and reviews

These might be remarkable statistics to some readers or seem perfectly reasonable to others but the takeaway is that without a strategy to deal with negative reviews a business can and will suffer unduly without a coherent strategy. For more information on what can be done to protect a business please refer to the free resource below.

http://www.riskeye.com/review-tips

Contact Info:
Name: Sarah Holland
Email: info@riskeye.com
Organization: Riskeye
Address: Alfie Byrne Road, Dublin 3, County Dublin D03 C825, Ireland
Phone: +353-1-707-5800

For more information, please visit http://riskeye.com

Source: PressCable

Release ID: 201559