In 2017, there’s no denying the integral role that reviews play in the evolving customer journey. Still, brands struggle to centralize their data collection around reviews and understand the impact that online ratings have on their bottom line. Creating a comprehensive digital reputation management strategy is a tall order for any single business, but the complexity grows exponentially for brands with multiple locations.
These multilocation businesses stand to lose the most when there is a large degree of variance or volatility in ratings between different locations. This can create a sort of “split-personality” effect, which undermines the inherent trust or brand equity that consumers associate with the business.
As popular, third-party review sites continue to influence consumer purchasing decisions, more data is surfacing on the revenue impact of these ratings. According to an HBS study, a one star increase in rating can boost a business’s annual revenue by anywhere from 5-9%. Centralizing review management is essential to operationalizing the processes for leveraging this feedback, both internally and publicly.
Our latest report takes a look at this vital starting point in the customer journey, and how this seismic shift in consumer behavior and mindset is shaping the future of commerce.