Review Counts Matter More To Local Business Revenue Than Star Ratings
Topic: Review Counts Matter More To Local Business Revenue Than Star Ratings
Reviews matter; that’s well established. What’s not quite as clear is the relationship between reviews, star ratings and revenue, although there have been several academic studies on this. Now, small business SaaS provider Womply has released a large-scale study showing a strong connection between reputation management and revenue across multiple industries.
More than 200K businesses examined. In performing its analysis, Womply looked at reviews and transactions data “for more than 200,000 U.S. small businesses in every state and across dozens of industries, including restaurants, salons, auto shops, medical and dental offices, retailers, and more.” The key difference between this study and others on reviews is local business transaction data. Womply was able to connect review and presence management best practices with revenue outcomes.
In brief, the study found:
- Businesses claiming their listings on multiple sites earn 58% more revenue
- Businesses that respond to reviews average 35% more revenue
- Businesses with ratings of 3.5 to 4.5 stars earn more than those with higher and lower ratings
- Businesses with more reviews (than the average) across sites generate 54% more revenue
Claim and respond. Businesses that didn’t claim their listings averaged $72,000 less in annual revenue according to Womply. Claiming listings on key sites like Google My Business enables consumers to find and engage with businesses more readily. This isn’t news.
Another “no-surprise” finding is that consumers appear more inclined to buy from businesses that respond to online reviews. This may be because they assume those responding to reviews offer better service. According to the study, 75% of businesses don’t respond to their online reviews. But those that do earn considerably more revenue.
Read More From The Source Article: https://searchengineland.com/review-counts-matter-more-to-local-business-revenue-than-star-ratings-according-to-study-320271
Topic Discussed: Review Counts Matter More To Local Business Revenue Than Star Ratings
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