Australian business-to-business agency and specialist in the marketing of ‘intangible products’ Market Expertise included our research in their recent article discussing the removal of gag clauses and the implications this may have on businesses.
Featuring our research, Market Expertise highlight that negative online reviews cost one in five UK companies up to £30,000 to amend.
The future and impact of online reviews
Word of mouth is proving to be one of the most effective forms of marketing. Therefore, positive reviews are a crucial asset for businesses. However, Marketing Expertise questions a proposed Consumer Review Freedom Act. If passed by congress in the United States, it will restrict how businesses can respond when customers leave negative reviews. This could even act as a barrier between customers sharing their opinions.
Whilst online reviews can open businesses up to criticism, the benefits that they can bring in are endless. If handled in the correct manner, a negative review, (in most cases) is resolvable. It may even point out areas for development within the business.
With 88% of consumers in 2014 stating that they read online reviews in order to determine the quality of a business, it is clear that the cost of poor reviews are high and could easily have an impact on your business.
Our full Reputation Report can be downloaded here.