September 15, 2020
Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.
First, consider what a good review can do for your business. Courtesy of Qualtrics.com, here are a few stats:
Clearly, positive reviews can help your business—with word of mouth and even a revenue boost. Here's another important statistic: 91 percent of 18- to 34-year-olds trust online reviews as much as personal recommendations. As this demographic moves up to become your ideal client (and they will), it will be more important than ever to have those stellar reviews out there for the, well…reviewing.
Now, let’s consider what a bad review can do to a business. Here are the current stats:
A single bad review in a sea of good ones shouldn't tarnish your reputation. After all, you can't please everyone. But that also doesn’t mean you can just walk away from it. Bad reviews must be dealt with, and swiftly! Online review experts recommend replying to bad reviewers with a brief message to let them know they’ve been heard. Usually an authentic apology and/or an invitation to contact you for a resolution will cool the heat quickly.
If the bad review turns out to be unjustified crankiness, you may lose that customer (not necessarily a bad thing). But if the complaint is justified and you make it right, you may save the relationship and earn a diehard fan in the process.
Overall, it’s important to be seen online, and reviews are one of the best ways to make a name for your business. Stockpiling positive reviews can help a business exponentially. And while a bad review can hurt, if you handle it quickly and professionally, it can also turn out to be good for business.
Spend it? Save it? Invest it? Share it? Here are a few ideas for putting your tax refund to work for you:
Most professions have their own lingo, and accounting is no different. What is different is that you have a vested interest in understanding what your accountant tells you about your financial situation. So, here’s a quick primer on common accounting terms—some business-related, some general—to keep you in the know:
There has rarely been a winter when we so badly needed to see (and feel) spring. Depending on where you live, this could mean bluer skies, warmer temperatures, time outside and…gardening! For those who live in a climate where spring doesn’t always mean it’s warm enough to garden outdoors, consider creating an indoor planting box for flowers, veggies, herbs or all of the above.