Traditional media such as print, radio, and television, are losing momentum as audiences turn their attention online. Digital media has replaced traditional media with the triumph of social media, blogs, messaging apps, and online news outlets. Online interactive media has revolutionized advertising and people rely heavily on online reviews and comments when making their purchase decisions.

An advantage of online reviews is that it allows a business to monitor customer feedback and respond when someone reports a negative experience. If the issue is endemic, there is an opportunity to resolve it before it does severe damage.

According to a survey conducted by Podium, 93% of consumers say that online reviews influenced their buying decisions for products or services and that a 3.3 is the minimum star rating of a business that consumers would consider engaging with.

Consumers will also choose quality over price. The survey also found that 68% consumers are willing to pay 15% more if they believe that they are going to have a good experience. [1]

All of your advertising investments will be in vain if you are not managing reviews and comments. Online ads and traditional advertising may attract potential customers to search your business online, but if they find negative reviews, they will scroll down the page and go elsewhere.  For any business, the impact of negative reviews is devastating. 80% of consumers are not likely to buy products or services with bad reviews and it takes at least 10-12 positive reviews to offset the impact of a negative review.

In summary, online reviews have a direct effect on your bottom line and a review monitoring, and management plan is essential to the future of your business. If you are looking for a full-service solution to manage your reviews as well as grow your business, please contact IDMD Online Brand Management.