In a recent study, 41% of companies said they had no idea whether or not their social media efforts were actually paying off. When it's difficult to see or attribute the immediate return social media has, it could be hard to justify its importance. However, make no mistake, social media has become a major element in the marketing and local search industry; especially, when 97% of adults between the ages 16-64 say they logged onto at least one social media platform in the past month. Even brick-and-mortar business need to go where the customers are and that means being on social media.
With 90% of consumers reading online reviews before visiting a business, it's obvious that reviews have become a main element in the consumer’s purchasing decision. Businesses need to value reviews to help their bottom line. When customers are likely to spend 31% more on a business with excellent reviews, its essential to know that reviews equal revenue. It's even recorded that every one star increase in a Yelp rating means a 5 to 9% increase in revenue. In order to create a strategy maximizing this opportunity, it's essential to start looking at the consumer’s motivation for leaving an online review. This is the first step in creating a profitable strategy for maximizing reviews for your business. You need to look past the obvious sentiment that reviews are important and ask why?