According to Harvard study a 1% increase in Yelp ratings leads to a 5% to 9% increase in revenues.Why would this be, well look at the facts;
62% of people read online reviews
70% of customers trust a business with a minimum of 6-10 5star reviews
(In fact the above figure is almost as high as personal recommendations.)
In short, you must stay on top of all your reviews.
Reputation: More than Just Consumer Reviews
Consumer reviews have been proven powerful in shaping how buyers decide on which product or service to purchase. And with 97% of all consumers searching for local businesses online (BIA/Kelsey and ConStat), it’s only a matter of time before they find what they are looking for on Google. And chances are, if you appear in the search results, they’re going to see reviews about you too. That’s why it’s crucial that you have positive reviews outranking and “pushing down” negative ones. If you have no online reviews you are probably damaging your online reputation.
And it's no longer good enough just to simply have testimonials somewhere on your website. Customers are on Facebook, Twitter, YouTube and other social networks seeing your competition and looking for 'social proof'.
To sum it all up you need to MONITOR - MANAGE - MARKET until you get that online 5 star Reputation.
Remember your Search reviews are Your Revenue!
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