Long before the world of online reviews, the internet, or even the telephone, people decided who they would and would not do business with based on one thing: reputation. Whether the local farmer was honest and supplied a good quality product or not dictated where you’d spend your hard earned money, and even though life has gotten immensely more complicated, this basic business staple has not.
Fast forward to 2019, and the ways in which we decide who to give our business to have largely remained unchanged. Now, instead of consulting our neighbor to find out who has the best price on an item, we quickly hop on our computer or smartphone and pull up a curated list of reviews. From a business owner’s perspective, this easy way to connect with customers can be both a blessing and a curse.
The Down Side
Think back to the last time you were shopping for something online and take into consideration the amount of research you completed before making your final purchase. Items that showed a solid amount of positive reviews likely received more of your attention than ones with average or poor reviews, right? As obvious as it may seem, the connection isn’t always clear in that enough bad reviews means lost profits.
The same can be said for an individual who is working on a freelance basis or trying to make their way up the corporate ladder. Whether they use platforms like Upwork, Glassdoor, or our very own Completed.com, poor feedback will lead to fewer job opportunities, thus also stifling their income potential.
The Up Side
While the presence of poor online feedback can hurt your bottom line, does the opposite situation actually increase your revenue? A study from the Harvard Business School seems to say yes, as data was reviewed surrounding restaurants and their Yelp profiles. On average, a one-star increase in an establishment’s overall profile equated to a 5 to 9% increase in revenue! When your reputation can create those kinds of results, doesn’t it make sense to try to foster it in every way you can?
It doesn’t much matter if you’re the owner of a multi-location store, the manager of a small boutique, or a career-minded individual who is looking to bolster your authority in a given industry – taking the time to manage your online reputation is critical. The first step is creating a profile at Completed.com, a place where your feedback follows you wherever you go. Instead of having to leave your positive reviews behind when you switch employment, your profile offers the ability to develop a solid track record.
Of course we can’t make any guarantees that you’ll see a 5 to 9% income or revenue boost once you start building your online reputation, but in today’s competitive world, everything you can do to place yourself ahead of the competition is worth it.
Having been bitten by the writing bug at the young age of 6, Courtney gets to live her dream every day by creating content for a wide range of clients. When she’s not typing away at the computer, she loves spending time with her two sons in the Pacific NW.