Category Archives: Business Rater

Study Calculates the Dollar Value of Online Reviews


Star Power: Study Calculates the Dollar Value of Online Reviews

Corporate messaging matters, but word of mouth rules.

We don’t trust brands. We trust people. It’s always been this way. And yet the Internet has changed the way we find and respond to other people’s opinions about the products they buy.

Word of mouth has become a business of its own. Brand-consumer interactions play out publicly, and reviews are everywhere. We’re not just recommending restaurants anymore; we’re advising one another on which city bus is the cleanest and which dog park has the least poop in it.

We know that online reviews matter because people use them to make decisions. Businesses routinely ask customers to “like” them on Facebook, or leave positive feedback on sites like Yelp. And, obviously, blistering reviews are ubiquitous.

But how exactly does all of this chatter affect the bottom line for the business being praised or picked apart?

A new study by social analytics firm ShareThis and the Paley Center for Media quantified exactly how much more people were willing to pay for products — iPads, cars, various ingredients for recipes, and so on — based on reviews they encountered in person and online.

“Recommendations have more of an impact than brand or price,” ShareThis CEO Kurt Abrahamson said. “We found that highly positive online shares can generate an almost 10 percent increase in purchase intent, and negative reviews can also have a correspondingly negative impact, [reducing purchase intent by] 11 percent.”

Researchers surveyed about 6,000 people to measure how different kinds of reviews — recommendations from strangers versus friends, online versus in person, and so on — translated into willingness to pay more or less for specific products.

Someone buying an iPad, for instance, would pay $22.26 more based on a positive “online share” by a stranger and $27.42 more based on a positive online share from a close friend or family member. Online shares, in this case, refer to activities like Facebook shares, positive tweets, and reddit posts.

When considering electronics purchases, those surveyed still tended to put the most weight on the opinion of professionals. Both print and online reviews of products had the power to move up people’s price points by $31.13.

Here’s how much more people were willing to pay for a tablet based on where they saw a positive review, with “consumer reviews” referring to posts on sites like Yelps and “ratings” referring to write-ups that accompany five-star rankings on sites like Amazon:

(ShareThis)

Bad reviews drove down prices even more than positive reviews pushed up what people were willing to pay. Seeing a stranger lash out online against the iPad made people want to pay $32.30 less for it.

Curiously, unhappy friends and family had a slightly less negative impact on people’s iPad price points ($31.70). In other words, the positive opinions of close friends and family members and the negative opinions of strangers mattered most to people.

Similarly, in-person reviews carried more weight when they were positive and online reviews carried more weight when they were negative.

Here’s how that breaks down: People were willing to pay $3.79 more for an iPad based on a positive review from an in-person acquaintance compared with a positive review from an acquaintance online. But people wanted to pay 40 cents less for that iPad based on a negative online share by an acquaintance versus a negative in-person conversation with an acquaintance.

Another way to look at this dynamic: Positive reviews are more positive in person and negative reviews are more negative online. That feels intuitive, if a bit optimistic. We trust our friends’ good taste but tend to seek second-opinions when someone is miffed about something.

The valuation differences between in-person and online reviews aren’t actually big enough to matter in a meaningful way, at least not economically, researchers say. What struck them most was the power that strangers and friends have to influence people’s buying decisions. This tier of influence once rested solely with professional reviewers and corporations themselves, but it has become democratized in a way that is fundamentally changing how we buy.

“Eight years ago, none of this was really part of the conversation,” Abrahamson said. “Sure you’d love to have a good consumer report review, but positive online commentary was not part of it. This shows how important this has become in the economy. Recommendations can have more of an impact than brand or price. They can be more important than what your brand is and the price you’re charging.”

If that isn’t astounding, it’s because we’re already pretty well used to this new reality. It’s the platforms that have changed, not our behaviors. Word of mouth has been a fundamental part of how humans have communicated for centuries.

For traditional gatekeepers — brands, professional reviewers, advertisers — this power shift can seem disorienting. How do you control the message when you’re no longer the only one crafting it?

The short answer: You don’t.

 

On August 10, 2013 Business Rater™ Is Giving Away $50,000 CASH To Support Better Business


Business Rater Sweepstakes WIN A CAR or $50,000Business-Rater-Icon-50pxBusinessRater.com is giving $50,000 to some lucky winner in the United States this August 10, 2013!  The chosen winner will be notified by email through a hired 3rd party company that licensed and insured this $50,000 giveaway just (12) months ago and the time has come to choose our winner!

  • Eligibility is to anyone who has reviewed a Business Rater Certified company using BusinessRater.com within the sweepstakes time frame (employees of that business are excluded)
  • Business Rater reviewers are given up to (10) entries maximum. Each review is equivalent to (1) entry, even creating an account gives you an additional entry to WIN A CAR or $50,000
  • The purpose of this promotion is to encourage feedback from consumers before they leave the front door of that business (regardless if it’s good or bad feedback) to help Business Rater Certified businesses maintain a 5-Star Customer Satisfaction policy
  • We’ve found that by promoting your business as a “Customer Satisfaction Driven” way of business that your business not only creates a 5-Star Culture, but seriously improves the customer experience as well as market your business online with a great reputation by BusinessRater.com

Companies who have proactively taken advantages of Business Rater’s review platform have captured over a 1000 positive reviews in less than 15 months!

CASE STUDY:RickCase_POWERHOUSE_logo_BLOCK112010

If you Google Search “Rick Case Honda”  THE WORLD’S LARGEST HONDA DEALER” then you will witness the power of Business Rater’s review platform for business.  Rick Case Honda has captured over 1500 positive reviews just shy of 15 months as a Certified business on BusinessRater.com.

rick case honda reviews

==========
CAN YOU IMAGINE THE IMPACT OF HAVING THESE POWERFUL REVIEWS FOR YOU SMALL OR CORPORATE SIZE BUSINESS?  Try It Free Today!
==========

InMotion-Global-Case-studies
Check out this short, 38 second, LIVE video testimony from Richard Bustillo (General Manager) of The World’s Largest Honda Dealership – Rick Case Honda

With only 9 days left of this $50,000 sweepstakes promotion, be sure to RAMP UP your sales staff, share this post, spread the word and market your business online with 100’s of positive reviews about your business, employees, products & services you sell!  Don’t allow 3rd party review sites that handicap “Mr/Mrs. Business Owners” hold you back, Business Rater is here to support you!

Sincerely,
Dan J. Weik
President of BusinessRater.com

Call Today for a FREE Online Business Evaluation & see if you qualify to become a  Business Rater Certified business 1(800)401-0118

List your business for free on the worlds most powerful review platform! 

Business Rater Sweepstakes Rules & Regulations

Business & Political Radio Show | Interview Dan Weik CEO of Business Rater


The Price of Business

Kevin Price, Host of the Price of Business Show on Bloomberg’s home in Houston, TX (Business Talk 1110 AM KTEK) recently interviewed Dan Weik, President of Business Rater in San Diego, CA. Here is that interview:

Tell me about your firm (number of employees, location, type of companies you work with, etc.).

Business Rater is a consumer review site located in San Diego, Ca. that helps consumers find great businesses and avoid not so great businesses by reading consumer reviews. Business Rater also offers companies a reputation management system & solution that makes it easier for them to better serve their customers by delivering 5 star service, capturing more positive reviews, identifying customer concerns and resolving them quickly. Business Rater Certifies companies to sell and retain more customers by improving how they serve their customers, capturing more feedback and marketing their positive reputation online; where a majority of customers now shop.  We have a total of 5 employees and work with all verticals of business both small and enterprise.

Tell us your story about the lengths you have gone to get a customer?

Business Rater has held special events at the Lincoln Center in NYC, the Versace Mansion in Miami, Fl. And sponsored digital technology conferences throughout the country.   Business Rater has been recognized as one of the top 10 companies to watch in 2013 by AutoSuccess Magazine.

Do you know of other examples of the lengths businesses have gone through to get customers?

Google AdWords, Social Media Marketing, Video Marketing, Blogging, Press Releases, Display Ads, Craigslist, TV News Segments, Radio Jingles, etc..

What lessons, if any, do you derive from these stories?

Considering our business, if you don’t have a strong online reputation, then you will loose serious ROI on any marketing or advertising once consumers check your business out online.  If you have negative or low ranking reviews about your business, products or services then you will have a high bounce rate and loose customers to your closest competitors.

Contact information:

www.BusinessRater.com / Info@BusinessRater.com / 800-401-0118

Dan Weik / dan@businessrater.com

View Article

Best Onine Review System by Dan Weik CEO of BusinessRater.com


 

Need Reputation Management?
FREE 30 Day Trial 800-401-0118 or email sales@businessrater.com

Google’s Survey -VS- Business Rater’s Survey


Google has recently come out with a new Survey feature you can view on www.google.com/insights/consumersurveys/home 

Google clearly states that, “good business decisions require good information.”  Business Rater’s tag line is “Consumer Content Creating Better Business.” 

SO…. WHY IS BUSINESS RATER CHALLENGING GOOGLE SURVEYS? 

  1. Business Rater reviews & surveys are captured in a process backed up by a strategy that will allow your business to capture 90% more reviews & surveys than Google could ever dream about while helping you gather live data that allows you to improve your sales and customer service on the fly.
  2. Business Rater surveys are included are all inclusive & unlimited in any package, we have no cost per survey captured. Google is charging .10 cents per survey
  3. Business Rater promotes “consumer feedback creating better business” and allows businesses to capture Reviews/Ratings/Surveys in a process In-store. Google has clearly identified In-store capture is against their guidelines and has SLAPPED businesses twice this year by removing their invaluable review content from the web.  In-store feedback is critical to the bottom line of any business and is a key element to why Business Rater clients are seeing a significant increase in reviews, surveys and revenues.
  4. Business Rater’s Surveys are integrated with Business Rater “Review Forms” so it’s two actions in one process that allows your business to improve your Online Reputation plus capture invaluable consumer feedback with our integrated surveys to improve and market your business simultaneously!  Google has a separate and non-efficient review and survey process that will handicap your business in capturing this good information. Not only are both of Google’s processes separate and not integrated like Business Rater’s review form and survey, but Google is against capturing this data In-Store unlike Business Rater whom supports real-time feedback. At least we know Business Rater reviews came from customers that were actually In-Store opposed to any person who can berate a business that never even visited that business. 
  5. Business Rater supports the 800LBS Gorillas (Google & Yelp) by providing the perfect platform to capture great and not so great feedback to give your customer relations department something to talk about in follow up with your customers. It’s hard to believe that NO feedback is better than good or bad feedback, true or false? It’s like saying there’s no such thing as bad press! Business Rater provides the perfect In-Store solution to support your Out-Store reputation management solutions like Google & Yelp.


While Google may be a globally recognized name, their business model is not helping your business succeed,  actually just the opposite, they are servicing your business.  Business Rater’s primary goal is to provide business tools and ability to provide the data and freedom they need to maximize their potential with it’s in-store proven strategy and online 
reviews, ratings, and surveys capture processes backed up by effective safety-nets to ensure residual and exponential data capture.

Customer feedback, reviews and data is an asset that most businesses take for granted.  With Business Rater this information can used to take quick and decisive steps to repair broken processes, remedy individual customer problems, increase net profit and boost your online reputation in the eyes of your customers and the world.

 

To your business’s success,

Dan J. Weik

President & CEO

Business Rater, LLC.

For more information email info@businessrater.com or call 619-800-4692