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Posted on Sat, 01/28/2012 - 11:59 AM by
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In a recent article from Econsultancy: Bad reviews improve conversion by 67%, which referred to a study undertaken by Reevoo (a provider of impartial product reviews, ratings and price comparison) called Bad Reviews are Good for Business, they found that “68% of consumers trust reviews more when they see both good and bad scores” and if customers don’t see ‘poor’ reviews “30% suspect censorship or faked reviews”. To add extra power to this, when prospective customers actually read bad reviews they 67% more likely to convert into a real customer than the average prospect. How does this work? Well, if we think about it from the customers perspective it’s all to do with thinking about what could go wrong and minimising risk, something I wrote about in my last post: Sometimes great customer service only needs to be easy and familiar. So, why given this compelling data, do not more companies look for and publish bad reviews or feedback? From my perspective, I think it is because not many people like criticism and most people are afraid of it, especially if it is emotionally charged and not necessarily constructive. However, if you are brave enough to look for it and really listen to it then it can offer perspective and incredible insight into how you, we, our businesses have not met expectations and where we can improve. It was Alexander Pope that said: “To err is human; to forgive, divine.” Therefore, bad reviews can be signs that we are human but it can also give us the opportunity to show how we respond in the event something does go wrong. For me, that’s one of the most important opportunities that we have in life and in business. I think that we must accept that we will make mistakes. But, the most important thing is how we respond to those mistakes to fix them. Check out: Wow! Customer Service: How to lose or win a client for life in 3 easy steps for two contrasting responses to responding to a bad experience/review.
MORE NEWS FROM SME SMALL BUSINESS BLOGDon’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... Top 5 Tips for Taking Time Off from Your Small BusinessTop 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners. 1. Make sure that your email Inbox is totally clear of anything urgent and that you have replied to everything important. You can set your email to provide an ‘out of office’... The Power of your Sales LedgerMany businesses are not aware of the potential to release cash against their sales ledger. For every sale made, you have to invoice your customers for goods sold or services provided. Factoring.uk.net explains how resourceful your sales ledger could be in these economically demanding times. Work within reason, wise Dad advisedMy father, who worked for himself all his life, either alone or running his small business, said to anyone thinking of going for it (me included) that it would take ten years to get established. I couldn’t see that at the time but I now fully understand what he was getting at. Top 5 Tips for Business Credit CardsTop 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners. 1. Using a credit card is actually a sensible thing for a business to do, provided they are going to be paying it off in full each month. Doing this helps to build a solid credit histor... RELATED SMALL BUSINESS NEWSCan a Gas Tax Fuel Clean Energy Innovation?With gas prices already reaching nearing $4 per gallon in many places, most business owners don’t relish the idea of them rising even further. Yet, some people are still calling for the government to deliberately increase them – by raising the gas tax. You’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. |
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