Nowadays, business development strategies lean toward digital media as online channels have raised buyer engagement. Digital tools that have been overlooked by some businesses are online reviews and ratings.
An industry that has embraced online reviews is the tourism industry. According to studies, more than 90 percent of travelers base their decisions on reviews and other user-created contents.
Other businesses can also benefit from utilizing online reviews.
For one, these reviews often offer constructive criticisms and suggestions. Comments made by customers provide either a validation of the quality of products and services or information on how the business can improve operations and business practices. During decision making processes, online reviews, whether positive or negative, offer great insights.
Online reviews can also be a free marketing tool as they can create brand awareness and expose the products and services to an even wider audience. There are even instances when online reviews are a more optimal advertisement option than traditional marketing channels.
Online reviews also influence search engine results, with some experts even claiming that these are strong off-page SEO elements.
By managing online reviews effectively, any organization can create ideas and initiatives with long-term values, while establishing healthy relationships with customers, partners, and the market.
Steven Rindner is a business and corporate development executive, whose range of expertise includes media, technology, real estate services, and healthcare. For more insights about business development, visit this blog.