Calculating the Financial Damage of a Negative Review
Aside from the sleepless nights, anxiety, and overall feeling of dread every time a negative review for your business pops up, there is a real and significant financial effect. When you think about “how much is reputation management worth to me?” it’s best to have a really good solid understanding of just how impactful negative reviews are for your business.
Follow the steps below to determine how increasing your star rating even just one point could boost the bottom line. (The national average is 9% revenue boost, your business may be less or more).
Go to the Yelp For Business Owners portal and input your email and password.
Click the Period: 12 months, then click Revenue Estimate.
Input what the average customer spends, how many visits they make in a year, and your estimated conversion rate (ie. what percentage of new leads actually become customers?)
Note that your Yelp customer leads are automatically estimated by Yelp. It is an indication of how many Yelpers are engaging with your business each year.
After you’ve input the data in Step #3, Yelp does the math for you and computes the estimated revenue from Yelp Customers. This figure is the amount of annual revenue you are putting at risk by having negative reviews on Yelp.
Now that you know how much annual revenue your Yelp profile is worth to your business, all you have to do is sign up for Objection.co and watch as their AI automagically reads, identifies, and categorizes your reviews, then disputes the reviews, and provides you with a video of exactly what it did. It targets reviews that clearly violate terms of service, and disputes those reviews directly with the platform (it works on more than Yelp), and based on the decade of successful manual disputes that were pumped through the machine learning that trained the AI, the vast majority of disputes that the platform shows are illegitimate, the software can remove them.
You get a free 7 day trial and you can dispute 1 review for free. No credit card needed. How cool is that? So don’t let negative reviews keep you up at night, do something about it!