Your brand’s online reputation is everything – without a positive perception, a potential customer may not even try your product or service. So it makes sense that the more stars your Yelp rating has, the better for your business and your bottom line.
What’s the value of a Yelp review?
Yelp is the most used consumer review site and app with 142 million unique users per month. Perhaps even more compelling is that Yelp reviews are integrated into many apps including Apple Maps. When the 94 million U.S. iPhone owners search for a business on Apple Maps they will see the business’s Yelp rating right within the results.
What’s the value of each Yelp star in your average rating?
How much each star in your Yelp rating is worth in bottom-line impact depends on a wide range of factors such as your industry, location, and competition. An oft-cited 2011 Harvard study says that that a one star increase can generate up to 10% more revenue annually for your business simply by improving a customer’s pre-trial impression of your company, which of course leads to more business.
But did you know that even a half-star rating boost can put money your pocket?
Researchers in Berkeley concluded that a half-star increase could result in 19% more restaurant reservations. But since Yelp allows averages in 1/2 star increments, businesses separated by that half star, and in reality by much less given that averages are rounded up or down, will see markedly different results in their businesses.
The study points out that a restaurant’s “true’ rating could be different than the one reflected in its Yelp profile. This can mean that though the profile rating of two restaurants might show a half-star difference, they may actually be closer than you think. The study cites the example of a one restaurant with a true rating of 3.74 (which would show as 3.5) and other with 3.76 (which would show as 4. Consumer perception, however, aligns with the star ratings shown in Yelp.
Given this data, it’s clear just how much your Yelp star rating can make a difference in your company’s ability to stay afloat. Fortunately, RatingsMax is the solution that will ensure you have the highest star rating possible.
We have a wide range of services to support businesses in the management of their online reputations. We can improve both the quantity and quality of your reviews. We also work within social platforms to make those new, positive reviews are seen even beyond the platform they were created in. We have helped many companies raise their average star ratings through new and better reviews. Want to read about one? Check out this case study.
Take a look at your Yelp ratings and those of your competitors. If you are trailing a competitor by even a half star, you are losing business.