SaaS provider, Womply, has studied reviews and transactions data of more than 200,000 US small businesses across various industries.
This study states that businesses claiming listings on other sites, such as Google My Businesses, generate 58% more revenue. Organisations that didn’t claim their listings made an average annual revenue of less than $72,000, whereas business claiming one or more listings earn more than $300,000.
Organisations with ratings between 3.5 to 4.5 stars earn more than those with higher or lower ratings. Further, the report stated that 75% of businesses don’t respond to their online reviews. Those that do, earn “considerably more” revenue.
This article also states that local businesses place more importance on reviews than star ratings. And, businesses with more than the average number of reviews make 82% more in annual revenue compared to those with lower review counts.
[3 minute read]