Online Reviews and Revenue
We all know that online reviews are important to your business. Reviews help build your dental practice’s online reputation, boost website rankings and help drive traffic to your site. While these are all positives, the question many practice owners want to know is:
Will investing in a review building strategy increase revenue?
Well, a new study from Womply answers just that question.
Key Findings from the study found that for Healthcare and Medical Centres:
- Claiming a free listing on 3 or more review sites results in 26% more revenue
- Not responding to reviews earn 6% less revenue
- With more than the average amount of reviews earn 28% more annual revenue
- With a star rating of 4 – 4.9 earn the highest revenue
- Having a high amount of reviews is more important than star rating for revenue
- Responding to just one review earns 10% more revenue than average
- Not gaining a ‘fresh’ reviews for 90 days earn 10% less revenue
- Having 4 fresh reviews in the past 90 days earn 20% more than average
- With 5 to 10% negative reviews earn 24% more than average
The results show the link between online reviews and revenue within the health and medical sector. Often dental practice’s focus solely on gaining a clean sheet of 5* reviews and are reluctant to proactively ask for reviews incase a negative comes through. However, this study found that it is not the overall star rating, but the number of reviews that has the strongest correlation with revenue. While this might seem obvious, as the practice’s who have the most reviews probably have the highest patient base and are also likely to be the most active with marketing efforts. However, it is important to note that negative reviews do not impact revenue levels, as long as the review is effectively responded to. Patients even expect to see negative reviews and are likely to question the authenticity of dental practices that haven’t got any negatives.
In all, the study found that within the health care industry, those centres with the highest revenue were those that had:
- Claimed multiple free listings on relevant review sites
- Actively responded to reviews
- Maintained a star rating of 4 – 4.9 on main review sites
- Receive regular reviews
- Have a varied review profile with between 5 – 20% negatives
If you need help with building your online review profile, or with responding to negative reviews, contact us or call us on 01202 677 277
Source: Womply.com – Read the full article here.
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