5 Things Dealers Should Know To Thrive In A Review Economy

By John Wiedenheft, GreatAmerica Financial Services – Think of the last time you went on vacation, or maybe you’re planning one right now. I would bet some Bitcoin that you visited at least one review site, or looked at reviews of your hotels or places you’re looking to visit. Am I right?

Planning vacations is only one small part of today’s “review economy.” I define “review economy” by how consumers purchase goods and services in the 21st century, using reviews and ratings to decide on specific purchases. Ninety-two per cent of US consumers now read online reviews for local businesses, and about half of those consumers formed an opinion after only 1-3 reviews! (source: BrightLocal) Imagine how quickly opinions can form about your business or products.

Here’s a few items to remember about living in a “review economy.”

Reviews come from customers.

It’s easy to forget that reviews come from our customers, and not any Joe Shmoe off the street. In our continuous focus on new sales and new customers, we lose focus on existing customers. If you make an effort to get your existing customers to make an online review, getting new customers will be that much easier!

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