Three out of every five consumers checking out places to stay use online reviews to help them make their minds up. Among millennials, that figure is even greater, with seven out of ten relying on reviews.
The extent to which reviews carry weight with consumers was the subject of a study conducted by Barclays, entitled “The Feedback Economy”. The study found that firms in the hospitality sector could boost their businesses by responding to feedback given online – and says the growth could give the economy an injection of an additional £3.2bn.
However, respondents to the survey revealed in their answers that they are not yet taking enough action in terms of responding to feedback. In fact, 64 per cent of firms are not taking steps to keep on top of feedback, despite acknowledgement that positive reviews help with repeat business.
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Just how valuable are online reviews?