Banking on Digital Growth
Banking on Digital Growth

Episode · 6 months ago

106) #InsideDigitalGrowth - The Impact of One Bad Review: Strategies for Improving the Ratings System Experience


Ratings & reviews of a business can make all the difference in the business’ success. But with so many options for rating systems, where should a business focus their attention? Yelp or Google My Business or a combination of the two?

James Robert Lay, Host of the Banking of Digital Growth Podcast, discusses his take on best strategies for navigating rating systems.

What we talked about:

  • The Importance of a Good or Bad Review for the Success of a Business
  • The Secret of Ratings Ratios
  • Whether to Focus Attention on Yelp or Google My Business & Strategies
  • Setting Up an Engagement Strategy

Check out this resource mentioned during the podcast:

To hear more interviews like this one, subscribe to Banking On Digital Growth on Apple Podcasts, Spotify, or your preferred podcast platform.

Rachel ask what's the differencebetween yelp and google my business and where should I put our financial brandsfocus for ratings and reviews. It's a great question Rachel and one that Ilook forward to answering for you on today's episode of Banking on Digitalgrowth, You're listening to banking on digitalgrowth. With James Robert lay a podcast that empowers financial brand marketing,sales and leadership teams to maximize their digital growth potential bygenerating 10 times more loans and deposits. Today's episode is part ofthe inside digital growth series where James robert shares, answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community. Have a question you want to get answers to on a futureepisode, visit www dot go ask jr dot com to submit your question today. Nowlet's go Inside digital growth Greetings In. Hello, thank you fortuning into the 106 episode of the banking on digital growth podcast,where I James robert lay your digital anthropologists, continue to coach andguide you and your financial brand along your digital growth journey asyou commit to continue to guide people beyond their financial stress towards abigger, better and brighter future, because when we work together, we willmake the world a billion times better by getting a billion people beyondtheir financial stress towards a bigger, better and brighter future. Today'sepisode is part of the Inside Digital Growth series and I look forward toanswering a question from Rachel, who is a VP of marketing for a financialbrand on the east coast Rachel ask what's the difference between yelp andgoogle my business and where should I put our financial brands focus forratings and reviews? That is a great question Rachel and one that we getoften as it sits in the are of the banker strategy circle, which is torepeat the process with ratings with reviews and with referrals. And when wethink about this idea of where should I put my focus, our focus when it comesto ratings, reviews and referrals. I appreciate the thinking here becauseit's so easy to get overwhelmed and try to be in all of these different places,all of these different channels, all of these different areas at the same exacttime. And for many financial brands, that's just simply not practical. It'snot practical with social media, it's not practical with content. It's notpractical with ratings, with reviews and with referrals and so let's breakthis down for you, Rachel focusing on ratings and reviews, considering thedifferences here between yelp and google my business and where you couldfocus your time, your effort, your energy. Now, before we get there, Iwant to note that there are some other areas for consideration when it comesto ratings, when it comes to reviews including, and this is what I'm talkingabout before the need to focus here because you could consider investingyour time effort, energy resources into other review sites like facebookreviews, like app store reviews and even the possibility of doing on sitereviews. Something that I find to be very valuable and beneficial whereaccount holders can leave reviews on your website about a product experience.And I'm very bullish on this as we have seen on site ratings and reviewsdirectly influence the purchase behavior of consumers when conductingdigital secret shopping studies for financial brands. I also want toprovide some insight here on why and this is where I want to begin. I wantto provide insight on why this idea of...

...ratings and reviews is so important.Before we even get into thinking about what to do or how to do it as yelp andgoogle my business along with facebook and even the the app store reviews.These all show up in search results when someone googles your financialbrand and these search results will typically highlight the number of starsyour financial brand has on a particular platform, whether that begoogle my business. Yelp, facebook reviews, even the app store itself likeItunes or or the google store. And so if a prospective account holder seestwo or three or maybe even a four star as part of your average rating, thestar system will plant an impression on the potential experience they mighthave with your financial brand into their subconscious mind. And a lot ofthat has been driven over the last 10, 15, 20 years with the rise of aecom,with the rise of online shopping and the use of ratings and reviews fromother sites like amazon for et cetera. And this is why experience when youthink about the potential experience and the impact that they can have on aperson's subconscious mind. And that potential experience being directlyinfluenced by ratings and reviews stars if you will to 34 stars. This is whyexperience what we define as well. Thought out systems and processes thathave been defined, applied and optimize over time resulting in a positive ornegative emotion. Experience is so strategically important for yourfinancial brand to consider when looking to maximize your digital growthpotential. Because a positive experience will yield far more positiveratings and reviews which will directly and positively influence the hearts andminds of other consumers. On the other hand, a negative experience will yieldfar more negative ratings and reviews that will negatively influence thehearts and minds of other consumers. But no what I said, a negativeexperience. And here's the secret. In fact, there's an article published byinc dot com titled The Secret ratio that proves why customer reviews are soimportant. And in this article, they noted three key insights here. Numberone. When customers are unhappy, there is a 91% chance they will not dobusiness with a company again. According to lee resources. Number two,dissatisfied customers typically tell 9 to 15 other people about their negativeexperience. Some tell As many as 20 or more as stated by the White HouseOffice of Consumer Affairs and then finally, point number three, A negativecustomer experience is the reason 86% of consumers quit doing business with acompany, according to the Customer Experience Impact Report. I was somehowthis up negative customer experiences lead to negative or bad reviews. Duh,that is obvious, but it's what you don't know that will hurt you because abad negative review can do serious damage. The kind that takes more thanjust one good review to fix. And in this article published by ink writtenby Andrew thomas Andrew notes that a positive versus negative review ratiois derived from a combination of human...

...behavior, from math and logic. Here'sthe ratio, here's the secret. Here's what you should really be payingattention to here because you need to remember when it comes to ratings andreviews, which is why the are of the banker strategy circle is so criticallyimportant to your future digital growth potential. It takes around 40 positivecustomer experiences to undo the damage of a single negative review. Let me saythat again, It takes 40 positive customer experiences to undo the damageof a single negative review and the last three words there are mostimportant to tune into a single negative review. So for every 32 or onestar reviews that have been left on your yelp or your google my business oryour facebook or your app store app, it takes 40 positive customer experiencesto undo the damage of just one of these negative reviews because it's thesenegative reviews. Once again, that influenced the hearts and minds ofprospective account holders. And here's why this is if one of your accountholders has a negative experience, they are highly likely to share thatexperience by leaving a bad review. On the other hand, an account holder whohas a positive experience once again, according to Andrew Thomas in thisarticle on, only one in 10 happy account holders leaves a goodreview. So if your goal is to mean an overall positive rating of four starsor more on yelp, google my business on facebook et cetera. You'll need 45 starreviews to make up for every one star review that is left. Let that sink in for a moment. So let's assume for a moment that 10happy account holders leave a positive five star rating about their experiencewith your financial brand And knowing it takes 45 star reviews to make up foreach one star review that is left, We can estimate now that it takes over 40positive customer experiences to make up for a single bad review left. Nowthat we've addressed why ratings and reviews are so important with the 40-1positive experience ratio to negative review ratio. Let's talk about the differences forRachel as she asked about yelp and google my business on where to focusbecause I don't think it's even worth having a conversation about yelp orgoogle or facebook, where to leave reviews unless we understand thestrategic importance of why to focus this time effort energy in the firstplace. So we're gonna start here with yelp and a quick action item for yourfinancial brand to consider to take if you have not already done. So is tojust simply claim your business first on yelp and when you claim yourbusiness on yelp you can do three things. You can number one verify theaddress to make sure that that's correct. You're not sending people inthe wrong place even though that people no longer come into a physical branchlocation. I do believe that the branch location of the physical branch worldis going through a transformation to where the vast majority of thetransactional volume can be done digitally and even a lot of theconversations can be done digitally.

But we're finding that sometimes not asoften not nearly as often people still want to connect with other people in aface to face world, particularly as things open back up post covid point number two, once you claim yourbusiness on the help, you can start to respond to review. So it would be avery interesting exercise for you to go out to help and pull up your brand,pull up your different locations even and see if there are any negativereviews when and if they were ever responded to because if you've neverresponded to those reviews, it does not plant a positive seed in the mind of aperspective account holder. And then number three, once you claim yourbusiness on the help, you can also report abusive content, so people whomight be abusing the platform might be abusing your brand. You can report thatabuse, which could then in fact help improve the overall perception of yourfinancial brand if this is being done in mouse. And yes, that does happenmore often than you think. It's also important to note early on that whenthinking about yelp, specifically, yelp for business can be a very expensivepath to go down. Technology has transformed our world and digital haschanged the way consumers shop for and buy financial services forever. Nowconsumers make purchase decisions long before they walk into a branch if theywalk into a branch at all, but your financial brand still wants to growloans and deposits, we get it. Digital growth can feel confusing, frustratingand overwhelming for any financial brand, marketing and sales leader, butit doesn't have to because James robert wrote the book that guides you everystep of the way along your digital growth journey, visit www dot digitalgrowth dot com to get a preview of his best selling book banking on digitalgrowth or order a copy right now for you and your team from amazon insideyou'll find a strategic marketing manifesto that was written to transformfinancial brands and it is packed full of practical and proven insights youcan start using today to confidently generate 10 times more loans anddeposits. Now back to the show, They don't disclose a lot. They're veryopaque and possibly less effective than advertised in 2017 and this goes beyondjust claiming your business, this is, is going down a deeper path with yelp.Here in 2017, A pair of assistant professors at Harvard Business Schoolthat conducted a study on the effects of Yelp ads by reviewing data for morethan 20,000 restaurants with 24 million ad exposures being placed in Yelp. Andwhat this study found was that restaurants that ran ads, Good news isthey saw a 24.6% increase in page views, A 5% increase in customer reviews And a13% increase for inbound calls. Now, most of these ads were profitable forsmaller businesses with less awareness. Bigger brands also benefited, but theyonly when they were targeting keywords that people didn't typically associatewith their brands. Now, this is where the challenge comes in going down adeeper path with Yelp for business, As our research has found that Yelp adsaverage around $20 per click. That's pretty steep when thinking about CPC orcost per click and there are probably much better ways for you to getimproved CPC or cost per click through...

...other digital ad platforms like google,which are even more targeted as people are searching for specific terms thatthey have when they have a specific need. So, for example, what aremortgage rates in Houston? Well, I would rather serve and add up to thatversus someone doing a branded search for my financial brand and then lookingto go into yelp, click on an ad and yelp and then get sent over to my sitewith not a high propensity for conversion, particularly if you'repaying $20 per click. Furthermore, Yelp has a trust score ofabout 1.5 out of five based on over 2000 reviews as of october 2020 andit's not a great track record as and this is where the pain point comes backin. The majority of businesses complained and their complaints wereframed around yelps, high ad prices and the lack less results that they wereseeing Once again, if you have, you know, a specific amount of resources,whether it be time or dollars b where the people are, when they need the helpmost, which would be, for example, in google PPC pay per click. There's alsoa high number of complaints that sorted, incited high cost per click pricesalong with some ongoing billing issues after the Yelp ads service had beencancelled by these brands in in that study, um when looking at their trustscore, the best thing to do when it comes to Yelp is to just simply startby claiming your spot but be very, very careful once you do that, you have thepotential to turn on a some pretty aggressive sales tactics from Yelp. Andif you do decide to go down the deeper path of using YeLp ads, this is wheretracking traffic back to your site from Yelp is going to be criticallyimportant, even tracking it down to conversions for different stages of thebuying journey, both of which you must do internally through a platform likegoogle analytics instead of just utilizing the third party results fromYelp alone, because that's just going to show you one half of the equationand when you're tracking internally through a platform like googleanalytics, you're going to be able to see if and where there might bediscrepancies. In addition to Yelp now I'd like to provide some thinkingframed around the opportunities with google my business as a potential areato focus, to increase ratings and reviews and with a focus on google mybusiness. Considering that google is the number one search engine, yourfinancial brand has a local S Ceo opportunity just waiting to be capturedthrough individual website landing pages that can be linked up to specificbranch locations via the google my business platform. And it's thesebranch landing pages hosted on your website optimized for local search thatwill have a picture of the branch. They're gonna link to google maps fordirections, phone number but you could also add some humanity here byembedding or linking to a video with a branch manager. Something that TD bankhas implemented a while back along with also considering integrating anappointment schedule. Also now whenever someone searches your financial brandthey see the ratings, they see the review, it helps with local S. C. O.But now they're getting video now they're getting directions. Now theyalso have the capability to schedule an appointment all from google. Now thiswould probably work more from a current...

...account holder. I would say that aperspective account holder but nevertheless we're trying to reducefriction at every step of the way for these digital consumer buying journeys.Furthermore when thinking about google my business and a local S. C. O. Play.It's important to put in place a follow up S. O. P. Standard operatingprocedure so that you can respond to negative reviews on google when Appleyou do the same thing for help as well. And at a minimum this provides you withan opportunity to deliver an empathetic tone and that's going to help showothers that you're actively reviewing your reviews and they're just notsitting out there. I can't tell you how frustrating it is to see a financialbrand who has dozens and dozens of reviews on review platform that they'venever responded to because it's almost like someone has a complaint but thenit's just tone deaf and they don't respond. And when you manage reviews itdoes have a positive impact on your local S. E. O. As google states ontheir own site that quote high quality positive reviews from your customerswill improve your businesses visibility and increase the likelihood that apotential customer will visit your location. End quote, thinking about this a little bitfurther for you. You can also use google my business as part of a contentdistribution strategy, making google my business, another amplifier for thecontent that you're already producing. Once again, I would consider using youTMS to link back to your site. I know it's a bit technical but you tm is agreat way to track try across different platforms or properties. So now you'reable to track from the activity on google my business back to your websiteor back to a blog as this is going to help you. I. D. Traffic and conversionscoming back to your google my business locations. Now a couple of posts here.If you're posting to google my business a couple of posts per week I would sayit's sufficient to help see an increase in local market positioning within thesearch engine results pages of google and these posts, they can contain textsand videos and images and pictures All while being filed under four differentcategories of what's new event post offer specific offers that you mighthave as well as product posts. The last point when when it comes to google mybusiness is that google, my business has now rolled out a report that canhelp brands identify how people are searching within google maps or evengoogle search to find your local listings. And this will provide detailsinto the queries used to find your financial brand. So it's great from amarket research component. And then also when are people looking for thesespecific directions or locations? Most will probably be branded searches, butyou also might find some unbranded products specific searches as well. Andit's important to note some of these trends for pattern matching, for futurestrategies around content and S E O so Rachel. Regardless if you choose tofocus your time, effort and energy on yelp or google my business or facebookor one of the app stores. My recommendation, at least to begin withif you're not already doing so. And I'm going to assume that you're not basedupon. Your question is to lean towards...

...focusing on google my business to beginbecause you're going to get a double benefit around the local search, S E OContent side of things and and either way whether it's yelp or google mybusiness, you must think through an engagement strategy coming back to thebankers strategy circle, the are the ratings, the reviews, the referrals andyou need to think through an engagement strategy to number one get reviews aspart of a systematized process, a systematized experience and then numberto respond to those reviews so that they're not just hanging out there andcreating a negative impact or a negative effect for a perspectiveaccount holder. As we wrap up today's conversation, that is part of theinside digital growth series. If you the dear listener has a question likeRachel, I want to hear from you because I want to help you. I want to guide you.I want to empower you to maximize your future digital growth potential. Andthe way that I can help you right now is just simply text me your question aquestion you might have about digital marketing or or cells or or digitalleadership strategies. Text that question 24155793004. And I will answerit for you on an upcoming podcast episode. Always remember. The only badquestion is the question that goes anasco as always and until next time bewell, do good and make your bed. Thank you for listening to another episode ofbanking on digital growth with James robert ley. Like what you hear, tell afriend about the podcast and leave us a review on apple podcasts, googlepodcasts or Spotify and subscribe while you're there to get even more practicalimprovement insights visit www dot digital growth dot com to grab apreview of James roberts, best selling book banking on digital growth or ordera copy right now for you and your team from amazon inside, you'll find astrategic marketing and sales blueprint framed around 12 key areas of focusthat empower you to confidently generate 10 times more loans anddeposits until next time, be well and do good mm.

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