Cambridge, MA (PRWEB) January 02, 2014
The January-February 2014 volume of the Harvard Business Review features an article entitled “What Marketers Misunderstand About Online Reviews” (Published January 1, 2014) that explores factors businesses should consider before crafting a marketing plan centered around online reviews. Adopting the points presented by authors Itamar Simonson and Emanuel Rosen, 5StarControl.com offers a formula for calculating how much emphasis to place on Yelp reviews for companies of all sizes.
Most importantly, the article discusses that the brand name is no longer as vital as it once was. Instead, customers generally make buying decisions based on three criteria:
1. Previous experiences, values or preferences
2. Advertisements and information from marketers
3. Opinions from other people
With these three pieces of criteria in mind, 5StarControl.com offers a solution to determine the extent of local Internet marketing strategies that should be in place. Businesses must weigh the ways a customer is influenced to make a purchase above and assign percentages to each aspect.
For example, a person deciding on a restaurant may factor in about 30% from previous experiences, 20% on advertisements and 50% from input other people. As a result, investing in Yelp online reviews is a smart marketing decision because it weighs so heavily on an individual’s decision.
5StarControl.com has developed a general rule for Yelp reviews. If at least 25% of a customer’s decision is based on other people’s opinions, then Yelp review marketing is the best marketing alternative.
After the Harvard Business Review published “What Marketers Misunderstand About Online Reviews,” 5StarControl.com adapted the work presented to generate a formula for effective Yelp online review marketing strategies. As long as customers weigh other people’s opinion by a significant amount, managing Yelp reviews is an important marketing strategy. 5StarControl recommends that readers visit their site if they’d like more information on how to develop appropriate strategies centered around Yelp.
5StarControl.com distributes a newsletter offering advice for small businesses about how to yield a high return on investment from local internet marketing strategies and Yelp reviews in particular.