How do negative reviews affect customer lifetime value?
An example of an AI chatbot conversation about the impact of negative reviews on customer lifetime value.
How do negative reviews affect customer lifetime value?
Negative reviews can significantly decrease customer lifetime value (CLV) by deterring potential customers and eroding trust.
Can you give me some statistics on this?
Sure! Studies show that 70% of consumers trust online reviews as much as personal recommendations, and a single negative review can cost a business up to 30 customers.
What can businesses do to mitigate the impact of negative reviews?
Businesses can respond promptly to negative reviews, address customer concerns, and encourage satisfied customers to leave positive feedback.
Are there any industries more affected by negative reviews?
Yes, industries like hospitality, restaurants, and retail are particularly sensitive to negative reviews due to their reliance on customer experience.
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