Restaurant owners know that bad Yelp reviews cost business. That’s Biz is providing a free spreadsheet tool to help restaurants calculate the lost revenue from bad online restaurant reviews.
Restaurant owners are frustrated by bad online reviews. Potential customers that look at restaurant review sites are making decisions whether to eat at their restaurant based on a fraction of the total number of customers that have eaten there before.
Customer loyalty and word of mouth are the lifeblood for any business. Losing a customer before they have even tried their restaurant costs not only the revenue from that meal but also the potential revenues for the lifetime value of a customer.
The old rule of thumb was a dissatisfied customer would tell ten to twelve other people about a bad meal experience. Now with online restaurant review sites like Yelp and Trip Advisor, hundreds of potential customers can be influenced by a review posted by a dissatisfied customer.
We developed a spreadsheet tool restaurant owners can use to calculate the total lost revenue impact of bad restaurant reviews when taking into account the lifetime value of a customer.
The lost revenue calculator can be downloaded free of charge by visiting https://website.thatsbiz.com/thatsbiz/test-site/lifetime-value-of-a-customer.
In clearly labeled fields, the restaurant owner inputs the information that is specific to their restaurant including the average ticket and the number of bad online restaurant reviews on the leading review sites.
The spreadsheet calculates the lifetime value of a customer as well as the lost revenue impact from the bad restaurant reviews. The amount of the lost revenue is startling to most restaurant owners.
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