Yelp can be very helpful for growing a business and soliciting feedback from patrons. Some research states that individuals have over 60 million registered users to day. With over 20 million reviews posted to date, Yelp has proven to become quite the force when it comes to learning about a restaurant or establishment from the consumer’s perspective. Here is what businesses should know about Yelp and how it can help their business.

Yelp helps Increase revenues

According to research, businesses can see gains of approximately $8,000 or more when they open an account with Yelp. Current research indicates that anywhere between $8,000 and $23,000 on average is what businesses see in revenue when working with Yelp to promote their business.

Yelp influences buyer activity

According to research, 90 percent of users on the site expressed favorable perception of a brand after reading a positive review. These respondents indicated that the review guided their decision making process. It only takes a few bad reviews to tarnish the image of a particular brand.

Reviews are consulted prior to making a decision

The consumer now has a wealth of information at their fingertips when they want to learn about a brand, service or product. According to research, 44 percent of consumers rely on text reviews when considering a purchase. An additional 93 percent of people who research a product or service online take an additional step and actually make a purchase from the brand.

Yelp ads tied to revenue

One of the most important considerations when it comes to purchasing an ad is whether or not it will produce a substantial ROI. According to research, investing in a package can really add up. Businesses average $23,000 or more in revenue after purchasing an advertising package for Yelp.

Yelp addresses and resolve customer complaints

According to research, 77 percent of businesses say that Yelp has been helpful in tackling customer complaints. Businesses actually state that they’ve implemented new strategies to address customer complaints using resources like Yelp. Customers rely on neutral third party sites like these to improve the delivery or quality of products and services offered.

Yelp has substantial value to businesses. Companies can not only promote their goods and services to specific target audiences, they can also use the resource to collect invaluable feedback. Companies can even transact with customers using the Yelp social review site. Businesses that turn to solutions like Yelp have a distinct advantage over competitors.