Most business owners know how to calculate fixed costs—like rent and equipment—and variable costs— such as wages, utilities, materials, etc.— related to providing goods and services. But there is another kind of cost to consider. Lost opportunity costs. These are harder to measure but certainly are real. One example of lost opportunity is if a visitor comes to your site and looks around but for whatever reason leaves. If your company has a bad online reputation or no reputation, a percentage of potential buyers will shy away and seek another vendor.
- 2009 Convergys Corp. Study: Single Negative Online Review can Cost the Average Business an Average Loss of 30 Customers
- 2011 Cone Online Influence Report: 80% say NEGATIVE online information changed mind about purchasing a product or service
- How Many Customers Could One Bad Review Cost Your Business?