Every restaurant owner knows that reviews on the likes of Trip Advisor are very important these days, but until recently, it was impossible to assess exactly how important.
Work by two economists at the University of California Professors Michael Anderson and Jeremy Magruder, is the first attempt to measure the relationship between online star ratings and customer’s purchasing decisions.
The pair focused on the effects of positive online ratings on 300 San Francisco restaurants.They found that a restaurant with a rating improved by just half a star – on a scale of 1 to 5 – was much more likely to be full at peak dining times. Indeed, an extra half-star rating caused a restaurant’s 7pm bookings to sell out up from 30% to 49% of the evenings it was open for business.
Many products and services are subject to online review scrutiny these days, and what’s important for restaurants is likely to be important elsewhere too.
Something to think about.
Motivational Quote Of The Day
“Don’t cry because it’s over, smile because it happened.”
Dr Seus
Alternative
Quote Of The Day
“These are my principles. If you don’t like them, I have others.”
Grouch Marx
Backyard Farmers
I like the idea of having a nice garden, and I like the idea of growing my own vegetables, but when it comes down to it I never get around to doing anything about it. It’s people like me….and perhaps the cash rich/time-and-space-poor population often found in major cities that Backyard Farmers is aimed at.
The company provide customers with a turnkey organic vegetable garden without the need to pick up a spade or get their hands dirty. Gardens cost around $2,000 (this is a US idea) and comprise raised soil beds, enhanced with micro nutrients and locally grown plants. The garden comes housed in a nice cedar frame and is watered via an in-built irrigation system.
I doubt that this makes sound economic sense for the customer, but for the kind of people who would buy into this, that’s not really the point.
Would this work here in the UK? Not everywhere obviously, but I can see a market for it in the more affluent towns and suburbs. Yes, economic times are tough, but there are still plenty of people with money to spend on things that take their fancy.
Today’s National Day
NATIONAL CELEBRATION OF LIFE DAY!
PUBLISHERS NOTICE
This Will Make You Money, Guaranteed
Hello,
I know, I know – It’s very big claim in that subject line.
But this really is one of the few extra income ideas where I genuinely believe you can use the word ‘Guaranteed’!
Look, I don’t want to beat about the bush with this.
I’ve had many years experience with these types of systems and this is one I can strongly recommend.
Take a look today:
www.streetwisenews.com/variant6
Best Wishes
John Harrison