The feedback economyMaking the most of online customer feedback to drive business growth

Contents3 Introduction

4 Howareonlinereviewschangingthehospitalityandleisuresector?

6 Howarehospitalityandleisurebusinessesresponding?

8 Whatarethebenefitsofonlinecustomerfeedback?

11 Strategiesforsuccess

12 Casestudies Aqua

DUKESLONDON

14 Keytakeaways

AbouttheresearchThisreportisbasedonabespokesurveyofUKconsumerandbusinessattitudestocustomerfeedbackbyOpiniumResearch,supplementedbyeconomicmodellingofthepotentialbenefitstotheUKhospitalityandleisureindustryofincreasinginvestmentinthemanagementofonlinefeedbackabovecurrentpredictedlevels,developedincollaborationwitheconomicsconsultancyDevelopmentEconomics.

TripAdvisor,Yelp,Trustpilot,OpenTableandGooglearetrademarksownedbytheirrespectiveowners,anduseofsuchtrademarksdoesnotimplyassociationorendorsement.

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IntroductionOnlinefeedbacksitessuchasTripAdvisorhaverapidlybecomeanimportanttooltohelpconsumersmakedecisionsabouthowtospendtheirleisuretime–fromthebestplaceforafamilyholidaytowheretogetlunch.

ThistrendrepresentsamajoropportunityfortheUKhospitalityandleisuresector,withsmallandmedium-sizedenterprises(SMEs)particularlywellplacedtotakeadvantage–butonlyiftheycanadaptandrespond.

Theriseofonlinereviews

Customerscannowaccessindependent,real-timereviewsonawiderrangeofhotels,restaurantsandotherleisuredestinationsthaneverbefore.

User-generatedreviewsareconstantlybeingadded–200newreviewsareaddedtoTripAdvisoreveryminute1–keepinginformationveryuptodate.Thiscanhelpbusinessesmakeinformeddecisionsonissuessuchaspricing,operationsandstrategy.

Aboutthisreport

Barclayscarriedoutasurveyof2,000customersandover500businessesintheUKleisureandhospitalitysectortoassesstheeffectofonlinecustomerreviewsites.

Wehavealsoconstructedeconomicmodelstomeasurehowresponsesbybusinessestoincreasinguseofonlinecustomerreviewscouldbenefitthesectorandthewidereconomy.

A£3.2bnopportunity

Thecurrentbusinessoutlookforthesectorispositive,withexpectedgrowthofaround3%to5%overthenextfewyears.270%ofthebusinessessurveyedexpectrevenuetoincreaseoverthecoming18months.GrowthislikelytobefurtherfuelledbyfactorssuchastheweakerpoundexperiencedfollowingtheBrexitvote,whichcouldmaketheUKamoreattractivetraveldestinationtothosetravellingfromabroad.AnincreaseinleisuretimeandgrowingsecurityconcernsmayalsomeanpeoplestayintheUKforholidays.£22.5bnisspentonUK‘staycations’everyyear.3

OureconomicmodellingshowsthatbeingmoreresponsivetocustomerfeedbacksitescouldhelphospitalityandleisurebusinessesboosttheUKeconomyby£3.2bnoverthenextdecade,comparedtobusinessasusual.Theoverallimpactontheeconomycouldbeashighas£4.9bnby2026.

Hotelsandrestaurantsarethemostsensitivetoonlinereviewsandourmodelpredictsthesebusinesseswillseethelargestbenefits,withover£100mvaluecreatedinhotelsand£80mforrestaurants.

Whatnext?

Tocapitaliseonthisgrowthopportunity,SMEswillneedtorespondandadapttoissuesidentifiedbycustomerfeedback.Themorebusinessescandothiseffectively,thegreaterthepotentialbenefits.Amorecustomer-responsivesectorislikelytoseegreatercustomernumbers,morerepeatandlongerstays,higherspendpercustomer,bettercustomerserviceandmorecustomersmakingrecommendationstoothers.

AdamRowseHeadofBusinessBankingBarclays

200 newreviews are posted on

TripAdvisor every minute1

Yelp features more than

102 million customer reviews4

750,000reviews on OpenTable

every month5

Trustpilot attracts

500,000reviews a month6

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18%18% 29% 21% 16% 12% 8%

54%57% 52% 56% 55% 57% 52%

8%4% 6% 8% 11% 6% 10%

20%21% 13% 15% 18% 25% 30%

Averagetotal

I look specifically for good reviews to help medecide where to go and then consider other

factors such as cost and location.

I decide where I want to go based on factors such as cost and location and then check to see if there

are any bad reviews that would put me off.

Neither of these.

N/A – I do not tend to use customer reviewservices/sites.

18 to24

AGE

25 to34

AGE

35 to44

AGE

45 to54

AGE

55 to64

AGE

65+

AGE

How are online reviews changing the hospitality and leisure sector?Online reviews are becoming the go-to source of information to help consumers evaluate the leisure decisions they make, and having a big impact on consumer behaviour, particularly among younger people.

Part of the routine

Leaving feedback is becoming more routine across all age groups.

• 4 5% of customers say they are more likely to leave online feedback than they were 18 months ago

• 5 2% say one of the most important factors in leaving reviews is knowing how important they are for others.

This behaviour creates a feedback loop that increases both the volume and quality of online reviews.

How do you use customer review sites?

The millennial effect

• 60% of customers say they trust online reviews, rising to 71% among 18 to 34 years olds

• 29% of those aged 18 to 24 say customer reviews are one of the most important factors when making a leisure decision, compared to 18% of those aged 65 and over

• 29% of 25 to 34 year olds look for good reviews to make decisions, compared to 18% across all respondents.

These findings suggest that the importance of online reviews is likely to increase over the next decade as these consumers get older and their spending power increases. SMEs have a big opportunity to capitalise on this trend by engaging with, and marketing to, the next generation of ‘digital natives’ online.

Younger people are more likely to attach importance to online reviews.

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How muchattentiondoyoupaytoonlinecustomerreviewswhenchoosingwheretogointhefollowingcategories?

Hotels

Licensed restaurants

Pubs and bars

Cinemas

Travel agencies

Fitness facilities

A lot Do not check A little Not much

and none

29% 39% 20% 12%

19% 42% 31% 8%

8% 26% 51% 15%

6% 17% 57% 20%

12% 26% 33% 29%

5% 17% 31% 47%

Hotelsandrestaurantsleadtheway

• Consumerspaymostattentiontoreviewswhenchoosingaccommodation(69%)andrestaurants(61%),whileonlinereviewsofcinemas(23%)andsportsclubs/gyms(22%)havelessinfluence

• 58%ofconsumerssaytheyhavevisitedahotelorB&Batleastoncebecauseofpositivereviews,comparedto54%forrestaurantsand32%forbarsandpubs

• Onlinefeedbackiscurrentlyseenaslessrelevantforsub-sectorssuchashealthclubs(31%)andbeautysalons(28%).

However,accordingtorecentresearch,7peopleareusingonlinecustomerreviewswhenmakingawiderrangeofpurchasedecisionsandlesswell-establishedsub-sectorssuchaspubs,shops,salonsandfashionareincreasinglybeinginfluencedbycustomerreviews.

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How are hospitality and leisure businesses responding?OurresearchshowsthatSMEsarewellplacedtotakeadvantageofthegrowingimportanceofonlinefeedback.

• 85%ofSMEssaythatonlinecustomerfeedbackhasbeenbeneficialtotheirbusiness

• 69%expectonlinereviewstobecomemoreimportantinthe next18months

• 78%sayonlinefeedbackwillbecomemoreimportantoverthenextfiveyears

• 67%reportthatfeedbackhasbeenmostlypositiveoverthepast12months.

So,whatprocessesandresourcesarebusinessesputtinginplacetocapturethisvaluableinformationandwhatdotheydowithit?

Processes

• AlmostalltheSMEssurveyedsaytheyhavesomekindofprocessinplacetomonitorcustomerfeedback,butonly62%saytheymonitorreviewsitesspecifically

• 75%saytheytalktocustomersonthepremises

• 63%monitorsocialmediaandaskemployeesaboutcustomerfeedback

• 52%usecustomersurveysandfeedbackformstocollectcustomerreviews

• 55%saytheyintegratecustomerfeedbackintothebusiness.

Doyouexpectcustomerfeedbacktobecomemoreorlessimportantoverthenext18months?

More important

70%About the same as now

27%Not sure

2%

Lessimportant

1%

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Responsibilities

• Only18%ofSMEshaveadedicatedmemberofstafftomonitorandrespondtoonlinefeedback

• 59%saythatseniormanagementhasresponsibilityformanagingfeedbackaspartoftheirotherresponsibilities

• 52%aimtorespondtocustomerfeedbackwithin24hours,and58%withinthreeworkingdays

• 54%communicateandsharecustomerfeedbackwithothers.

Managingthedata

• 64%ofSMEssaytheydealwithcustomerfeedbackinthemomentandhavenolong-termrecordoffeedbackforparticularcustomers

• 39%useacustomerrelationshipmanagement(CRM)systemtostorefeedbacksoitcanberetrievedwhencustomersmakeabooking,butonly26%saytheyusethisinformationproactively.

Smallerbusinessesareoftenbettersetuptorespondtoonlinecustomerfeedback,whichcangivethemacompetitiveadvantageoverlarger,lessresponsivebusinesses.

HowSMEsstackup

Ourresearchsuggeststhatsmallerbusinessesareoftenbettersetuptorespondtoonlinecustomerfeedback,whichcangivethemacompetitiveadvantageoverlarger,lessresponsivebusinesses.

SMEsaremorelikelythanlargebusinessesto:

• Respondtofeedbackwithin24hours(52%comparedto30%)

• Communicateandsharecustomerfeedbackwithothers(54%comparedto43%)

• Integratecustomerfeedbackintothebusiness(55%comparedto37%)

• Beresponsiveasaresultofonlinefeedback(63%comparedto46%)

• Becomemoreinnovativeasaresultofonlinefeedback(44%comparedto34%).

Thesedisparitiescouldbetodowithhowbusinessesofdifferentsizesfocustheirresources.Largebusinessesaremorelikelytouseonlinefeedbackasjustoneofanumberofmarketingtoolsandmaythereforehaveputlessemphasisononlinereviewsinthepast.

Thissuggeststhatitisatthesmallerendofthescalewheretherearethebiggestopportunitiestocapitaliseononlinecustomerfeedback.ThisisreinforcedbyresearchintheUSshowingthatindependentbusinessescanrespondtoonlinecustomerfeedbackmorequicklythanmoreestablishedbrandsandfranchises.8

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Customerreview

Increase innew customers

(68% v 45%)

More repeatbusiness

(66% v 34%)

Improved businessreputation

(68% v 45%)

Increasedcustomer loyalty

(67% v 44%)

Discoveredproblems withthe business

(63% v 48%)

Improvedemployee morale

(49% v 33%)

Increased referralsfrom customers

(60% v 40%)

What are the benefits of online customer feedback?InadditiontothepotentialboosttotheUKeconomy–whichcouldbeasmuchas£3.2bnoverthenext10years–ourresearchidentifiesanumberofwaysthatSMEshavebenefittedfromonlinecustomerfeedback.

ItalsoshowsthatSMEsaremorelikelythanlargebusinessestoexperiencethesebenefits.

• Thevastmajority–82%–ofbothSMEsandlargebusinessessaythatonlinefeedbackhasbeenbeneficialfortheirbusiness

• 70%agreethatpublishedcustomerfeedbackattractsmorecustomerstotheirbusinessthanitputsoff.

59%ofSMEssaytheyhavebeenabletomeasurethevalueofonlinereviewsand79%saythevaluecustomerfeedbackhasaddedtotheirbusinessiseitherthesameorgreaterthantheresourcestheyputintomanagingit.

ThemainbenefitsreportedbySMEscomparedtolargebusinessesinthepast18monthsare:

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Customerfeedback has led to morecustomers

57%

Don’t know

11%No effect

28%

Customerfeedback has led to fewercustomers

4%

Increasingcustomernumbers

Ourresearchsuggeststwomainreasonswhyonlinefeedbackhelpstoincreasecustomervolume.

The clustering effect Althoughindividualhospitalityandleisurebusinessescompetewitheachother,theyalsobenefitfromthecumulativeeffectofimprovementsbasedonrespondingtocustomerfeedback.

Ageneralimprovementinperformancecanhelpgroupsofbusinessesdevelopmoreeffectivelyasleisuredestinations.Thishastwomainbenefits:itencouragesrepeatvisitsfromlocalusersandalsoraisestheprofileoftheareaasavisitordestination.

The spillover effectByhelpingtoimproveoverallservicequality,customerfeedbackcanenhancethereputationofaparticularindustrysub-sectororleisureactivity,generatingindustry-widespillovereffects.Inthemediumterm,thiscanhelpenhancethereputationoftheUKasawholeasaleisuredestination,boostingthelikelihoodthatUKhouseholdswillspendtheirleisuretimeintheUKandhelpingtheUKleisuresectortoremaincompetitiveinternationally.

Wouldyousaythatonline

Evensmallchangescanimpactcustomervolumes.Forexample,astudyof320restaurantsintheSanFranciscoarea9foundthatanincreasefrom3.0to3.5starsinaveragereviewratingincreasedtheprobabilitythatarestaurantwouldoperateatfullcapacityduringprimediningtimesfrom13%to34%.Thestudyalsofoundthatanincreasefrom3.5starsto4.0starsincreasedtheprobabilityofafullybookedrestaurantatprimetimesbyafurther19%.

customerfeedbackhasaffectedthenumberofcustomersyouhaveseenoverthepast18months?

Increasingcustomerspend

Ourresearchsuggeststhatonlinefeedbackcanleadtoapositivefeedbackloopwherebusinessesnotonlybenefitfromincreasedcapacity,butalsoencouragesecondaryspendbyprovidingproductsandservicesbasedoncustomerpreferences.

Ourcustomersurveyshowsthatthiscouldleadtopotentiallysignificantincreasesinrevenue.Forexample,56%ofcustomerssurveyedsaytheyhavebookedaccommodationbecauseofpositivefeedbackonanonlinecustomerreviewsite.

AstudybytheHarvardBusinessSchool10thatlookedatcustomerreviewsofrestaurantsintheNorthWestUnitedStatesfoundthataone-starincreaseinfeedbackratingsonYelp(withallotherfactorsheldconstant)resultedina5%to9%increaseinbusinessrevenue.

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Online feedback and reviews are just another

promotional tool

I trust other customers’feedback more if it’s

mixed rather than only positive or negative

Poor customer service is the first thing to be noticed in customer

feedback

Businesses genuinelytake on board the feedback and try

to improve

Other customers’ reviews help me decide

where I go or stay

I like to provide feedback to the places

I go to or stay at

Customer service has improved because of

more widespreadreview platforms

Agree

Disagree

Neither agree nor disagree

49%

10%

41%

46%

13%

41%

59%

10%

31%

56%

7%

37%

42%

20%

38%

68%

5%

27%

54%

7%

39%

Customers’views ononlinefeedbackandreviewsImprovingcustomerservice

Customerfeedbackcan,ofcourse,alsoleadtonegativereviews–45%ofSMEssaythatonlinefeedbackhadexposedweakpointsintheirbusiness.

However,thosebusinessesthatcanrespondeffectivelytonegativefeedbackcanreapthebenefitsbyaddressinganyweaknessesidentifiedandimprovingtheservicetheyprovide.WhenweaskedSMEshowtheyhavechangedasaresultofonlinereviews63%saidtheyhadbecomemoreresponsivetocustomers.

Oursurveyresponsesalsoindicatetheimportantroleonlinefeedbackcanplayinimprovingcustomerservice,with44%sayingreviewshavemadethemmoreinnovative,while32%havechangedtheirstrategyasaresult.

Responsesfromourconsumersurveysupporttheviewthatonlinereviewshaveapositiveimpactoncustomerservice,with54%agreeingthatreviewsiteshaveledtoanimprovementincustomerservice.

Thosebusinessesthatcanrespondpositivelytonegativefeedbackcanreapthebenefits.

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Strategies for successTotakeadvantageofthepotential£3.2bnboostthatonlinecustomerfeedbackcouldbringtotheUKeconomy,SMEsshouldthinkaboutthefollowing:

Recognisecustomerfeedback

Recognisethatonlinecustomerfeedbackwillbecomeincreasingly

importantastheyoungergenerationincreasesitsspendingpower.

Earlyadopters

Learnfromearlyadoptersthathavebeenquicktorecognisethepotential

benefitsofonlinefeedback.

Joined-upstrategy

Ensureyouhaveajoined-upstrategyforgatheringand

respondingtocustomerfeedbackaspartofawidercommitment

tocustomerrelationships.

Multiplefeedback

Makeuseofmultiplefeedbackmechanisms(facetoface,telephone,onlineetc.)onmultipledevicesandgivetheseanappropriateweighting

dependingonyourbusiness.

Effectiveprocesses

Puteffectiveprocessesinplacetomanageandrespondtocustomer

feedback,especiallywherecustomerfeedbackhasexposedareas

ofweakness.

Resources

Ensuretheresourcesyouassigntorespondingtoonlinefeedbackare

adequateandappropriatetothescaleandambitionofyourbusiness.

Targeting

Targetrepeatvisitsbyrewardingcustomersforleavingfeedback

throughappropriatepromotionsandbuildonthepositivefeedbackloop

thiscancreate.

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Case study: Aqua Aqua,agroupofindependentItalianrestaurants,hasputrobustprocessesinplacetotakeadvantageoftheopportunitiesonlinefeedbackoffers.

OnlinereviewsitessuchasTripAdvisorhavebecomeanincreasinglyimportantmarketingtoolforsmallerbusinessesoverthelastfewyears.RichardSmithson,Aqua’sManagingDirector,saysthisiswhyoneofthegoalsofthecompany’smanagementreportingprocessistoimproveeachrestaurant’sTripAdvisorranking.

Encouragingfeedbacktoincreasecustomers

Thisstartswithstaffateachofthecompany’ssevenrestaurantswhoactivelyencouragecustomerstovisitTripAdvisortoleavefeedbackabouttheirexperience.TheGeneralManagerateachrestaurantisresponsibleformonitoringandrespondingtoreviewsandmakinganychanges,ifnecessary.Eachweek,theGeneralManagerreportstotheOperationsManagertoassessthereviews,considerhowtheteamhasrespondedandseewhateffectit’shadontherestaurant’sTripAdvisorranking.

ThisnotonlyenablesAquatoidentifyareasforimprovementbuthasalsohelpedthecompanyincreasecustomernumbers.RichardpointstotherestaurantinBathasanexample.BathisabigtouristdestinationandvisitorsaremorelikelytouseasitelikeTripAdvisortomakeadecisionaboutwheretoeat–makingitevenmoreimportanttobeoneofthetop-ratedrestaurantsinthecity.AccordingtoRichard,theteaminBathhasbeenabletomeasurethiseffect,findingadirectcorrelationbetweenanimprovementinTripAdvisorrankingandanincreaseinthenumberofcustomersvisitingtherestaurant.

Oneofthegoalsofthecompany’smanagementreportingprocessistoimproveeachrestaurant’sTripAdvisorranking.

Competitiveedge

Findingwaystogainanedgeinanincreasinglycompetitivemarketisvitalforbusiness,accordingtoRichard.Hesaysonlinefeedbackhasbeengoodforthesectoroverall,helpingbothlargechainsandsmallergroupslikeAquatomakeimprovementsinareassuchaspricingandfoodquality.Theadvantageheseesforsmallerbusinessesisthattheycanreactmorequicklytomakethenecessarychanges.Dataisanotherareawheresmallerbusinessescangainanadvantage.Asthevolumeofreviewsincreases,companieswillhaveaccesstomoreandmoreinformationaboutcustomersandtheirpreferences.Richardsaysthatindependentrestaurantswillneedtobecomemoresophisticatedinhowtheyusethisdatainordertofindnewwaystocompetewiththelargechains.

AboutAqua

FoundedinBristolin1998,Aquaisagroupofindependent,localItalianrestaurantswhoseaimistodelivermemorableexperiences,withimpeccableserviceandgreatfood.

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RichardSmithsonManagingDirectorAqua

Case study: DUKES LONDONDUKESLONDON,aluxuryboutiquehotelinLondon’sMayfair,usesreviewsitestodriveawarenessofthehotel’shigh-qualityservice,maketailoredchangesforguestsandhelpwithstaffrecruitment.

DebrahDhugga,ManagingDirectorofDUKESCOLLECTION,whichownshotelsinLondonandDubai,saysonlinereviewsareincreasinglyimportant–butonlyiftherightserviceisinplace.ShebelievesthatforluxuryhotelslikeDUKES–whichtakeprideinprovidingahigh-quality,personal,five-starexperience–thekeybenefitofonlinereviewsitesisthattheydriveawarenessofthissuperiorservice,givingpotentialguestsaccesstothekindofdetailsthattheywouldn’tgetanywhereelse.

Atailoredapproach

Debrahsaysthatmonitoringandrespondingtoreviewshasbecomepartofherdailyroutine.Shespendsabout40minuteseachdaymonitoringfeedbackfromarangeofsites,includingTripAdvisorandGoogle,andanswersallthereviewspersonally.Debrahthenfeedsbackanythingrelevanttotheteamatmorningbriefings.

Feedbackoftenhelpswithsmallimprovementsthatcanbetailoredtoguests’preferences.DUKESusesaCRMsystemtobuildguestprofiles–wherethey’refrom,howlongtheytendtostay,whattheylike.Informationfromreviewsitescanhelpcreateamorecompleteprofileandallowsthehoteltorespondtoguests’specificneeds.Forexample,ifaguestleftareviewthatcomplainedabouttheviewfromtheirroom,Debrahwouldincludethisintheguestprofileandallocateamoreappropriateroomfortheirnextvisit.It’simportanttolearnfromnegativecustomerfeedbackandallcomments,whethergoodorbad,areusedconstructivelytoenhancetheguestexperience.

Recruitingthebest

Anotherbenefitisstaffrecruitment.Attractingtheverybeststaffisanimportantwaytostayaheadinwhatisaverycompetitivesector.Debrahsaysthatthebestcandidatesareverylikelytogoonlinetoseewhatguestsaresayingaboutthehotelandthatthiscanhaveasignificantbearingonthedecisionstheymake.Lookingtothefuture,Debrahsaysthatbeingagileandresponsivewillhelpsmallerbusinessescompete.Reviewsitesgiveguestsawaytoprovidealmostimmediatefeedback–intheirroom,inthelobbyorinthetaxitotheairport.ItisessentialthatsmallerhotelscanmatchthisimmediacyandDebrahaimstorespondtoallfeedbackwithin48hoursattheabsolutelatest.

AboutDUKESLONDON

WinnerofAALondonHoteloftheYearandEngland’sLeadingClassicHotelattheWorldTravelAwards,DUKESLONDONisasophisticated,luxuryhotelintheheartofhistoricSt.James’s.

Thekeybenefitofonlinereviewsitesisthattheydriveawarenessofthissuperiorservice.

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DebrahDhuggaManagingDirectorDUKESCOLLECTION

Key takeaways F eedbacksitesareheretostay• 85%ofSMEssaythatonlinecustomerfeedbackhasbeenbeneficialtotheirbusiness

• 6 9%ofcustomerssaytheypay‘alot’or‘alittle’attentiontoonlinereviewswhenchoosingaccommodation

• Themajorityofconsumersandbusinessesexpectonlinecustomerf eedbacktobecomemoreimportantoverthenextfiveyears.

Youngerpeoplearesettingthetrend• 29%of1 8to24yearoldssayonlinecustomerreviewsareoneofthemostimportantfactorswhenchoosing

wheretogo,comparedto18%ofover65s

• Youngerpeoplearemorelikelytotrustonlinereviewsthanthoseover65

• Theimportanceofcustomerreviewswillcontinuetoincreaseovertime.

CustomerfeedbackcancreateacompetitiveadvantageforSMEs• SMEsareoftenbettersetuptorespondtoonlinefeedbackandreapthebenefits

• SMEsar emorelikelythanlargerbusinesstointegratefeedbackintothebusinessandsharefeedbackwithothers

• SMEsar emorelikelytoseethebenefitsofcustomerfeedback,includinganincreaseincustomersandmorerepeatbusiness.

TofindoutmoreabouthowBarclayscansupportyourbusiness,pleasevisitbarclays.com/businessbanking

1www.tripadvisor.co.uk/PressCenter-c4-Fact_Sheet.html2OxfordEconomicsquarterlyUKeconomicforecasts,29January2016.3http://www.hotelowner.co.uk/4326-barclays-uk-travellers-spend-22-5bn-on-staycations/4www.yelp.com/factsheet5www.opentable.com/about6http://blog.trustpilot.com/blog/2016/3/8/its-all-in-the-data-see-how-reviews-can-improve-your-business7BrightLocalLocalConsumerReviewSurvey,2014.8“Reviews,Reputation,andRevenue:TheCaseofYelp.com.”MichaelLuca.HarvardBusinessSchoolWorkingPaper,No.12–016,September2011,revisedMarch2016.9“LearningfromtheCrowd:RegressionDiscontinuityEstimatesoftheEffectsofanOnlineReviewDatabase”,MichaelAndersonandJeremyMagruder,EconomicJournalVol.122,pp957-989.

10“Reviews,Reputation,andRevenue:TheCaseofYelp.com.”MichaelLuca,HarvardBusinessSchoolWorkingPaper,No.12–016,September2011,revisedMarch2016.

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barclays.co.uk/businessbanking

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Someoftheviewsexpressedinthisreportaretheviewsofthirdparties,anddonotnecessarilyreflecttheviewsofBarclaysBankUKPLCnorshouldtheybetakenasstatementsofpolicyorintentofBarclaysBankUKPLC.BarclaysBankUKPLCtakesnoresponsibilityfortheveracityofinformationcontainedinthird-partynarrativeandnowarrantiesorundertakingsofanykind,whetherexpressedorimplied,regardingtheaccuracyorcompletenessoftheinformationgiven.BarclaysBankUKPLCtakesnoliabilityfortheimpactofanydecisionsmadebasedoninformationcontainedandviewsexpressedinanythird-partyguidesorarticles.

BarclaysisatradingnameofBarclaysBankUKPLCanditssubsidiaries.BarclaysBankUKPLCisauthorisedbythePrudentialRegulationAuthorityandregulatedbytheFinancialConductAuthorityandthePrudentialRegulationAuthority(FinancialServicesRegisterNo.759676).RegisteredinEngland.Registerednumberis9740322withregisteredofficeat1ChurchillPlace,LondonE145HP.

April2018.BD03831-02.