by DIPESH JAIN

Reviews are the lifeline of the digital economy. When selecting a new product or service, prospective buyers rely heavily on what's written about those brands online. This is true for service businesses as well as products.

Whether you are buying a hair dryer, selecting a restaurant for a date night, choosing a pediatrician or even making a career choice with a company, ratings and reviews play a crucial role in deciding who makes the final cut.

The reason is rooted in human psychology and our aversion to losses. We view losses very differently from wins and do everything in our power to avoid buyer's remorse. Reviews help with that. They make us feel secure and in control of our purchases by providing social proof.

As a business owner, it is crucial to understand this consumer behavior and realize that reviews are here to stay. Embrace this reality instead of ignoring it, and build trust with prospective buyers by helping them feel comfortable selecting your service. To do that, you'll have to create and execute a proactive review and rating strategy. The following steps can be part of that strategy.

Ask for reviews. Make sure that you ask all of your customers to review your business and/or products on Google, Yelp or any other relevant platform, and make this task as easy as you can. Many businesses miss this simple step.

Be creative. Avoid cookie-cutter techniques for standing out. A seller once sent me a handwritten note two months after my purchase. I left them a stellar review, something that I wouldn't have done otherwise.

Get your timing right. Don't ask for a review at the time of purchase, since the buyer has still not experienced your offering. Instead, look for the right opportunities to make the ask (see "The right timing").

Incentivize testimonials. Incentivize your team to collect client testimonials and make this an integral part of their onboarding and training processes.

Highlight reviews. Reward testimonials by highlighting them on your website. It makes your customer feel special and is one of the fastest ways to gain trust among prospective buyers.