Contents3 Introduction
4 Howareonlinereviewschangingthehospitalityandleisuresector?
6 Howarehospitalityandleisurebusinessesresponding?
8 Whatarethebenefitsofonlinecustomerfeedback?
11 Strategiesforsuccess
12 Casestudies Aqua
DUKESLONDON
14 Keytakeaways
AbouttheresearchThisreportisbasedonabespokesurveyofUKconsumerandbusinessattitudestocustomerfeedbackbyOpiniumResearch,supplementedbyeconomicmodellingofthepotentialbenefitstotheUKhospitalityandleisureindustryofincreasinginvestmentinthemanagementofonlinefeedbackabovecurrentpredictedlevels,developedincollaborationwitheconomicsconsultancyDevelopmentEconomics.
TripAdvisor,Yelp,Trustpilot,OpenTableandGooglearetrademarksownedbytheirrespectiveowners,anduseofsuchtrademarksdoesnotimplyassociationorendorsement.
2of15
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
3of15
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.
4 of 15
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.
5of15
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%
6of15
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
7of15
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:
8of15
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.
9of15
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.
10of15
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.
11of15
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.
12of15
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.
13of15
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.
14of15
barclays.co.uk/businessbanking
15of15
Someoftheviewsexpressedinthisreportaretheviewsofthirdparties,anddonotnecessarilyreflecttheviewsofBarclaysBankUKPLCnorshouldtheybetakenasstatementsofpolicyorintentofBarclaysBankUKPLC.BarclaysBankUKPLCtakesnoresponsibilityfortheveracityofinformationcontainedinthird-partynarrativeandnowarrantiesorundertakingsofanykind,whetherexpressedorimplied,regardingtheaccuracyorcompletenessoftheinformationgiven.BarclaysBankUKPLCtakesnoliabilityfortheimpactofanydecisionsmadebasedoninformationcontainedandviewsexpressedinanythird-partyguidesorarticles.
BarclaysisatradingnameofBarclaysBankUKPLCanditssubsidiaries.BarclaysBankUKPLCisauthorisedbythePrudentialRegulationAuthorityandregulatedbytheFinancialConductAuthorityandthePrudentialRegulationAuthority(FinancialServicesRegisterNo.759676).RegisteredinEngland.Registerednumberis9740322withregisteredofficeat1ChurchillPlace,LondonE145HP.
April2018.BD03831-02.