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While there are many ranking factors that apply to Google My Business (GMB), reviews seem to be a significant ranking factor. Having a business with many positive online reviews does influence potential new clients to choose you over your competitors. In most search results, Google displays what it feels are the top three relevant searches based upon your searchers intent. As such you may have 100 5-star reviews, your competitor has 300 5-star reviews, what is going to make the searcher choose you over them? So, quantity and quality of reviews are the key.