Is online reputation important? Many will make the biggest deal out of your online reputation. Especially if they are trying to sell you reputation management. The bottom line is, probably. Yes, it is more than likely important to keep your reputation as spotless as possible. Even bending over backwards it is still often times a challenge. Those 5 stars that the top search engines show when delivering a search are what people are able to grade your company by. Also the amount of reviews you have does in fact make a difference. I know personally that the call do drop off once you get under a 4 star rating. There will be a noticeable difference until you can boost it back up to at least 4 stars. In retrospect I can tell you that it is so important for certain industries that you should be willing to go the extra mile for the customer even if they are being unreasonable. Of course there has to be a limit to how much you are going to put up with from any customer but the reputation thing is important in most cases.
I owned a house cleaning company. I started off with a 5 star reputation. After I hired someone to run the company for me she had trouble with a few customers. They left a bad review and brought the rating down below 4 stars. I noticed a drop in call volume right after the rating went below 4 stars. So I can tell you from experience that the call do drop off once the rating drops below 4. We soon boosted the rating back up and, lo and behold, the call volume went back up. It seemed like a faucet controlling the call volume with the ratings.
I am sure there are some industries that the rating is not as important. I know I manage a cell phone repair site and the rating dropped to below 4 and the calls just keep coming in. A slight drop but nothing too significant.