Are you actively seeking out online reviews for your business? If not, you should be.
People believe in the authenticity of reviews, and your prospective customers are forming opinions based on what others are saying on the internet – opinions that have a direct impact on their buying decisions. More people than ever rely on peer-to-peer review sites when evaluating who to do business with.
If your business enjoys positive ratings on review sites or in search engine results, it will boost your website traffic and conversion rates. However, when reviewers describe less-than-stellar experiences your reputation takes a hit, which could adversely affect your sales.
As a result, reviews have become an important business development tool, for both B2B and B2C, and it’s why online savvy businesses have a strategy in place to secure positive reviews and to immediately address negative ones.
To appreciate the impact of reviews, Websitebuilder.com has broken down the risks and rewards you should consider when managing your online presence.
- Count your lucky stars. Businesses have a 5-9% sales bump for every star they get, which is critical when competing with same-sized businesses, as people are likely to spend 31% more for services that are highly rated.
- Reviews equal trust. 73% of people trust reviews automatically, with only 27% of consumers concerned with a post’s authenticity. Consumer reviews are far more trusted than information created by manufacturers.
- Every review counts. A single negative review stops 22% of potential customers from buying from the reviewed business. This number sharply increases with more negative reviews, with 4 or more reviews possibly scaring off 70% of potential clients.
- Be social. Companies with active Twitter and Facebook communities that share their opinions are more likely to have 3 and 4-star ratings.
- Sincere outreach helps. If retailers reply to a poor review on social media, 33% of displeased customers delete or replace their review with a better one. And there is a 20% chance for you to convince them to become long-term customers.
Websitebuilder.com has put together an infographic that details the very real impact of online reviews. Check it out below:
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