Nowadays, thanks to user-generated reviews and people’s tendency to consult social media friends about purchases, buyers have many ways to “shop” a company they are considering doing business with.
The information and the unprecedented availability of expert opinions give them access to what’s known as absolute value; a rich, specific sense of what it’s like to own or use the goods they’re considering.
8 out of 10 online shoppers incorporate reviews into their purchase decision.
Online reviews are no joke, and there are many pro’s and con’s to having them.
In recent years, many buyers have turned to ratings and user reviews as their main source of information. This means that celebrity endorsements are less effective than they once were.
Banner ads intended to create or reinforce brand awareness are not very successful either, because when it comes time to buy, the weight of trusted reviews usually overrides any residual effect of fleeting exposure to an advertisement.
Instead, companies should focus on generating user interest in particular products and promoting an on-going flow of authentic (and positive) content on internet retail sites.
Most consumers read online reviews before visiting a business. The rest of the consumers trust online reviews as much as personal recommendations. For nearly 9 in 10 consumers, an online review is as important as a personal recommendation.
Check out these statistics:
- Customers are likely to spend 31% more on a business with “excellent” reviews
- 72% say that positive reviews make them trust a local business more
- 92% of users will use a local business if it has at least a 4-star rating
- 72% of consumers will take action only after reading a positive review and
- Reliability (27%), expertise (21%) & Professionalism (18%) are the most important reputation traits for a local business
Good Reviews are Great! Bad Reviews Can Still be Helpful.
Every marketer is aware of the rise of online reviews and other sources of peer-to-peer information, but many neglect this trend and market products much as they did a decade ago.
When a company provides a service, the customer is either satisfied or dissatisfied. In the digital world today, customers often take their experience straight to the web.
If the customer expresses a positive experience, the review can be amplified on the web and social media to encourage others. But when the experience is negative, companies need to respond quickly.
This needs to be done for the customer who left the review, but perhaps more importantly, for everyone else reading the reviews after.
It is always a great feeling to read and hear positive reviews of your company, but negative reviews should be considered an opportunity for the business to do better.
Online reviews are increasingly important, both to consumers and businesses.
More and more consumers are adapting to consult online reviews before making any purchasing decisions.
In the olden days, personal recommendations were the key to influence a buyer’s decisions, but because we now live in a digital world, today these decisions are influenced by online reviews.
Social Voyager can help you manage your online reputation and generate reviews to stay ahead of the competition.