10 Stats Proving the Importance of Online Business Reviews
Don't overlook the impact online business reviews can have on your business. Learn the good, the bad, and the ugly.
Apr 14, 2020
6 min read
Apr 14, 2020
6 min read
How do you decide whether or not to purchase a product?
If you're on platforms like eBay and Amazon, then chances are, you're going straight to the review section. Reading online business reviews is an excellent way to find out the good and the bad about a product.
And the same holds true whether you're buying from an e-commerce store or brick-and-mortar.
So with that said, having a strategy for generating online reviews for your business is critical.
Here's a look at some stats to back up this claim.
Top 10 Online Business Reviews Have the Greatest Impact
When consumers are searching the web for a business to shop at, they're going to look atthe top 10 reviews. Most users don't go past this point because these are the most recent.
Be sure to keep an eye on your top 10 to ensure it's giving you the best representation. If not, then you'll want to begin asking more of your customers for online business reviews.
Online Business Reviews from Verified Purchases Can Boost Sales
Maybe you're a brick-and-mortar dabbling in e-commerce. If so, then you're likely selling goods on platforms like Amazon and eBay.
Customers Lack Trust for Brands without Online Business Reviews
If you're a new business, then you're going to find this tough to deal with. But the truth of the matter is online business reviews build trust.
Without them, you'll have a harder time getting92% of consumersto give you the time of day. The good news is you can create a strategy that entices (the other 8%) customers to leave you feedback.
For instance, you can incentivize honest online reviews. Some businesses will offer a coupon code or a freebie in exchange for a review. Just be sure you're not asking for a positive review, or you could end up penalized by Google, Amazon, or whatever platform the feedback is submitted to.
Conversions Boost When You Have Online Business Reviews
You're getting a lot of traffic to your website (and business listings). But no one's taking the bite. You know this because your in-store foot traffic isn't increasing.
It could be due to negative reviews or a lack of online business reviews.
On the contrary, if you have a sizable amount of feedback, then you could see an increase in conversions for your small business (by as much as 270%!).
Local Shoppers Are Reading Local Online Business Reviews
This goes to prove that online reviews aren't just for e-commerce products. We find that97% of peopleread online business reviews before visiting local companies.
Another reason to have your Google My Business (and other listings) set up for receiving feedback from customers.
A Simple One-Star Increase On Yelp Can Increase Revenue
Speaking of business listings -- make sure you're on as many of them as possible. You never know which platform your customers will use to find you.
Think about shopping for a hotel room. What star level do you prefer? In most cases, people wouldn't consider staying in a one-star or two-star resort.
However, we find that even a three-star rating may not be enough for your business. Stats show consumers mostly engage with companieswith at least 3.3 stars.
Bad Reviews (Or One Horrible Story) Will Turn Consumers Away
If you're dealing with negative reviews, you want to address them as quickly as possible. In doing so, you can potentially negate the effects it can cause.
We find that94% of consumerssaying that online reviews deterred them from shopping with a business. And another80% of consumerssay they changed their mind about a recommended purchase after reading a bad online business review.
One Negative Article Can Lead to Losing a Chunk of Customers
It's not just Google reviews that can harmyour business's reputation. You also have to worry about review articles, which can be harmful if the feedback is negative.
You can potentially lose as much as22% of your customersbecause of a negative article. And if this shows up in search engines, then it can increase customer loss by nearly 60%.
Get Your Online Business Reviews In Order
It's time to create a strategy for building a long list of positive feedback. Now, while there's no way to guarantee 100% raving reviews, you can minimize the effect bad reviews have by having more good feedback.
This is why you need to have a customer feedback plan that involves soliciting customers for reviews soon after a purchase.
There are tools you can use to aid in this process.GoSite Reviewsallows you to send and even automate requests for reviews. Plus, you can respond to reviews right from the platform.
You can send messages virtually as long as you have your customers' email addresses.
This is where a CRM will come in handy.GoSite's Contact Hubis an excellent tool for gathering customer data. Check out both tools for free today!
The easiest way to connect your business with more customers.