Online reviews have the power to greatly influence your business, both for the better and worse. Discover the myriad of ways in which online reviews can be a valuable asset to your business.

Increased trust and visibility

Positive reviews from satisfied customers can build trust and credibility for your business. When potential customers see positive feedback from others, they are more likely to trust your products or services.

Social proof

Online reviews serve as social proof of the quality of your offerings. People often rely on the experiences of others to make their purchasing decisions, and positive reviews can influence potential customers to choose your business over competitors.

Key Online Review Statistics for 2023

• 91% of 18-34-year-olds trust online reviews as much as personal recommendations.
• 97% of consumers use online reviews when researching a local product or service.
• Nearly 88% of users say reviews have an impact on their purchasing decisions.
• If a product has just 5 reviews, its chances of being purchased increase by 270%
• Before consumers will believe a product’s average star rating, they’ll first want to see an average of 40 online reviews.
• 94% say an online review has convinced them to avoid a business.
• Only 13% of shoppers will consider using a business with a rating of 2 stars or less.
• 92% of B2B buyers are more likely to make a purchase after reading a trusted review.
• Customers are likely to spend 31% more on a business with excellent reviews.
• 85% of consumers think that any online review over three months old is no longer relevant.
• 89% of people read how a business responds to reviews.

Improved SEO & search rankings

Positive reviews can contribute to improved search engine optimisation (SEO). Search engines often take into account the number and quality of reviews when ranking businesses in search results.

Customer insights and feedback

Reviews provide valuable feedback from customers. You can learn about your strengths and weaknesses, allowing you to make improvements and better meet customer needs.

Word of mouth marketing

Positive online reviews can act as a form of word-of-mouth marketing. When customers share their positive experiences, it can lead to more referrals and new customers.

Competitive advantage

A business with a higher number of positive reviews may gain a competitive advantage over rivals with fewer or negative reviews.

Engagement and interaction

Responding to reviews, both positive and negative, shows that your business values customer feedback and is engaged with its audience. This can foster a sense of community and loyalty among customers.

Conversion rate boost

Positive reviews can positively impact the conversion rate of your website. Potential customers are more likely to convert into paying customers if they see positive feedback from others.

Improved product or service development

By analysing reviews, businesses can gain insights into what customers like or dislike about their offerings. This information can be used to refine and improve products or services.

Addressing issues and complaints

Negative reviews provide an opportunity for businesses to address customer concerns publicly. By responding to and resolving issues, you demonstrate excellent customer service and a willingness to rectify problems.

However, it’s essential to remember that negative reviews can also have adverse effects on a business. They can deter potential customers and damage the business’s reputation if not addressed properly. Thus, businesses should actively manage and respond to both positive and negative reviews to maximise the benefits while mitigating potential drawbacks.

If you would like to join the growing number of businesses embracing the benefits of this award-winning feedback system, simply visit www.workingfeedback.co.uk, email [email protected] or call 0800 043 2100.

Reference:

• Website Builder Expert