Top reputation management builder guides right now? Case studies and theory can be misleading. Reality doesn’t always follow a logic, and there are always outliers. But there’s a growing body of benchmark data that proves that reviews do empirically lead to increased revenue. A study by the Harvard Business School found that online reviews can demonstrably impact your bottom line. Brands that are viewed positively have better sales, but even improving your star rating can have a positive effect on your sales. According to the study, a one-star improvement on Yelp.com leads to a boost of 5% to 9% on sales in the short term. Even a small improvement can have a massive impact. In a 2016 study, Revoo found that online reviews drive an average of 18% sales uplift, with benefits including increased conversion rates, order sizes and repeat order rates. And a landmark Berkeley study from as long ago as 2011 found that a half-star improvement for a restaurant made it 30% to 49% more likely to fill up at peak hours. If readers like what they see, they’ll show it with their wallets.
As the previous online review statistics have shown, shoppers rely pretty heavily on reviews when deciding what products to buy and which businesses to support. But shoppers don’t just leave online reviews for the benefit of others. Statistics indicate that most of them also do so to lodge complaints with hopes of eliciting a response from the company. And they want them fast. In fact, 53.3 percent of customers expect businesses to respond to their negative reviews within a week (ReviewTrackers, 2018). However, most of them are left disappointed: 63.3 percent of them say they’ve never heard back from a business about their review. In the next statistic, we’ll go into why failing to respond to reviews could be detrimental for businesses.
In 2018, we outlined how you can better manage your online reviews. In that post, we provided tips for creating Google My Business (GMB) and Facebook pages to address and tailor your responses to both positive and negative reviews. Now, let’s take a look at how the evolution of the GMB service and the increasing savviness of online users has made online reviews more important than ever. How Online Reviews Impact Your Community? According to Bright Local, 82% of consumers read online reviews. Of them, only 53% are willing to use a business with less than a 4-star review. Online reviews impact perceptions of your brand and the ability to attract and convert new customers.
Collect new reviews & display your existing reviews on your website or email signature. It’s as easy as copy and paste. Automatically post your favorite 5-star reviews to your Facebook and Twitter accounts. Get new review alerts automatically, allowing you to take action and respond if necessary. See how your business is performing and where you need to focus your efforts with our in depth reporting feature. Collect reviews via customized “review funnel” landing pages and widgets; Embed review collection widgets on business websites, social pages, etc. Provide a mobile-optimized customer experience through the funnel; Decide how you want to handle negative reviews. Discover additional info on reputation management builder software.
In a general sense, online reviews are useful, but it’s important to dissect when exactly e-commerce derives benefits from the reviews. Reviews are not only a big determinant of whether people purchase a product online, they also have a dramatic impact on millennial spending. Don’t believe it? Here’s a stat that pushes home the importance of online reviews: they’re 20 percent more influential to the buying decisions of millennials than a brand trying to make a sale over social media. A study carried out in 2016 discusses consumer motives for researching online reviews prior to purchase and four trends emerged as follows: Information: to glean insider information about the product they’re considering; Risk: to reduce the risk of making a bad decision.