Do people really trust online reviews?
Online reviews are something that we have been talking about a lot on this blog. That is not really surprising, considering that Boost Reviews specializes in aggregating reviews from different sources and making sure that they are presented to businesses in a way that is easy to understand. The question that we are going to answer in this article is, do people really trust online reviews?
People Really Trust Online Reviews
Online reviews are an important asset for every business. Yet most of the businesses that are out do not really recognize the power that they wield. To really illustrate the point that we are trying to make here, we are going to give you a few statistics;
- 84% of people trust online reviews as much as they do their friends
One of the things that make online reviews so powerful is the fact that people trust them. How much is this trust? Well, most people say they trust them as much as they do their friends. That is really a telling bit of statistic.
Word of Mouth is a Powerful Marketing Tool
Since time immemorial, people have relied on word of mouth when making important purchasing decisions. Part of the appeal that lies in this phenomenon is that it is based on trust. An individual that’s going to buy a new color television is going to trust that such and such a brand is the best for the simple reason that they have been told so by a family member or a friend.
Extending this level of trust to total strangers who have left comments on various forums across the internet is really amazing. The fact that 84% of the people who are out there do so testifies to the importance of taking reviews seriously.
- 90% of People are Influence by Online Reviews before making purchases
If you think online reviews are there for your amusement (well, some can be amusing), then you would be mistaken. Online reviews, in today’s world, play an inordinate rolein major purchasing decisions by a wide range of people across the globe.
In fact, up to 90% of the people who are out there admit that they are influenced by online reviews when making purchasing decisions.
This makes it important for every business to take seriously the reviews that are left online by customers. Indeed, reviews are something that you cannot afford to ignore.
- How much are online reviews worth?
All the information that we are giving here is not going to be of much value without giving you an idea of what online reviews are really worth in monetary terms. Because every business is different, it’s not going to be possible for us, of course, to really say how much online reviews are worth to yours.
All that we can do is give the example of Yelp, one of the world’s biggest review sites. Just consider the fact that boosting your overall Yelp standing by only one star can translate into a 5 to 9 percent increase in your revenue and you will understand that online reviews are worth real money.
Along the same vein, negative reviews can have a devastating impact on your bottom line, making it important for you to make sure that you do everything in your power to keep your customers happy.
- 43% of consumers will shun businesses that have 3 star ratings
The Star Rating extension system is another of the topics on which we have dwelt extensively on this blog. Needless to say here that star rating extensions give your business greater visibility, both in paid and in organic search traffic. That is really important, and can translate into a 17% increase in your CTR. That is a really huge performance, particularly for small to medium sized businesses.
The really devastating thing when it comes to online reviews is that 43% of the people who are out there will shun a business that has received 3 star ratings.
That is hardly surprising. No one wants to go where others have had bad experiences. Online reviews are, in this case, a useful way through which people stay informed about the goings on in various industries.
If your business has not been performing well, you are likely to be hit hard through negative reviews, which acts as an incentive to businesses to keep their customers happy.
- Reviews allow people to form opinions about brands
The great thing about human beings in general is that they are pack animals. We are all reliant on what others have to say, which makes online reviews a powerful marketing tool (or enemy). In fact, 73% of the people who are out there will form an opinion about a particular brand based on what is being said by others.
What this means is that negative reviews can be a real deal breaker for most people. As we have already noted, not many people are going to be willing to tread where others before them have not found satisfaction.
However, positive reviews are going to be translated into real capital for your business. That is why it is so important for you to make sure that you stay ahead of the game by talking to us at Boost Reviews.
We offer services that allow you to handle in one place all the reviews that are being left about your brand online. This gives you the ability to quickly and effectively address your customers’ concerns; thus turning negative reviews into positive capital.
- 44% of consumers say only those reviews that are written within the past month are relevant
Here is a little bit of good news for those that have received negative reviews; many people consider reviews that were left more than a month previously to be irrelevant. What this means is that in spite of the fact that you may have previously received negative reviews, you can actually do a lot to ensure that these are turned around by generating positive feedback. This is something on which we, at Boost Reviews, are really adept. Get in touch with us today for more on how you can use online reviews to grow your business.