In this increasingly interconnected and wired world, reviews can make or break any business. Whether your business is a brand new startup or a firm with decades of success behind it, the opinions of customers have never been more important. For good or bad, the online reviews at sites like Yelp! can make a world of difference, and business owners need to keep a close watch on what ordinary people are saying.
It would be hard to overstate the importance of having great online reviews, or the vital role those reviews play in the modern world. Having the right partner can make a world of difference, and LEADS NEAR ME ® can be that business partner.
As a marketer, you need to understand not only who your customers are but how they use your products and how they feel about online reviews. A recent study by Invesp reveals that some 90% of consumers read online reviews before making a purchase, and 88% trust the online reviews they read as much as a personal recommendation.
That means an overwhelming percentage of shoppers routinely use online reviews to make their purchasing decisions. If shoppers do not like what they see when they read a review, they will not buy your product.
It should also be noted that great reviews on your website can cause consumers to spend more than they would have otherwise. A study by Marketing Land found that shoppers spend an additional 31% on a site when they find excellent reviews there. In addition, some 72% of consumers say that their trust in a business goes up when they read positive online reviews about that firm.
The flipside is just as true – studies have found that nearly 90% of consumers will not buy from a company if they have read negative online reviews about the business. That means negative reviews can be extremely harmful to your firm, but it also shows the power of positive reviews.
Simply put, managing online reviews is a key part of reputation management in the 21st century. If you are not taking an active interest in what others are saying about your company, you are taking a serious risk.
When you partner with LEADS NEAR ME ®, you harness the power of a company that truly understands the world of online reviews – one that can help you make the most of consumer feedback and help you use it to build your brand and grow your sales.
It is important for business owners to understand that shoppers do not rely on a single online review to make their purchasing decisions. Instead, 89% of those online consumers read more than 2 reviews before they make a purchase.
To break it down further – 24% said they read between 2 and 3 reviews, while 32% looked at 4 to 6 reviews and another 18% checked out 7 to 10 online reviews. The other 15% of respondents said they read more than 11 online reviews before they made a purchasing decision.
That means the more positive reviews you accumulate online the greater the level of trust potential customers will have in your business and the products it has to offer. In fact, research conducted by online review site Yelp! found that nearly all users have made a purchase at a firm they found on the site based solely on the reviews of past customers.
That study also found that a single negative Yelp! review can cost a company an average of 30 customers, and that a 1-star increase in average reviews can mean a 5-9% increase in revenue for the affected business. The detrimental impact of negative reviews and the power of positive ones make it more important than ever for businesses to understand, and manage, what customers are saying about them online.
Knowing how to deal with a negative review is essential. A poor response to a negative review could make your company look even worse, while a good comeback could turn things around.
Always respond promptly to negative reviews online. The response you give should be professional and courteous instead of defensive. If you made a mistake, admit it right away and discuss the steps you are taking to stop it from happening again. Do not deny the bad behavior or try to minimize the impact it had on the affected customer. Honestly addressing the negative experiences of customers and fairly resolving them is the best way to run your business – and the best way to manage your online reputation.