Online Reviews – A Business Necessity

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If you have not made an investment into making sure that you are capturing their feedback, take a look at the information below and see if that shifts your thinking.

It’s 2019 and you can no longer afford to ignore online reviews, it’s likely your competition isn’t. From doctors’ offices, restaurants, to software, consumers look to online review sites like Yelp, Google, and even Facebook to give them an opportunity to see what everyone has to say about your business. In fact, online reviews will influence consumer purchase decisions 93% of the time.

Online reviews create social proof, they will strengthen consumer trust, and they give you a direct line to consumers. If you’re not already putting effort into improving your online reviews, you should start now by sharing with your customers about the importance of leaving reviews, optimizing your listings on each platform, and providing excellent customer service.

At this point you should be more than convinced that your business must pay attention to online reviews, but just in case you’re not, below are online review stats to fuel your business for 2019.

Online Review Statistics

  1. 97% of people read reviews for local businesses. (BIA/Kelsey)
  2. 90% of respondents who recalled reading online reviews claimed that positive online reviews influenced buying decisions, while 86 percent said buying decisions were influenced by negative online reviews. (Dimensional Research)
  3. 91% of 18-34 year olds trust online reviews as much as personal recommendations. (BrightLocal)
  4. 93% of consumers say online reviews impact their purchasing decisions. (Podium)
  5. 89% of consumers read businesses’ responses to reviews. (BrightLocal)
  6. 93% of people who use a mobile device to research go on to complete a purchase of a product or service. Most purchases happen in physical stores. (Google/Nielson)
  7. 3.3 is the minimum star rating of a business consumers would engage with. (Podium)
  8. 68% of consumers will leave a review if asked. (BrightLocal)

The Value of Positive Reviews

  1. A one-star increase in Yelp rating leads to a 5-9% increase in revenue. (Harvard Business School)
  2. Customers are willing to spend 31% more on a business with excellent reviews. (Invesp)
  3. 92% of B2B buyers are more likely to purchase after reading a trusted review (G2.com)

The Cost of Negative Reviews

  1. 94% say an online review has convinced them to avoid a business. (ReviewTrackers)
  2. Only 13% of consumers will consider using a business that has a 1 or 2 star rating. (SearchEngineLand)
  3. Four out of five consumers have changed their minds about a recommended purchase after reading negative online reviews. (Cone Communications)
  4. Businesses risk losing as many as 22% of customers when just one negative article is found by users considering buying their product. If three negative articles pop up in a search query, the potential for lost customers increases to 59.2%. (Moz)

Industry-Specific Stats

  1. A half-star rating increase translates into a 19 percent greater likelihood that a restaurant’s seats will be full during peak dining times. (UC Berkeley)
  2. 64% of software buyers want to read at least 6 reviews before purchasing. (Capterra)
  3. 82% of consumers read a product review before purchasing an item online. (Qualtrics)

In summary, if you are not capitalizing on consumer reviews to boost your business, there’s no better time than the present to start.

 

Kenneth Glenn
CEO/Founder
Ranked Brain

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