Online Reviews – A Business Necessity

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 2020 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 2020.

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.

 

RB

Ranked Brain & BirdEye – The Reviews Are In!

All-in-One Customer Reviews Software

Get online reviews on sites that matter to your business and boost customer happiness by leveraging feedback from over 150 online review sources.

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Increase customer reviews. Be found online. Get new customers.

One of our new chiropractic clients has pulled in 17 new 5 star reviews in 15 business days! Getting reviews has never been easier! You choose your approach, have the review requests sent as soon as your client leaves, or do them at the end of the day.

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Another new client in the sports industry has pulled in 14 new 5 star reviews in 11business days!

Ranked Brain Reputation Management BirdEye

Ranked Brain Reputation Management BirdEye

 

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We absolutely love the page that is built where your customers can see all of your reviews IN ONE LOCATION!

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