Confused about the importance of online reviews? Sure, they don’t cost money or a considerable amount of time to cultivate. But asking for customer reviews might still be uncomfortable for you.
So, are they worth it?
The answer is a decisive, yes! When you’re ready to discover for yourself why expert marketers rely so heavily on reviews for their most successful marketing campaigns, read on.
It’s an Adrenaline Shot to Your Revenue
Have you heard of Yelp? It’s a digital platform that gives consumers the power to leave reviews about local businesses, so other consumers may read about their experiences. It competes with similar online business reviews such as TripAdvisor, Facebook, and Google My Business Reviews.
For a website relying solely on the exchange of online reviews, it’s doing quite well. Last year, it was the 44th highest visited website in the United States, talk about high website rankings. It boasts over 92 million users a month.
But what you should pay most attention to is the effects those 1-to-5-star reviews have on businesses like yours. For each star a business earns, that business enjoys an average of a 5 to 9% increase in revenue. That could mean a 36% boost directly to your revenue stream.
How to Boost Consumer Trust
Did you know that during their yearly review survey, BrightLocal discovered that nearly 90% of consumers consider online reviews as trustworthy as personal recommendations? But why is trust important? Well, according to the 2019 Edelman Brand Trust Survey, 81% of consumers admit that brand trust impacts their purchase decisions.
In simple terms, the more a consumer trusts your brand and your business, the more likely they are to buy your goods or services. That’s why a boost to Yelp business reviews generate such lucrative rewards for your digital marketing tactics.
Online Reviews Provide Useful Criticism
Positive reviews are valuable. They can fill you in on all the things your customers think you’re doing right. But what about those pesky 1- or 2- star negative reviews?
When used properly, a negative review is 10x as effective as a 4- or 5-star review. It gives you insight into the areas you must improve. When you consider that huge companies, such as Facebook, spend upwards of $2 billion on their R and D budgets to gain such insights, you can decide whether it’s worth it.
Today, you can do it for free.
You Can Turn a Negative to a Positive
Does your company care for its customers? Then show it. No, you don’t need to hold a fundraiser or give away $1 million in free merchandise; it’s simpler than that.
Just create a simple online review management system, one in which you respond to your Google, Yelp, and similar reviews. When consumers read those negative reviews, they’ll see your side of the story. Some of those negative reviewers may also change their minds and boost your rating.
Now that you have a better grasp of the importance of these online reviews, you can determine whether they’re right for your business. Write out a list of pros and cons for yourself. If you’re still confused and would like a business consultation to see what’s right for you, reach out to your local business expert today.