How can customer reviews increase your revenue?

According to the latest American researches, more than 90% of buyers use online reviews to confirm their decision. This means 9 potential customers from 10 which may seem unbelievable. Although if we submerge under the depths of human thinking, it is absolutely logical that customers are interested in the opinion of other buyers who have already tried the product or used a certain service. Nowadays we can rate products or services (if the function is not disabled) on most of the social media platforms and everywhere where a customer comes into contact with the product. This means that the valuation of a certain product or service becomes public. To quantify the importance of this function from the business’ point of view let’s see some data from this year’s foreign researches.

  • 82% of consumers take the online feedbacks as serious as it would be his own experience

  • 70% of the buyers discover a new product monthly owing to the customer reviews

  • More than 60% think that feedbacks older than 3 months are not relevant anymore

  • On average they read at least 10 reviews before they make their decision

  • More than half of the potential consumers only take into account reviews written within the past 2 weeks

  • 61% of costumers will only use the service or buy the product if it’s rating is over 4 stars

  • 40% of the buyers over 50 years send feedback relating to the buying

  • Customers review is one of the most important ranking factors of SEO

Last year Brightlocal conducted overall research about consumer reviews and we can see similar data. The research is interesting because it shows the distribution of the reviewed business types. The following chart shows the results:

BE CAREFUL! There are several pitfalls os reviews!

Close friends and family’s help

It may happen that the owner of the business asks his friends to rate the product or service and that may stretch the truth. Since most of the companies realized the potential in the reviews, they would like their business to have as good reviews as possible.

Typical ill-wishers are unavoidable

Surely everybody came across some feedbacks where it was clear that the reviewer only mentioned fictive causes to support his feedback. Some competitors may also try to make their rivals seem negative but these reviews can also be real feedbacks, so every negative review needs to be answered. Fortunately, there are some built-in filters that will hide these types of comments automatically.

Complaint management

It frequently happens at small businesses that no marketing managers are employed and leaders don’t have this type of qualification. Most of them try to answer negative reviews themselves which could work to a certain level of success. BUT the iconic sentence: ‘The customer is always right!’ Crisis communication has endless principals which we should totally pick up if we would like to answer our reviews.

How can you make the most out of reviews?

  • It may seem a time-consuming activity but we HAVE TO answer every review!

  • We should accept consumers’ advice, maybe building them into our strategy.

  • We have to pay attention to respond quickly because the sooner our buyer gets a response the more satisfied he will be (even in case of negative reviews).

  • In order to make some positive feelings in our disappointed customers, we should compensate for the negative experience. This can be done with a free product or a discount but sometimes only an apology letter is enough.

  • It is important to admit in our responses if we made a mistake (even if we think that we are not 100% guilty). We should also mention the steps we will make to solve the problem.

To sum up, reviews are carrying a serious competitive edge. To take advantage of them we need well-qualified colleagues who are experienced in crisis communication. A lot of researches prove that it is enough to be better with half a star than our competitors, and it can lead to significant growth. Every negative review is an opportunity to be better in something than our rivals because no one knows better than consumers that how could we make our product or service better.

Register now and be able to reply to every customer’s opinion!

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