It’s one thing to simply tell you all the positive effects customer reviews can have on your business, but it’s another to have some cold, hard facts to go along with it. Customer reviews and testimonials are becoming increasingly powerful in a time when the consumer is trusting businesses less and fellow consumers more. Here are some of the latest statistics about customer reviews that will get you thinking:
What are the statistics on customer reviews?
From a Business Perspective
For businesses, testimonials and reviews are proving to be a valueable part of engaging customers and growing businesses. Content marketing is one of those big buzzwords today that is within overall marketing plans, which basically just refers to the practice of creating and publishing valuable content with the goal to attract new customers. This includes everything from blogs, social media, emails, website content and so on. One recent study found that customer testimonials have the highest effectiveness rating in content marketing at 89%. This means that businesses that used testimonials or reviews somewhere in their marketing effectively reached and engaged more people compared to all other means of content.
From a Consumer Perspective
Consumers are also more proactive than ever when it comes to their buying decisions. Jupiter Research found that 77% of people take the time to read product/service reviews before they make an online purchase. Ultimately, people are listening to the advertiser less and looking to their peers to help them decided to invest or not.
But if that stat didn’t catch your attention, then check this out. A whopping 90% of consumers admit that their buying decisions are actually influenced by online reviews. That means the companies that have favorable reviews on display are positively influencing 9/10 people that are looking to make a purchase.
So, what does it all mean?
Customer Reviews are becoming increasingly important in 2014 and beyond. Traditional forms of marketing and sales are losing power to user-generated content, especially customer reviews. These reviews are now an essential element to branding and marketing that, unfortunately, a lot of companies are still not utilizing. Customer reviews build trust with potential consumers, enhance your brand perception, most importantly, drive sales. Maybe it’s time to start letting your customers do that talking for you.
What ways have you seen customer reviews and testimonials influence businesses?