When researching a new product, do you find yourself jumping straight to the reviews? Well, you’re not alone. Most people want to know how the product has worked for others before buying it for themselves. What you’re searching for is social proof. Continue reading to learn more about social proof and why it’s so powerful as we share 24 social proof statistics.
What is Social Proof?
Before we share the powerful statistics about social proof, it’s important to understand what it is first. Social proof is a psychological phenomenon where people observe and mimic the actions of others when faced with uncertainty. Robert Cialdini coined the term in 1984 in his book, Influence: The Psychology of Persuasion, and it is referred to as social influence. Many industries have adopted this phenomenon, including marketing.
Social proof is an element of Proof-Based Marketing, founded on the idea that proof sells, not promises. In this modern marketing strategy, social proof is used to build trust with prospects and increase sales. This proof can come in many formats, including:
- Customer reviews
- Certifications and awards
- Press features
- Endorsements from experts in your industry
There are many powerful ways to use social proof in your marketing. We recommend implementing a variety of social proof into your marketing strategy for the best return on your investment.
Social Proof Statistics: 24 Reasons Why You Need Proof
Now that you know what social proof is, you need to understand why it’s important. We’ve put together a list of 24 social proof statistics to demonstrate just how powerful it can be.
Social Proof Statistics: Increasing Traffic, Sales, and ROI
The most important question many of you may be asking is: “How does social proof impact my bottom line?” We don’t have an exact answer to this question, but we know that social proof can increase your traffic, sales, and ROI. Take a look at these mind-blowing statistics:
- 57% of customers visit a company’s website after reading positive reviews.
- Consumers will spend 31% more on businesses with “excellent” reviews.
- Displaying reviews for higher-priced products can increase conversion rates by 380%.
- Adding logos on a landing page can increase conversions by 400%.
- Websites that include testimonials receive 45% more traffic than websites with no testimonials.
- 63% of consumers indicate that they are more likely to purchase from a site with product ratings and reviews.
- Testimonials can increase conversions on sales pages by as much as 34%.
- The regular use of testimonials can help you generate 62% more revenue from every customer, not just once but every time they visit your site.
- 89% of people surveyed say ROI from influencer marketing is comparable to or better than other marketing channels
Social Proof Statistics: Builds Trust in Your Brand
Consumers rely on the experiences and thoughts of others when it comes to making a new purchase. Reviews and testimonials are the most common and reliable forms of social proof. It’s where prospective customers can learn from real people who’ve tried the product or service before.
Don’t just take our word for it. Here are some social proof statistics about reviews and testimonials you must read for yourself:
- 61% of customers read online reviews before buying a product or service.
- Product reviews are trusted by consumers 12-times more than the product descriptions and sales copy.
- 92% of online consumers look at a product review before making a purchase.
- 79% of people have watched a video testimonial to learn more about a company, product, or service.
- 2 out of 3 people say they’d be more likely to make a purchase after watching a testimonial video demonstrating how a business, product, or service had helped another person like them.
- 95% of people say that reviews, positive or negative, influence their purchasing decisions.
- 70% of people will trust a recommendation from someone they don’t even know.
Social Proof Statistics: The Power of Influencer Marketing
Influencer marketing stems from the category of endorsements. However, an influencer often collaborates with a brand to produce a marketing campaign. Influencers can range from celebrities to stay-at-home moms to entrepreneurs. What truly defines an influencer is someone who has the power to influence their followers.
If you want to take advantage of influencers as social proof, you’ll want to find one in your niche. Collaborating with influencers in your niche will help increase your brand awareness to the right audience.
Here are some statistics to show just how powerful influencer marketing is:
- The market for influencer marketing has more than doubled in size since 2019 and is valued at $13.8 billion.
- 45% of micro-influencer followers said they tried the recommended products or services.
- 67% of brands use Instagram for influencer marketing.
- Nearly 40% of Twitter users say they’ve made a purchase as a direct result of a Tweet from an influencer.
- 86% of women use social media for purchasing advice.
- Businesses earn $6.50 for every $1 spent on influencer marketing.
- 51% of marketers say influencer marketing helps them acquire better customers.
- 6 in 10 YouTube subscribers would follow advice on what to buy from their favorite creator over their favorite TV or movie personality
Social proof is a powerful marketing tool you cannot afford to ignore. Consumers rely on the word of others to determine which brands to trust and what products to buy. If your business does not have a Proof-Based Marketing strategy, we highly recommend adopting one. Remember, proof sells, promises don’t.
Posted in: Social Proof