The Power of Online Reviews for your Business

Are you using online reviews to generate new traffic and get more leads? If not, you’re missing out on potential customers and the power of online reviews for your business!

the power of online reviews for businesses

Let's dive into this topic about Google Reviews, Facebook reviews, Yelp, BBB, and more.  What if I told you there was a solid way to get more positive reviews and catch potentially negative reviews BEFORE they get posted?  Listen in to learn more...

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Are you using online reviews to generate new traffic and get more leads? If not, you’re missing out on potential customers!

Nearly every digital consumer reads a few reviews before deciding whether to buy a specific product and who to buy it from. In fact 94% of consumers say a negative review is why they have avoided visiting a business in the past. Also, at least 78% say they trust online reviews as much as personal recommendations. 68% are more likely to visit a local store after reading an online review.

This tells you everything you need to know about the value of online reviews. You need them, and, more importantly, you want as many positive reviews as possible. If you’re still in doubt, consider the following;

  • Reviews are the new way to earn consumer trust 

Every marketer and business owner knows that brand trust is a crucial quality you need to develop as part of your branding strategy. According to Marketing Charts, at least 82% of US and 75% of global digital customers say they will continue buying from a brand they trust even if a new trendy brand comes along.

Reviews are one of the most powerful ways to build brand trust. On Amazon, for instance, 90% of shoppers won’t consider buying anything rated below three stars. This is simply because they don’t trust the product or the seller.

  • Reviews increase your brand visibility 

Visibility is the first step to driving performance-based marketing goals, including leads and sales. The more people that know and easily recognize your brand, the greater the chance of converting them into buyers.

This is another area where reviews can be of great help. First off, top reviews always find their way into top search engines, including Google search. This, alone, can boost your visibility massively. Secondly, good reviews have a way of spreading quickly. Before you know it, millions of people will be talking about your brand and products.

  • Reviews give you an open line to consumers 

Consumer engagement has become a hot topic lately. For one, consumers are more distracted than ever. Getting their attention can take a large investment. Secondly, higher expectations mean getting that attention is even more difficult. Then, you must also consider the increased marketing noise and the fact that today’s consumers have endless options to pick from.

Reviews give you an open line to the consumer. Why? Because the consumer is leaving a comment to get a response from the seller/brand. You can use this opportunity to engage the customer, nurture them, and convert them into a lead.

  • Reviews have a clear impact on sales 

Many studies, including a recent one by the Harvard Business School, show that online reviews can directly impact your sales performance. More reviews tend to lead to more sales, especially when the majority of reviews are positive. Additionally improving your star rating by a few decimal points can have a massive effect.

The Harvard Business School study reveals that a one-star improvement on increases sales by 5% to 9% in the short-term. Another study conducted in 2011 shows that even a half-star improvement can increase your sales by up to 40%

Key Takeaway

Reviews can significantly improve your digital marketing efforts. Whether you’re a local store seeking local customers or a global brand trying to break into new markets, positive reviews can make a huge difference.

Remember that reviews can also help you identify your strengths and weaknesses as a business, giving you a chance to fix potential issues before they become costly.

Additional Thoughts

Due to the fact that online reviews have the ability to essentially make or break your business, you need to manage them effectively. Of course, you have your tips for responding to them, understanding what customers want to hear, and so on, but you also need to think about your reputation in all of this. You may even want to consider hiring an online reputation management agency to take care of this for you. They will be able to be sure that your reputation is good, and not a nightmare, holding your business hostage.

That’s a wrap on this podcast episode.  What’s the key takeaway for you and your business from these words?

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Why the Halftime theme Mike?

I'm an Indiana Hoosier native where basketball is the top sport. Every team heads to the locker room at halftime to evaluate the first half and create an updated plan for the second half. That plan includes adjustments based on reviewing what worked and what didn't. The "halftime" is a key review point where the game stops, the team pulls away to huddle in the locker room away from the fans, and they come out prepared and ready to succeed in the second half.

That's what this leadership and business podcast is all about, taking the time to pull away for a bit to evaluate, learn, and set some strategies for your business to succeed in the second half. Join me by subscribing and let me be your "business halftime" to help you find great success going forward!

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