Benefits of Product Reviews: Key statistics you should know
Online user reviews influence consumer decisions. Period.
Testimonial Engine found that a whopping 72% of customers are willing to wait until they’ve read reviews before making a purchase. Spiegel Research Centre reports that reviewed products are 270% more likely to be bought than those without reviews. A survey by Clavis Insights found that reviews boost conversations by 50%. This means that your existing customers become brand ambassadors. We all know how effective word of mouth marketing is! Think of customer reviews as compound interest. When you invest in online review marketing, the positive effects keep accumulating. They raise awareness about your brand and products. In a nutshell, online user reviews: Are critical in helping customers make an informed buying decision; Increase the likelihood of converting tentative buyers into paying customers; and Drive your online or in-store sales.Why Are Customer Reviews Important?
1. Social Proof Drives Sales
You are more likely to see a movie if your neighbours and colleagues recommend it. Some of us actually rely on movie critics to rate a movie first. Business reviews work in a similar way. You are more likely to buy from an eCommerce store if your sister had a positive experience. You will visit a new restaurant only if your friend can't stop raving about it. Positive social proof can be considered as the biggest among all benefits of product reviews.2. Online User Reviews Elevate Your Brand’s Visibility
A successful brand is also a visible one. Most customers search Google, Facebook, or business review directories like RateUsOnline for recommendations. While all these websites have their own way of indexing and surfacing content, they all value original content. Online user reviews direct the algorithm to prioritise your brand – because it is favoured by customers. Another good thing about online review marketing is that if you’re ranked higher, buyers and algorithms look up your website as an industry authority. This leads to more exposure as well as a positive brand image. If you are familiar with technical Search Engine Optimisation (SEO), you can use positive customer reviews to boost your click-through-rate (CTR). Reviews can be displayed alongside product information on Google’s search results. These information-rich snippets improve the CTR, thereby increasing your brand’s visibility. eCommerce algorithms also favour businesses having positive online reviews. In 2018, Amazon rolled out Amazon’s Choice – a label that is awarded to popular products visible in search results. While the criteria for all products vary, but in general, weightage is given to products with 4-star ratings, low return rates, popularity in search results, and Prime delivery eligibility. Summing up, positive online reviews:- Bolster your brand’s visibility on both Amazon and Google;
- Increase your CTRs from google to your product pages;
- Make your products more competitive on eCommerce sites.
3. Online User Reviews Facilitate Product Development
Online reviews don’t just influence buying decisions of customers and the visibility of your products. They also offer valuable insight to aid new product development. For instance, if you are a budding entrepreneur, you can quickly identify the demand for your products and the level of customer engagement. How? With a simple graph having an average score of reviews with respect to similar products in your industry. Businesses can also use this information for competitive analysis. For example, if you want to launch a new product, user reviews can point out flaws in existing competitor products. This way, the product you launch will be free of these shortcomings and position your brand one step ahead of the competition. Review data:- Allows you to identify upcoming trends that resonate well with buyers;
- Provides valuable insight into competitor data, product positioning, and reception by consumers.
Leave a Comment