Online reviews are a powerful way to build your business. But how do you know if they’re worth the time and effort?
A recent study found that 67.7% of consumers read online business reviews for businesses before making a purchase decision. That means that if you aren’t seeing success with your online reviews, you’re losing out on a lot of business.
However, the benefits of online reviews go well beyond simply bringing in customers. There are several reasons why having positive reviews can make a significant impact on your bottom line.
Here are seven benefits of online customer reviews for your business:
1. Customer Satisfaction
Customers who read online reviews tend to be more satisfied with their purchases than customers who don’t read online reviews. This means that if you want to keep customers happy and coming back to your business, it’s critical to get a positive buzz.
2. Increase in Conversion Rates
Online customer reviews also impact your online business growth and conversion rates—and not just by a little bit. One study found that 94% of consumers said positive online reviews made them trust a business more.
By having positive reviews online, you’ll capture more leads and ultimately bring in more customers.
3. Increase in Revenue
Online reviews will increase the number of leads you capture and your revenue once those leads become customers.
According to a study, companies with online reviews see their revenue go up by an average of 18% compared to those with no reviews.
4. Improve Search Rankings
Positive online company reviews can boost your search rankings—which means that consumers are more likely to find your business when they’re searching for it online. When potential customers see a business with great ratings from past a quality product, it encourages them to buy from that company.
5. Save Money on Marketing Expenses
Customer reviews can help you save money by allowing you to focus your marketing dollars where they’ll have the most impact.
If you’re only advertising online, for example, then search engine marketing is more important than traditional offline ads like television spots. With customer reviews, you’ll be able to spend less on advertisements and see higher conversion rates among your new customers.
6. Improve Rating on Social Media Sites
With the right social media strategy, positive online reviews can boost your presence on sites like Facebook and Google+. This will make it easier for new customers to find you and improve the number of followers (and potential leads) that you collect.
7. Improve Reputation
Customer reviews can help build your reputation and make you more reputable in the eyes of customers and potential clients, simply because they show that you care about providing quality products and services. This is particularly important for service-oriented businesses like nail salons or restaurants, where it’s critical for customers to feel like they’re getting something special.
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Customer Reviews Can Make or Break a Business
While online customer reviews aren’t a magic bullet, they can still have a huge impact on your business growth if you invest the time and effort needed to get them.
If you want to make the most of your online reviews, ensure that you’re always focused on quality. Even if there are only a few negative comments about your business, they can overshadow all the positive ones.
So, do online customer reviews really matter? In a word: yes.
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