In today's digital age, online reviews are very important - helping customers make decisions about what to buy or use. In fact, our research from October 2022 showed that 84% of customers trust reviews from other customers. In this article, we'll explain why online reviews matter.
The power of review generation
Review generation is when companies ask customers to leave reviews about their experience. They could ask customers via email, social media, or in person. Increasing their reviews helps to build a good online reputation, attract more customers, and improve conversions.
Building trust and credibility
Today, customers are sceptical and use reviews to help them make decisions. Online reviews show that a company is credible and reliable. When a potential customer sees positive reviews from past customers, they’re more likely to trust them.
Influencing purchasing decisions
Most customers read online reviews before making a purchase or using a service. And our October 2022 research found that 69% of customers are likely to change their mind after reading reviews. This demonstrates the importance of reviews and having a strong online reputation.
Providing valuable feedback
Online reviews give companies feedback from customers. Positive reviews show what they’re doing well, while negative reviews show areas for improvement. This feedback helps them to make changes and improve products, services and customer experience.
Building brand awareness
Online reviews can help companies become more well-known, boost visibility and attract new customers. When customers leave reviews on platforms like Smart Money People, they showcase the company to others. Responding to reviews also helps companies improve their image and build stronger customer relationships.
Addressing customer concerns
When a customer leaves a negative review, it's essential for companies to respond quickly. This shows that they value their customer and want to learn and get better. Companies can improve their service and increase customer loyalty by addressing negative reviews and resolving issues. At Smart Money People, we notify companies when a customer leaves a review, so they can respond quickly.
From building trust and credibility to influencing purchase decisions and providing valuable feedback, the importance of reviews is clear to see. Companies should manage and respond to reviews, positive and negative, to maintain a strong online reputation and attract and retain customers.
To learn how Smart Money People can help with your review management, head to our reviews and analysis page.