How Review Management Increases Your Bottom Line and Why You Need Customer Reviews

With 90% of consumers reading online reviews before visiting a business, it’s obvious that reviews have become a main element in the consumer’s purchasing decision. Businesses need to value reviews to help their bottom line.

When customers are likely to spend 31% more on a business with excellent reviews, its essential to know that reviews equal revenue. It’s even recorded that every one star increase in a Yelp rating means a 5 to 9% increase in revenue.

In order to create a strategy maximizing this opportunity, it’s essential to start looking at the consumer’s motivation for leaving an online review. This is the first step in creating a profitable strategy for maximizing reviews for your business. You need to look past the obvious sentiment that reviews are important and ask why?

What do Online Customer Reviews do?

Online reviews give valuable insight to the business and potential customers.

Reviews are valuable resources of information. They provide beneficial insight about staff, customer service or the best products/services you have to offer.

Customers are visiting online review sites because they trust each other. They don’t trust businesses and forced market messages. When they have questions your website can’t answer, customers turn to each other.

They don’t want to risk a chance of missing out on something, because they didn’t do their research. They want to walk into a business with an informed expectation. In fact, in a Chatmeter study, we found that over 54% of people say they need at least a four or five star rating in order to visit a business.

Businesses need reviews to increase their visibility online.

When one local search results in hundreds of pages of information; it’s vital to be at the top, because when is the last time anyone went past the first page?

In fact, the first page on Google claims 92% of all search traffic. Optimizing your business’s local SEO is incredibly beneficial because with more customers visiting your locations, your business grows.

However, before spending their money, customers have to find you first. This is when they turn to search engines to help them find the best closest experience.

Search engines like Google, Yelp, and Facebook guide customers to the best experiences possible, so if you have great reviews that are better than your nearby competitors, they’ll boost your location ahead of the rest.

Many times, a positive sentiment with your online reviews can be attributed to your cohesive and accurate information online. If customers are easily able to find you, and visit your location the higher your Google Ranking.

Today, it’s so common for customers to simply search on their phones “best ______ near me”, it’s essential that your business appears. It’s reported that, local search drives 50% of mobile visitors to go to stores within one day.

Reviews save time and impact revenue.

As the market becomes more competitive, the consumer becomes more informed. Studies have revealed that online reviews impact 67% of purchasing decisions. So with reviews being more frequently utilized and having more of an impact on customers purchase decisions, it’s essential to peel back the motivation behind consumer reviews.

Why do Customers Write Reviews on Online Review Sites?

They want to be heard.

Customers want the business to know about their experience; good or bad.

One Response so far.

  1. Jan Zac says:

    Hello ,

    I saw your tweets and thought I will check your website. Have to say it looks very good!
    I’m also interested in this topic and have recently started my journey as young entrepreneur.

    I’m also looking for the ways on how to promote my website. I have tried AdSense and Facebok Ads, however it is getting very expensive. Was thinking about starting using analytics. Do you recommend it?
    Can you recommend something what works best for you?

    Would appreciate, if you can have a quick look at my website and give me an advice what I should improve:
    (Recently I have added a new page about FutureNet and the way how users can make money on this social networking portal.)

    I have subscribed to your newsletter. 🙂

    Hope to hear from you soon.

    Maybe I will add link to your website on my website and you will add link to my website on your website? It will improve SEO of our websites, right? What do you think?

    Jan Zac

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