How Much Are Online Reviews Actually Worth?

How Much Are Online Reviews Actually Worth

For a business to gain a competitive advantage in a volatile online world, it must understand the importance of online reviews. While most business owner recognize that they are critical, they don’t know to which extent they impact their bottom line revenue.

However, one thing most people don’t understand is that reviews are permanent records that outline the customer’s experience. And surprisingly enough, they are what many prospects look for before they decide to buy something from your enterprise. This piece seeks to expound on the value and worthiness of online reviews.

Impacts of Online Reviews – The Stats

Did you know that 88 percent of consumers trust online reviews (according to BrightLocal Survey) as much as recommendations from friends and family? Additionally, 82% of consumers visit online review sites seeking information about businesses, as well as product and services before making buying decisions. Consequently, a staggering 89% of these consumers make purchases within the same week, while 29% of them on the same day of reading the reviews.

How are Online Reviews Valuable?

•They Influence Consumers Buying Behavior

According to various surveys and research, modern consumers rely heavily on second opinions before they make a purchase. While recommendations still play a crucial role in the decision-making process, generally online reviews have proven to be more reliable as they sum up the opinion of a mass crowd.

•They Affect Your SEO and Online Visibility

Online reviews do not only matter to those seeking information about your business, but they also affect your Search Engine Optimization goals. Today more than ever, Google and other large search engines incorporate third party reviews as an integral part of their algorithm. Positive review, will impact on positive search rankings, negative reviews will do the opposite.

•Online Reviews Convert Customers

Whether positive or negative, online reviews can help attract the right people to your business. Positive reviews help draw more consumers to your door, and the way you respond to negative reviews can help display your level of transparency. This helps to reinforce your marketing strategies and to initiate target-centric marketing campaigns. This is true for online and offline businesses.

•They Provide Social Proof

Nothing gives your business more credibility than getting approval from real customers. Positive online reviews assert that your business can be trusted to deliver what it promises.

Final Thoughts

Besides being essential pillars of consumers buying decision, online reviews enhance your visibility and help build trust and credibility. Positive reviews and diligent reputation management will help put your brand out there and will, in the long help build bottom line revenue.