The Challenge: Do you have a strategy for encouraging reviews? Do you monitor reviews? Are you responding to reviews and taking action based on this powerful voice of customer guidance?
Today's educated and digitally savvy consumers search out online reviews, even from people they do not know; 69 percent of local consumers trust online reviews as much as personal recommendations. Less than 10 percent trust what companies say about themselves, according to an Econsultancy report. Studies by Saurage Research show that 84 percent of US shoppers rely on reviews before making purchase decisions.
The findings below are based on extensive Voice of Customer (VoC) research conducted by our firm, ERDM regarding the rapidly evolving role of reviews in consumer's decision making process:
- A large number of reviews with both positive and negative sentiments are an advantage and create trust.
Adding ratings and reviews greatly increased sales for Intuit Quickbooks ProAdvisors. They are accounting service providers who have completed a comprehensive QuickBooks curriculum and are listed on Intuit's website, which is searchable by businesses looking for accounting services.
- QuickBooks ProAdvisors with reviews get 5X more referrals than those with few or none.
4 Takeaways to Help You Leverage the Power of Online Reviews:
- Ask your customers for reviews and do not fear negative reviews: The Quickbooks case study uncovered that for U.S. clients, 80 percent of reviewers give a 4 or 5 (out of 5) star rating. UK clients' reviews are 88 percent positive. A few negative reviews lend credibility to the positive ones.