Reputation Management – Reviews

There is a tremendous amount of information on the internet, which if actually reviewed, would convince you without a shadow of a doubt that a business without 3rd party reviews are going to fall into the ranking obis.  Not to mention the calling obis, because more and more customers are using the easily available search engine to research a product or service.

“Businesses today exist in an era in which it’s nearly impossible to escape the likelihood of being evaluated…there’s nowhere to hide,” said Linda Shea, SVP and Global Managing Director of Customer Strategies for Opinion Research Corporation. “Companies must be extremely mindful of the power of proliferating online forums and their ability to shape consumer’s perceptions about brands. Even a single negative review, when posted in a very public forum, can have a significant impact on a prospective buyer’s decision to purchase.”  (Opinion Research Corporation 6-23-2008)

Consumer reviews on third party websites are quickly becoming the new word-of-mouth advertising. Consumers are looking online now more than ever before making purchase decisions.  Search Engine People compiled 12 statistics about this new “revolution”:

1. Traffic to the top 10 review sites grew on average 158% last year (Compete.com)

2. 97% who made a purchase based on an online review found the review to be accurate (Comscore/The Kelsey Group, Oct. 2007)

3. 92% have more confidence in info found online than they do in anything from a salesclerk or other source (Wall Street Journal, Jan 2009)

4. 70% consult reviews or ratings before purchasing (Business Week, Oct. 2008)

5. 7 in 10 who read reviews share them with friends, family & colleagues thus amplifying their impact (Deloitte & Touche, Sept. 2007)

6. 51% of consumers use the Internet even before making a purchase in shops (Verdict Research, May 2009)

7. 45% say they are influenced a fair amount or a great deal by reviews on social sites from people they follow (46% say reviews in newspaper or magazine influence them.) (Harris Poll, April 2010)

8. 34% have turned to social media to air their feelings about a company. 26% to express dissatisfaction, 23% to share companies or products they like. (Harris Poll, April 2010)

9. Why do they share? 46% feel they can be brutally honest on the Internet. 38% aim to influence others when they express their preferences online (Harris Poll, April 2010)

10. Reviews on a site can boost conversion +20% (Bazaarvoice.com/resources/stats ‘Conversion Results’)

The internet word-of-mouth revolution gives you the power to respond to praises and critics alike. Businesses who engage customer reviews online can benefit greatly if done correctly.