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Online reviews give your business a huge competitive advantage

How online reviews give your business a huge competitive advantage

online-reviews-competitive-advantage

There are literally dozens of studies that show word of mouth marketing is the most effective type of marketing on the planet. Why? The reason is simple. A customer is giving their unique personal story and endorsement about your business which creates instant trust. That’s why online reviews are so critical to the success of a business. It allows a customer to provide a permanent story and endorsement about your business to the world and there are literally dozens of studies that show it’s the most effect type of online marketing out there. This is key to understanding why online reviews have a huge influence on who potential customers choose to purchase from on a daily basis.

We’ve identified 5 critical area’s online reviews can help small businesses grow their business immediately.

  1. Enable Your Customers To Market For You – An instant way to separate your small business from the pack in the complex arena of marketing is by enabling your customers to advertise for you by providing their unique experience with the world through an online review. According to America Express:
    1. Less than 10% of consumers write reviews but 90% read them.
  2. Increase Sales – According to VPDM Digital Marketing and Harvard Business Review:
    1. Products with positive reviews sold 200% more than products that had no ratings or reviews.
    2. 72% of consumers will consider buying a product or service with a 3-star rating, however only 27% of consumers will consider a product or service with a 2-star rating.
    3. A one-star increase in rating leads to a 5% to 9% increase
  3. Increase Your Search Rankings – According to VPDM Digital Marketing:
    1. In terms of Local SEO, positive online reviews are particularly important for local searches as they influence up to 10% of the ranking.
  4. Building Customer Trust – According to Bright Local:
    1. 88% of consumers have read online reviews to determine the quality of a business
    2. 72% of consumes say that positive reviews made them trust a local business more.
    3. Most consumers will read between 4-6 online reviews before they fully trust a business. 30% of consumers assume online reviews are faked, if there aren’t any negative reviews. Consumers are heavily influenced by product reviews, regardless of where they are in the purchasing process.
  5. Massive Value – According to Backupify:
    1. Online Reviews are worth 18 times more than any other form of social media marketing.

If you’re looking to fast track your online reviews we highly recommend scheduling a demo with RealiReviews.