Are Online Reviews Worth the Time and Money?
According to Trustpilot’s Trust Economy Report, online reviews are becoming an essential tool for consumers – and any company ignoring them could be harming its bottom line. However, there has been bad press hyping fake reviews, which has done damage. It’s time to bust some misconceptions . . .
1. “Consumers prefer the opinions of authoritative sources like journalists.”
In a league table of whose opinions consumers value the most:
2.30% stated a third-party authority (e.g. journalist)
31.90% who valued the opinion of somebody who had already used/purchased the same product or service.
2. “Online reviews don’t actually boost business.”
62% of shoppers stated they’re more likely to do business with a company after reading a positive review about them.
One in five will subsequently go on to spend at least 10% more with that company.
3. “All it takes is a single bad review to kill a sale – online reviews’ power is way out of proportion.”
Not according to consumers themselves – instead of abandoning their basket after seeing a single bad review . . .
77.50% would simply undertake further research before making their purchasing decision.
It actually takes three to four negative reviews before the majority of consumers decide to walk away. (Although it depends on the size of your company, of course – if your team has thousands of reviews, shoppers will expect to see negative feedback occasionally.)
Stop shooting the messenger and find out why consumers are unhappy with your products/services in the first place – and resolve the issue.
4. “Online reviews are inherently negative.”
Many companies believe that people simply use online reviews to vent their frustration – but this isn’t borne out by the facts.
83.90% Post positive reviews
2.80% Post negative reviews
The reality is that consumers prefer heaping praise on great companies – not trashing their reputations.
5. “No one actually trusts – or needs – online reviews.”
77% of UK consumers shopping online will look to online reviews before making their purchasing decision.
- Online reviews can be good for business – a single negative review is not the end of the world.
- Such reviews can help businesses spot inherent problems in their own processes.
- Consumers prefer praising a company’s service rather than writing them off.
- Consumers realise that ‘authoritative’ sources such as tabloids may well have their own agenda for printing scare stories.
- If you don’t embrace online reviews, you run the risk of consumers asking why – are you trying to hide something?
Download the complete Trust Economy Report by Trustpilot now to discover the true value of online reviews