How Reviews Increase Conversions
According to Forrester research from a few years back, 70% of consumers trust product and service recommendations from friends more than they trust advertisements. Shopping online is a completely different experience from walking into a brick-and-mortar store, since the only thing a consumer has to rely on when doing the former is information on a screen. There are no products to try on or face-to-face staff ready to answer questions when shopping online. Online reviews are subsequently a key piece in the conversion pie.
Power of Words
These days, it’s pretty standard for a potential customer to read a brand’s online reviews before making a decision. Reviews don’t feature flowery wordplay that makes a product or service sound better or more enticing than it is, rather they’re simply the opinions of those who actually used the product/service. No two customers are going to have the exact same experience with a product or service, but if most or all of the reviews are terrible, it’s no stretch to say the item in question probably isn’t worth it. Great or mainly great reviews clearly have the opposite effect, and will likely turn a potential customer into an actual customer.
More Reviews = More Conversions
A few years ago a study showed that you needed at least 8 to 10 reviews before a viewer would “trust” your business. Since then many more businesses have much higher review numbers. I would bet this number is higher and likely in the 25+ range.
So I would say that there’s no “magic number” when it comes to reviews and conversion rates. Simply put, the more reviews you have, the better off your conversion rate will be. But I would say that you should look online and see how many reviews your “competitors” have. Then your goal should be to have more, a lot more reviews than they do.
Everyone gets reviews, and eventual you will most likely get a negative review. The more 5 star reviews you have helps squash negative reviews, as they make such reviews seem less significant. They also help improve overall score. For example, if you have a four or five-star score that’s based on 300 reviews, wouldn’t you be more willing to buy that product than if said score was based on ONLY 10 reviews?
Remember, customers value each other’s opinions. Reviews have the power to inspire serious conversions, or make customers avoid a product/service like it’s a strain of plague.
Still Not a believer? Some Interesting Statistics On The Power Of Reviews
According to a study by Nielsen 89% users who read reviews make a purchase within a week. 7% within an hour, 28% within a day, 39% within a few days and 15% with a week.
So now what?
Set your goal for the number of 5 star reviews you need. Start using Review Wave to request feedback and get these reviews!