The power of reviews in 2024

It's no secret, customer reviews are one of the most influential forms of marketing available to businesses.  Today, we're going to look at exactly why they're so important, and how they can make a huge difference to the way your business is perceived and engaged with.  From how they sway what people buy to how they shape a brand's image, we'll cover it all.  Let's jump in!

Customer engagement with reviews

• Over 95% of customers engage with online reviews before committing to a purchase (Global Newswire).
• A remarkable 89% of global consumers actively incorporate reading online reviews into their buying journey (Trustpilot).
• Nearly half of consumers, at 49%, trust online reviews as much as personal recommendations, marking a shift in consumer behaviour (Bright Local).
• Approximately 36% of internet users aged 25 to 34 leverage online reviews for brand and product research (Statista).

The impact of reviews on purchasing behaviour

• Authentic reviews hold substantial sway, with 92.4% of respondents claiming that reading a trusted review increases the likelihood of purchasing a B2B product (G2).
• Consumers' reliance on rating filters is evident, as 70% admit to using them when browsing businesses, particularly favouring those with 4-star ratings and above (Review Trackers).

Reviews highlight trust and credibility

• Trust is a key element, with 74% of consumers stating that reviews significantly contribute to building trust in a company (Finances Online).
• A substantial 68% express skepticism toward a high review rating unless accompanied by a substantial quantity of reviews (Podium).
• For consumers to consider engaging with a business, an average rating of 3.4 stars is deemed necessary (Podium).

How reviews influence customer behaviour

• The influence of reviews is evident, with one review alone increasing the likelihood of consumers clicking the "buy" button by 65% (USA Today).
• Reputation is a substantial contributor to a company's market value, accounting for 52%, emphasising the impact of reviews on overall perception (PR Week).
• An overwhelming 88% of customers claim that online reviews have a significant influence on their buying decisions (Zendesk).

How reviews influence conversion rates

• Displaying online reviews results in a staggering 270% increase in conversion rates, showcasing the power of social proof (Spiegel Research Center).
• Higher-priced items experience a 190% higher conversion rate with reviews, emphasising their impact on consumer confidence (Spiegel Research Center).
• Positive reviews not only attract customers but also increase spending by an impressive 31% (Bright Local).

The impact of negative reviews

• Overcoming the damage caused by one negative review requires approximately 40 positive reviews, underscoring the challenge posed by negative feedback (Inc.).
• Surprisingly, consumers spend four times as long on a site when interacting with negative reviews, presenting an opportunity for businesses to address concerns and engage effectively (Spiegel Research Center).
• Negative reviews are shared slightly more than positive ones, with 49% sharing poor experiences compared to 38% sharing positive ones (Zendesk).

The importance of responding to reviews

• A significant 55% of consumers express positivity towards a business that responds to their reviews, highlighting the importance of engagement (Bright Local).
• Quick responses are crucial, as 53% of consumers expect a reply to negative reviews within a week, emphasizing the need for prompt customer service (Review Trackers).
• 45% of consumers report being more likely to visit a business if it responds to negative reviews, showcasing the potential for reputation management (Review Trackers).

The number of people leaving reviews

• Among global internet users aged 25-34, 52% actively post reviews online, shedding light on the demographics of review contributors (Statista).
• Follow-up emails play a significant role, with 80% of online reviews originating from businesses' friendly requests for feedback (Spiegel Research Center).

Market dynamics

• A handful of platforms, including Google, Yelp, TripAdvisor, and Facebook, control a substantial 88% of all online reviews (Review Trackers).
• Google holds a dominant position, with 73% of all reviews, underscoring its pivotal role in shaping online perceptions (Review Trackers).
• In 2020, Google's review growth soared by 65%, indicating the increasing reliance on online reviews for decision-making (Review Trackers)