Many professionals involved in reputation management are always worried about unforeseen circumstances that may cause loopholes in their well-laid business plans. The online reputation sector is laced with several stories, catastrophic events, and malicious statements that could cause a brand’s online reputation to crumble in an instant. However, having the requisite knowledge of online review statistics could help salvage a faulty online reputation.
How effective are online reviews?
What percentage of people trust online reviews?
According to research, 91 percent of people read or sometimes read online reviews. 84 percent believe that online reviews are as trustworthy as personal recommendations.
How many people check online reviews?
59% of customers use it to read product reviews. 54.7 percent of customers read at least four reviews prior to purchasing a product. Nearly half of internet users post reviews online at least once per month. Customers expect more than half to receive a response within one week to negative reviews.
According to CR Advisory, “Ideal online reputation isn't something that can be earned by accident”. It takes a lot of work and conscious effort.
This article is not aimed at unsettling brand owners, or readers, rather, its purpose is to demystify the phenomenon of online reputation management and clarify issues bordering on what works in the system, and what should be completely avoided.
The statistics can actually be upsetting but when the right marketing strategy merged with online reputation best practices are harnessed, the results will be mind-blowing. Being armed with the right branding strategy will create an online identity that secures customer trust, and displays integrity. This report will enlighten readers about the most current online reputation management status, and how the numbers can be taken advantage of.
Online review statistics 2022
According to business expert Tom Kenemore, “Business is war and your past clients and customers’ great online reviews are your elite soldiers in battle”.
Review pages often place emphasis on the reputation of companies and may spur growth or engender the downfall of a company. These reviews, especially those on BBB, TripAdvisor, company websites, and Yelp clearly display the raw and honest opinions of consumers.
Reputation management often helps to tackle the negative effects of negative public opinion on businesses, organizations, as well as individuals. Some companies are oblivious of the dangers of a faulty online reputation. It is quite easy to counter negative reviews than to tackle a complete media controversy that may be fueled by piled-up negative reviews.
The following results of the most recent statistical data for online reviews statistics can help guide business owners on online reputation management.
- Consumers read about 7 reviews to decipher business credibility.
- About 97% of consumers search for local businesses online, and 12% search for local businesses every day.
- Reviews with only 1 or 2 stars were not able to convert 86% of people into customers for increased profit.
- Almost 3 out of 4 consumers prefer businesses with positive reviews.
- Good star ratings increase business patronage and may increase revenue as high as 9%
- About 60% of consumers revealed their refusal to patronize a business emanated from negative reviews.
- Americans reportedly trust negative reviews more than positive ones.
- About 85% of consumers place value on online reviews as much as word of mouth or personal recommendations.
- It was also reported that 49% of consumers prefer to see at least a 4-star rating before business patronage.
In conclusion, business reviews matter a lot. It doesn’t matter if the business is small, large, or a nonprofit, as long as online reputation matters to a business, such businesses can start an online reputation repair strategy by producing quality content, and services, and maintaining good customer relationships.
According to statistics, about 92% of consumers have a good feeling about companies involved in social issues and environmental advocacy. When companies lend out their voices, support, or donate to social causes, it fosters trust, and increases consumer patronage, especially from consumers who care about that particular societal issue.
One customer's opinion can reach thousands if not even millions.
These statistics are important for your company's reputation, conversions, profits, and overall success.
Ask your customers to leave reviews, positive or not. This will help your business stand out. Both can lead to better results.