’Reviewgraphic’ and Other Review Stats Will Change the Way You See Your Business

Business

In this article, we’d like to show you some surprising numbers about customer reviews and endorsements that will probably change the way on how to think about your business. Also, a unusual way how to use them.

Astonishing statistics about customer reviews

Did you know?

  • 88% of consumers said that they trust online reviews as much as personal recommendations.
  • 39% of potential customers read reviews on a regular basis. It was only 32% in 2013, so this trends is ascending now.
  • Only 12% of people say they never read customer reviews before their buying decision.
  • Customers tend to spend 31% more with a business which has ’’5-star’’ reviews.
  • Potential customers look for customer reviews int he early stage of the buying process, 68% read reviews as they’re picking their choice.
  • 70% of buyers say reviews are as much or even more important at B2B (business-to-business) service companies than at B2C services (business-to-customer).
  • 52% of customers say they trust a business more if they have some negative reviews as well. Only 18% said that negative reviews of the product made it seem less trusthworthy.
  • 56% of prospective customers say they concluded their opinion after reading 2-6 reviews.
  • The presence of reviews produce an average 18% uplift in sales.
  • On the average, 50 or more customer reviews and testimonials increase a business’s income by 4,6%.
  • However, the number of people is growing who tend to read more than 20 reviews before they buy.
  • 73% of people read online customer reviews on a desktop. The reason is because most people buy at home on their computer and they browse reviews before.
  • Star rating is the number one factor used by customer to judge a business. They like it more than written testimonials and reviews since it’s easier and faster to consume.
  • 57% of consumers would use a business with a three star rating while 94% of them would choose a company with four starts.
  • Over half of people aged between 18 and 34 say they trust online reviews more than the opinions of their friends and family.
  • Mobile optimization is a hot topic nowadays, those consumers who read reviews on their smartphones are 127% more likely to purchase than those who read reviews on desktops.
  • 100% of customers who make over $150,000 annually claim to leave reviews when it comes to a poor customer service. If they can’t, they’ll never come back to you but if they can, you can handle the situation and solve their problems communicating with them. This is why you should think about using a review program such as Wiremo to manage your reviews easily.
  • If a business can resolve its issue fast and efficiently, 95% of unhappy customers returns back to your business. Your customer value your efforts and helpfulness.

Using ’reviewgraphic’ to understand your business more

This is a great way to visualize the location of your customers which is a serious issue at many online stores and companies. You can find the original idea here.

At first, you should learn the location of your customers and display their location then. Using this method you can set up several classification based on different properties:

  • The quantity of customers from different places
  • The geography of satisfied and unhappy customers
  • The local distribution of high-value customers and customers who tend to purchase less
  • Any relationship between the location of the customers and their location.

And basically you can attach any relevant attributes to the location of your customers to find consequences and any coincidence. Using the ’reviewgraphic’ technique and understanding the real numbers behind your customer reviews you’ll know better what your company represents, what goals you should set and what decisions to make in the future. 

 

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