Eye-Opening Statistics For Business Success

Are you skeptical about the impact of a high Google rating on your business sales? You might be surprised to learn that a +4.5-star rating could be the missing ingredient to take your business to the next level. Don't believe us? Well, buckle up because we here at iReview are about to show you some eye-opening statistics that highlight the power of a top-rated Google business page.

Let's dive right in and see why having a stellar Google rating is critical for your business’s success!

91% of consumers read online reviews before making a purchase decision.

First impressions are everything, whether it’s a job interview, a first date, or showing up in court, you want to be initially viewed as a classy person which garners respect. A low-rated business will most likely not be respected, and it will accumulate more than 4 or sub-4-star reviews. A high-rated Google business page is exponentially more likely to attract more customers and garner more great reviews, it has an admired starting point (admiration is a synonym for respect). So, remember, 91% of consumers are checking out your Google business page and reading your reviews before coming to shop at your business. With over 50% of Americans earning $100,000/year living paycheck to paycheck, customer pockets are pinched to the max.  Hence your customer is going to be very picky as to where they spend their hard-earned money. Social proof is a powerful attracting force, this leads to our next statistic. 

84% of people trust online reviews as much as a personal recommendations.

Why would 84% of people trust online reviews as much as a personal recommendations?

There are several reasons why people might trust online reviews as much as personal recommendations:

Social proof: When people see that others have had positive experiences with a product or service, they are more likely to trust that it will work well for them too. Online reviews provide social proof that a product or service is effective and trustworthy.

Transparency: Online reviews are often written by people who have no direct connection to the product or service being reviewed. As a result, consumers perceive online reviews to be more transparent and unbiased than recommendations from friends or family members, who may have their own biases or interests.

Quantity: Online reviews are often available in much greater quantity than personal recommendations. A product may only receive a few personal recommendations from friends or family members, while hundreds or even thousands of online reviews may be available. This abundance of reviews can help to build trust in a product or service.

Convenience: Online reviews are easy to access and can be read at any time. On the other hand, personal recommendations may only be available when the person giving the recommendation is present. This convenience makes online reviews a more accessible and reliable source of information for many consumers.

If so many people believe in online reviews, why aren’t more customers participating? This leads to our next statistic…

66% of consumers will leave a review if asked to do so.

This is exactly why iReview is so successful! iReview wouldn't even exist if accumulating 5-star reviews wasn't so valuable and easy! However, most businesses forget or don't remind the customer to simply leave a review! Sounds silly, but it’s the same as many other simple things that many people don’t do, like routinely brushing their teeth or exercising daily. People needed to be reminded and motivated about things. By knowing how much a +4.5-star rating matters to a company's online reputation, iReview makes sure each and every customer is asked and reminded to leave a review.  Think for a second, there's a higher chance an unhappy customer is going to leave a bad review than a happy customer, which means the happy customer must simply be reminded to leave a review and they’ll do so.  Speaking of a bad review, let’s read out the next statistics… 

A one-star increase in a business's Yelp rating leads to a 5-9% increase in revenue because 94% of customers will avoid a business if they read negative reviews about it.

Happy customers are going to brag about how great your product or service is, unhappy customers are going to point out how low value it is. If your customer service or live chatbot isn’t addressing any concerns the potential buyer has, then you might lose the sale right then and there, just because you have a negative 1-star review. iReview helps mitigate this annoyance by encouraging businesses to respond to negative reviews professionally and with empathy (which can actually gain prospective customers) and dilute their existing by accruing as many 5-star ratings as possible.  

Companies with active blogs receive 97% more leads than those without.

At 97% it’s a guaranteed outperformance statistic. Just remember that blogging is nearly useful unless your site has a large audience. How do you gain a large following? Your blog or vlog should evoke strong emotions such as curiosity, amazement, interest, astonishment, uncertainty, or admiration. Additionally, the content should have a viral coefficient above 1, meaning that it generates more new viewers than the existing ones.  Once you have a popular blog in place, leads will be coming in, and you’ll be greatly outperforming competitors.

Hopefully, these statistics emphasize the importance of maintaining a positive online reputation in today's digital world. Stop displaying yourself as low value, start taking your reputation seriously with iReview. Don’t have the time? No problem, iReview offers full-service options that automatically collect and publish new reviews for you, saving you the hassle of constantly monitoring your online reputation yourself. Contact iReview today