In the past, businesses have grown organically, via grassroots marketing and word of mouth. Growth was slower and incremental, but since the internet has reached a critical mass, things have changed drastically. Consumers are no longer relying solely on their friends, family, or coworkers for recommendations: they now have access to recommendations and reviews from thousands of individuals in their community at the push of a button.
It’s amazing to see how a review from a well-respected Google Guide or blogger can make or break a business. That’s why online reviews shouldn’t be viewed as a nice-to-have tactic, but rather an integral part of your business’s growth strategy. Below are three ways that review monitoring can help increase your business’s bottom line.
Review Monitoring Can Increase Your Revenue
When you’re working in a competitive market, any way to differentiate your business from the competitor could mean the difference between winning and losing a customer. One factor that has proven to be important to customers is the overall star ranking.
After enlisting the professional reputation management services of Podium, the Park Place dealerships saw a 31% increase in their average star rating after going from less than a hundred reviews to 337. The director of body shop operations confessed, “We’ve still gotten one-star reviews in that period, but we’ve gotten so many five-stars and four-stars that the one-star reviews don’t affect us like they used to."
Monitor Reviews & Increase Customer Loyalty
According to a recent article in Econsultancy, businesses with 50 or more reviews per product can see an increased conversion rate of 4.6%. Additionally, online reviews can produce an average sales uplift of 18%. After enlisting Podium’s online reputation management services, Creech Import Repair more than tripled their number of reviews, resulting in more business and an increase in customer loyalty.
This means that business reviews do more than just increase awareness -- they also have a significant influence on purchasing decisions. Soliciting reviews from customers shows that you have an interest in and value their opinion, which has the power to engender loyalty and increase the lifetime value of your customers.
Online Review Monitoring Can Turn Browsers into Buyers
Online review monitoring is also a good way to encourage consumers to take the next step from browsing to buying. This proved to be true when a State Farm agent in Alberta went from 132 Google reviews to 1,779 after using Podium: “We’re quoting more business because we have more Google reviews.”
Additionally, visitors to your site that interact with both reviews and customer questions and answers are much more likely to purchase while visiting your site. The best way to ensure you have an adequate number of reviews to answer potential customers questions and concerns is to actively ask your customers for reviews.
All That and More
We’ve discussed how online review monitoring can greatly benefit your business, but at what cost? We understand that you’ve got a business to run, which leaves you with little time to ask for, reply to, and monitor reviews.
Thankfully, Podium makes it easier for you to enlist your entire staff to participate in sending review invites and responding to negative reviews. It makes it easy to track your reputation online, and it gives you valuable insight into your brand’s performance. That way, you can leverage Podium to grow your business and drive up profits. And since our tools automate and streamline the process for you, you’ll save time as well.
Below, we’ve listed just a few phenomenal benefits of enlisting professional help with review monitoring.
- Save a great deal of time by letting someone else handle your reputation management
- Provide customers with a consistent and professional experience
- Greatly increase your company’s number of reviews without lifting a finger
- Improve your overall star rating with more good reviews
- Catch negative reviews across various sites with thorough monitoring and tracking
- Gain a better market understanding with an influx of customer feedback
- Compile feedback to improve your goods, services, and customer journey