The Impact of Online Reviews and the Statistics to Prove It – G2

Businesses need money to survive.

And in the era of technology, it seems that every company has a shiny new thing that’ll make their business more efficient, marketable, and profitable. 

While investing in assets that make your business more productive is a must to survive today, it can distract you from the basic principles of what it means to run a company. Keeping your customers happy can help you establish mutually beneficial relationships. Showing empathy with communication can create more comfort. And sourcing reviews from satisfied buyers can build a prospect’s trust in your business before investing in your product. 

90% of buyers are more likely to convert after reading reviews

This statistic alone makes one thing clear: if your business isn’t prioritizing high-quality review generation, you could be losing out on 90 percent of your customers, value-adding relationships, and recurring revenue. 

Needless to say, product reviews are a big deal. Reading, evaluating, and applying peer insights has become a necessity before purchasing a solution, and online reputation holds more value now than ever before. 

Why are reviews important?

Today, investing in something as significant as a software tool for an entire business takes more than learning about the product. Customers want a complete picture of what it means to be involved with your company. What do you value as a business? What does your buying process look like? What are your customer service, support, and success experience like? 

Sure, they can ask a sales rep all of these questions. However, to get the most beneficial and authentic insight, they’re going to turn to their peers and real-life users of your product for insight and a star rating. Here are a few more specific reasons why prioritizing online consumer reviews might be one of the best things you can do for your business. This data were sourced from a benchmark report done by G2 and Heinz Marketing or the mentioned brand below the statistic. 

Reviews drive purchases

The buying process starts with identifying a problem and ends with making a purchase decision to solve it. Along the way, people research to find the best option for their business. While gut instincts and information on features and pricing say a lot, some people are looking for validation that buying your software is a good decision. 

Enter reviews. 

There are plenty of prospects sitting at the very edge of the conversion stage, just waiting for the final detail that shows them that they’re making the right choice. And reviews might be just the thing that helps them take that final step. 

Social proof matters, and you’ll see that in your bottom line. Not only do reviews increase conversion rates, but they also make customers spend more.

31%

more money is spent by customers when your business has positive reviews.

Source: Broadly

Every bit of assurance you can offer a prospective customer will only make them feel more secure in their purchasing decision, which can translate into them feeling comfortable spending more money per transaction.

Reviews help you gain visibility

When buyers first name the problem they’re trying to solve with software, they probably don’t even know your product exists. Customers start with a general inquiry in a search engine for a certain software category and narrow it down from there. And where would any wise B2B software buyer look for this information? On a software review platform.

82%

of buyers find review sites valuable in their search.

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The visibility and search engine optimization (SEO) benefits you can gain from review sites is a great way to reach prospects. Investing in your presence on software review sites will help you reach buyers who are just starting their search and considering multiple products in the same category.

The more (hopefully positive) content you generate there, the more quality insight customers can get into your business. Plus, that software review site becomes another location where prospective buyers can become aware of your business. 

Reviews offer unique information

There are many places where potential customers can learn about your business. Your website and the conversations that customers have with your sales reps can provide valuable insights, but reviews offer details from the buyer’s side of things. 

When reading reviews, buyers look for content on customer satisfaction from users of the same industry, business size, and role. Focusing on groups they can identify with will make the information even more valuable in their buying and decision-making process. This goes for both positive and negative reviews

While receiving a poor review from a customer might not feel great at the moment, it’s always best to embrace and learn from it. All information is good information.

67%

of B2B buyers prefer to see a mix of positive and negative reviews before making a purchase.

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Understanding what users dislike about a product or your customer experience is just as valuable as understanding what they like. 

No reviews, no revenue

Put simply, people won’t buy your product without reading the reviews first. Today’s customers understand the breadth of options they have before buying and value the input of real users when making their decision. 

61%

of people who end up making a purchase like to read anywhere between 11-50 reviews.

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The buying process no longer exists without online customer reviews. Prospects can only be won over by your sales pitch and product information so much. They need both negative and positive online reviews to take them across the finish line and into buying territory. So invest in feedback from your customers through online reputation management. It will only help you progress, generate more revenue, and move toward achieving your business’ vision.

Learn more about what makes customer feedback so valuable by reading about the anatomy of reviews.