Listed below are several stats about online reviews and their growing importance for your business. If you weren’t aware how important they are for your business, some of these numbers may shock you.
Online reputation management statistics for 2021
- 85% of consumers trust online reviews as much as personal recommendations.
- Nearly 3 out of 4 consumers trust a company more if it has positive reviews.
- 60% of consumers say that negative reviews made them not want to use a business.
- 49% of consumers need at least a four-star rating before they choose to use a business.
- Consumers read an average of 7 reviews before trusting a business.
- 97% of consumers search online for local businesses. 12% of consumers do so on a daily basis.
- Every additional one-star Yelp rating causes an increase in the business’s revenue as high as 9%.
- Reviews that only gave 1 or 2 stars failed to convert 86% of prospective customers.
And like that guy that used to sell products on tv I have to say it….But wait, there’s more!
- 58% of executives believe that online reputation management should be addressed, but only 15% actually do anything about it
- 84% of marketers believe that building trust will be the primary focus for marketing efforts in the future
- 78% of consumers trust peer recommendations while only 14% trust advertising
- 87% of executives rate managing reputation risk as more important than other strategic risks
- 41% of companies that experienced a negative reputation event reported loss of brand value and revenue
- 86% of people would pay more for services from a company with higher ratings and reviews
- 85% of customers use the Internet to research before making a purchase
- A one-star rating hike on Yelp can mean a 5% to 9% rise in restaurant revenue
- 83% of buyers no longer trust advertising, but most trust recommendations from users online
And that’s how it goes. So make sure you actively engaged adding and responding to reviews. Your business depends on it!