Customer Feedback Friend or Foe

CUSTOMER REVIEWS: FRIEND OR FOE? REVIEWS "IT TAKES 20 YEARS TO BUILD A REPUTATION AND FIVE MINUTES TO RUIN IT." -Warren Buffett ONLINE CUSTOMER REVIEWS ARE ESSENTIAL TO THE REPUTATION OF BOTH SMALL AND LARGE BUSINESSES THE REVIEWS ARE IN Customer reviews play a vital role in the power of purchasing persuasions: 87% 73% of consumers say positive customer reviews make them trust a business more! of consumers say positive reviews online have reinforced their decision to purchase a product or service recommended to them. WHAT'S IN A NUMBER? 67%. lof consumers read 6 reviews or fewer 22%0 of consumers are reading more than 7 reviews ...Negative reviews DO drive purchasing decisions and can reduce sales." -Dr. Duncan Simester, MIT marketing expert UNLY T1% of consumers said they take NO notice of online reviews 40% of personal travelers and of consumers have changed their mind about purchases based on 80% NEGATIVE information they 46% of business travelers use have found online. social networking to share travel experiences BANK 83%0 of consumers say it's important to read user-generated content before making a decision about banking or other financial services 100 79% 21% say they do not trust online reviews as much as personal recommendations of consumers trust online 79% 21% reviews as much as personal recommendations AS OF JANUARY 2013, 85%0 OF SURVEYED NORTH AMERICAN CONSUMERS READ ONLINE REVIEWS FOR LOCAL BUSINESSES. 50% of U.S. consumers |75% of reviews posted on online review websites are positive are more likely to use a local business after reading positive online reviews 95% of unhappy customers 90% of unhappy customers 71% agree that positive reviews help them feel they are purchasing the right product/service. WILL NOT return after they WILL return if an issue is resolved quickly and efficiently 71% post a negative review IN GLOBAL REVIEWS WE TRUSTI The following statistics have been taken from a recent survey conducted by Global Trust in Advertising, and highlight the mediums in which consumers deem the most trustworthy for online reviews. Global Average TRUST COMPLETELY/SOMEWHAT DON'T TRUST MUCH/AT ALL 92% 70% 58% 58% 50% 47% 47% 47% 47% 46% 42% 41% 40% 40% 8% 30% 42% 42% 50% 53% 53% 53% 53% 54% 58% Recommendations from people I know Consumer opinions posted online Editorial content such as newspaper articles Branded Websites Emails I signed up for Ads on TV Brand sponsorships Ads in magazines Billboards and other outdoor advertising Ads in newspapers Ads on radio Ads before movies 59% 60% 60% 64% 64% 67% 67% 71% TV program product placements Ads served in search engine results Online video ads 36% 33% 33% 29% Ads on social networks Online banner ads Display ads on mobile devices Text ads on mobile phones DID YOU KNOW? 5% of negative product reviews are written by customers who show no record of actually purchasing the item. Sources:,0,3816073.story Reputation Advocate REPUTATIONADVOCATE.COM

Customer Feedback Friend or Foe

shared by ben.eddy on Jul 25
40percent of personal travelers and 46percent of business travelers use social networking to share travel experiences 83percent of consumers say it’s important to read user-generated content before ...


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