What Exactly Are Your Competitors Doing Every Day?
They use sophisticated monitoring tools
They utilize press release services and submit articles to improve their company’s image
They aggressively build up customer ratings using positive reviews
They are engaged in social networking so they can influence the audience they are trying to sell to
They manage their online reputation very carefully, increasing conversion rates and also the reputation of their company
When studies were done in regard to customers buying products with or without some form of a testimonial, “…conversion rates actually doubled significantly, moving from .44% to 1.04% simply because a product had a five star rating
Some other facts about the behavior of consumers with regards to products reviews:
63% of consumers will buy from a website that has reviews and product ratings (Comp USA i-Perceptions)
Even if a product had low reviews, they always sold more than those that did not have any reviews whatsoever (Burpee).
39% of people that purchased ffrom websites that had reviews said that the reviews were actually why they made the purchase (Foresee Results Study)
96% believe that customer ratings, and associated reviews, are the reason that conversions can be extreamly high.
However, only a measly 26% of over 100 of the top retailers on the web actually had any reviews or ratings at all (Forrester).
People are always looking for ratings and reviews left by users, something that is second only to having a way to search on a website. Those that decide to add reviews and ratings by customers tend to have higher sales at the end of the year (Jupiter Research)