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Thursday, September 8, 2016

WHY ONLINE REVIEWS ARE ALMOST AS GOOD AS ACTUAL REFERRALS

As a business owner, there isn’t much better than a good referral. It shows that you’re doing something right, and that your customers think highly enough of you as a partner to tell other people in their circle about their great experience. Referral leads have a tremendously high closing percentage as well versus other cultivated leads. The implied trust factor allows you to skip a lot of the relationship building and get right down to business. Unfortunately, even your most vocal brand advocates will likely only influence a handful of prospective customers at most, and more than likely just one or two. But what if your happy customers were able to influence hundreds or even thousands of prospects?

THE POWER OF FACELESS PEOPLE

In the absence of a trusted business contact steering a prospect to your door, an online review can be almost as powerful. Never mind that there’s no connection between the reviewer and the prospect reading their review. According to Forrester data from a 2012 study, nearly one third of online consumers trust a stranger as opposed to a brand. That data speaks specifically to consumers buying an online product, but the sentiment holds true for prospects researching brick and mortar businesses on the web. A 20123 study by Bright Local showed that nearly 85% of customers read online reviews before trying a new restaurant, hiring a local contractor or making a major in-home purchase. The impact of positive reviews from total strangers is incredibly powerful, even if their testimonial fails to put a face with a name.

THE IMPACT ON LOCAL SEARCH

The value of search engine optimization to any specific business varies, but local SEO – impacting where your business falls in Google’s local search returns – can be a huge driver for both foot traffic and online visits. The online reviews of your business are a big driver for where (or if) your business appears in the pecking order. There are quite a few other factors as well, but total reviews, quality/length of reviews, having variety in the sites where you are reviewed and of course the sentiment of your reviews will play a big role in determining your place. Aside from helping you manipulate local search results, reviews on popular portals like Yelp! can be a source of referral traffic to your website as well.

ASK AND YOU SHALL RECEIVE

As is often the case, some things can be acquired simply by asking. Ensuring that your company actively seeks both referrals and reviews will most certainly pay dividends. And for those who need more than a simple ask? There’s certainly nothing wrong with establishing a review reward similar to a referral bonus, as a consideration for their time. Smart companies may even tie it in to a discount on a future order, not only ensuring a good review but also improving the chance that there’s a repeat order from a current customer. Another unique way to improve your review rate is to use surveys. The bonus here is that you can also find out a few interesting things about your business – areas that you’re surprisingly weak or strong in – and either reward those responsible or start making improvements.
As previously noted, referrals are like gold…but good online reviews are at least like silver, or a high-grade copper. There’s real value there. Make sure you spend time focusing on reviews as well as referrals, and you’ll put more prospects in your funnel with relative ease.
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