One of the telltale signs of a successful business is its reputation. And, since Covid-19, many businesses have struggled to remain “on the map” without an online presence.

Businesses that don’t exist online may have a hard time gaining new leads and forming trust with new customers. Yet some business owners shy away from encouraging customers to give public feedback in case some of it is negative.

Nevertheless, if you want your business to stay relevant in an increasingly digitised world, having a reliable bank of reviews could be just the ticket you need.

Keep reading to find out three reasons why this form of “social proof” could be crucial to your company’s success.

1. Most customers read and rely on online reviews

According to the latest data, most customers now turn to online reviews before buying products or using services from a new company.

Indeed, extensive marketing research published by Search Engine Journal shows that consumers often rely almost entirely on online reviews when approaching a new business or product.

The research reveals that:

• 60% of consumers value the number of reviews a business has, as well as the quality of what they provide
• 96% of consumers purposefully search for negative reviews, in order to understand the potential pitfalls of engaging with a business
• 49% of consumers trust online reviews equally to recommendations from friends and family
• 84% of millennials do not trust conventional advertising
• 9% of consumers read reviews when they shop online.

You could be surprised to learn just how many people rely on internet reviews before even considering spending their money on a product or service.

As such, the reality is that asking for online reviews could build your company’s reputation significantly.

Before requesting feedback, here are a few helpful factors to consider:

• Ensure you make it easy for customers to access review pages. You could place links to these on your website home page, for example.
• Ask for reviews once you’ve already had a positive interaction with a customer, especially if you have solved a problem for them.
• Encourage potential reviewers by offering a discount on their next purchase (or a similar perk).

It could serve you well to ask for reviews as part of your daily customer interaction going forward.

2. Responding to both positive and negative reviews could help to humanise your business

While some business owners feel that the more digital their business becomes, the less personal their service will be, the review process shows that this does not have to be the case.

In fact, encouraging online feedback gives business owners the opportunity to engage publicly with customers. It allows you to humanise your company and uphold your reputation even more strongly.

One factor that can dissuade business owners from encouraging reviews is the fear of negativity. Yet, embracing all the feedback you receive could actually help you spin straw into gold. Responding personally to all your online reviews could boost customer trust even more, as it provides a personal touch to what could be a “faceless” online presence.

What’s more, less positive reviewers may feel comforted that their concerns have been heard and that steps are being taken to rectify the situation. On the other hand, those with nice things to say may feel affirmed by your thankful response.

Writing warm responses in a timely manner after a review is posted shows that:

• You care about upholding and improving your business’s standards
• Your team will go out of their way to draft a personal message to reviewers
• Customer experience is your priority.

Establishing a rapport with those who post online reviews may help to affirm potential new customers’ confidence in your brand.

3. It’s free

Managing your corporate finances alongside your personal wealth can be challenging at times, and on the business side of things, you may wish to capitalise on any free opportunities that come your way.

Fortunately, online reviews are free to write and submit, and your business won’t need to pay to be reviewed on widely-used sites like Google and Trustpilot.

In essence, gaining more customer reviews could be an act of free word-of-mouth marketing that costs your team very little in time and money, and may even be more effective than conventional advertising.

In an age where 99% of consumers read reviews when they shop online, and almost half of customers trust online reviews as much as personal recommendations, asking customers to write feedback on their experience seems like a no-brainer.

Work with financial planners who can help you make the most of the opportunities that come your way

As a busy entrepreneur, it can be hard to truly make the most of opportunities that arise in your personal life – and this includes ways of gaining further value from your wealth.

Here at iQ Financial, we work with business owners who want to make their finances more efficient and better suited to their goals.

If this sounds like you, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.