What is the $ Value of a Product Review? #88
Episode description
Fake review news story from CNBC https://www.cnbc.com/2020/09/06/amazon-reviews-thousands-are-fake-heres-how-to-spot-them.html
Customers are reading reviews
online-review-statistics-2019
Nearly 95% of shoppers read online reviews before making a purchase (Spiegel Research Center, 2017)
94% of customers read online reviews (Fan and Fuel, 2016)
93% of local consumers use reviews to determine if a local business is good or bad (BrightLocal, 2017)
72% of customers don't take action until they have read reviews (Testimonial Engine)
The impact of online reviews on sales and revenue
92% of B2B buyers are more likely to purchase after reading a trusted review (G2 and Heinz Marketing, 2017)
Displaying reviews can increase conversion rates by 270% (Spiegel Research Center, 2017)
Businesses that claim their free listings on at least four review sites earn 36% more revenue than average (Womply, 2019)
Having five reviews results in purchase likelihood increasing by a factor of almost four times (Spiegel Research Center, 2017)
Displaying reviews for higher-priced products can increase conversion rates by 380% (Spiegel Research Center, 2017)
Purchase likelihood improves 15% when buyers read verified buyer reviews over anonymous reviews (Spiegel Research Center, 2017)
One-to-one peer recommendations, original research, and product reviews are the most influential content in affecting purchase decisions (Content Marketing Institute and SmartBrief, 2017)
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