It used to be, when consumers became frustrated with a business or service, their limited options included complaining to management or contacting the local Better Business Bureau.
Today's business professionals may have good reason to wax nostalgic for those low-tech solutions to customer complaints as the digital age has provided each of us with the power to fire off a potentially business-killing social media comment or online review just as fast as we can tap or type.
In the same vein, once businesspeople (including agents and advisors) make peace with the power of online reviews, they can turn them into a powerful tool or lead generation and growth.
The infographic below from WebsiteBuilder.org that illustrates the far-reaching impact of online customer reviews along with who reads them and where people look for reliable opinions from fellow consumers. First, let's review some key findings, relevant to insurance agencies.
68% of millennials trust online reviews, as opposed to the 34% who trust television advertising.
Reviews produce an average 18% uplift in sales.
Customers who review user-generated content show a 133% higher conversion rate.
For every star a business gets, there will be an approximately 5-9% increase in business revenue.
Consumers are likely to spend 31% more on a business with an excellent review.