One may wonder why only one third businesses in the market seek testimonials from customers even though they play a vital role in the purchasing process of their products.
A study has shown that 20 to 50% decisions made by customers to buy a product are based on testimonials on them from other customers. Therefore, a major focus of any business should be seeking testimonials from customers.
There is now a realization among marketers that social proof of any product is more critical to its selling than selling it at a lower price. A study has shown that revenue generation had almost doubled when brand advocacy had increased by just about 12%.
20 to 50% decisions made by customers to buy a product are based on testimonials
In spite of these facts why do companies fail to pursue testimonials from customers?
One explanation for this scenario could be – most marketers fail to attribute their market growth to customer testimonials and thus refrain from seeking them upfront. Instead, they would spend their marketing budgets in advertisements in which they see a direct market growth. In fact, this shows marketers often fail to acknowledge the significance of testimonials in their marketing efforts.
Studies have also shown that customer reviews are 12 times more effective than product descriptions given by manufacturers. Another factor which influences a customer is the positioning of reviews on a website. Reviews should be easily noticed by visitors and should be displayed at a prominent position of a website.
Reviews that have faces of customers displayed will have a better impact on prospects. If the brand can manage to have a video review from a customer – then that can even have a bigger impact on the audience. In case of B2B businesses, the position of the person giving the review for a product or service will make big impression.
Before ending this article let me ask you whether a negative review will help or not?
In fact, it does help. That’s because – about 68% of prospects trust reviews more when they see both good and bad reviews together and again 95% prospects may suspect there is censorship and fake reviews in place when they don’t see any bad reviews about a product.
In short, we can see that customer reviews play an important role in the marketing process of a brand.