3 Ways Reviews Boost Your ROI in Business

roi3 Ways Reviews Boost Your ROI in Business

As a business owner or director, you are interested in making decisions for your business that produce the highest ROI possible. Review management software can be one of the most necessary investments for your business to get comprehensive visibility into your digital marketplace and improve performance.

Reputation management is an ongoing relationship between your office, customers and community. A positive online reputation is crucial to stay in business. Monitoring reviews not only keeps you in business, but it can help increase your ROI as well. As a brand with a presence on digital marketplaces, you need reviews. Over 52% of customers expect to hear back from brands after giving online reviews.  Engaging in conversation with your customers by responding to their review shows you value their opinion and helps establish trust. Ideally, this trust will grow into referrals to their friends and family. This exchange grows your business.

Here are 3 ways that investing in review management can boost your business

  • Enhance SEO: Rise in the search rankings
    • Reviews create exposure for your company. The presence of reviews gives legitimacy to your brand and provides social proof. Customers are not the only ones scanning online reviews, search engines Google, Bing, and Yahoo! scan as well. SEO improvement and a rise in search rankings means more traffic for your site and more conversions for your business. This is a measurable point of success for your customer care team.

Google and other search engines factor in the recency of the posted reviews. What your brand needs in order to stay relevant is a steady stream of reviews.

  • Visualize Trends 
    • Your consumer affairs department is established and you are looking for ways to determine success for the team. They are managing feedback, engaging your customers and monitoring product reviews to build your brand. Through product review monitoring you have the ability to analyze precisely what is working and what isn't within your company. Do you receive positive feedback regarding a specific department? Are there complaints on a particular ASIN on Amazon, or SKU in other digital marketplaces? Is your customer care team addressing both positive and negative feedback in a timely manner? Monitoring reviews provides insight and trackable data to these questions. Staying ahead of potential issues can save you considerable money and time. soylent shake

Soylent, a sustainable, plant-based complete meal company, learned critical information regarding product packaging from their review alerts. They were able to get ahead of a package issue and quickly resolve it before it became widespread. You can read more about how Soylent used these alerts and product review monitoring here. They have successfully engaged customers and used consumer data to move their business forward.

  • Stay informed: Use your customers' voice
    • When it comes to ROI and understanding your customers' voice,  the risk splinters into two directions. You want to analyze the estimated lost revenue from both negative reviews, and the potential earned revenue from positive reviews. This can be challenging to calculate but crucial to consider when making decisions.
      • Positive Reviews: A positive online reputation leads to increased revenue. In order to calculate the value of your potential customer, you'll need to calculate the lifetime value of your customer, click here to learn more.  Having one positive review can increase your conversion rate by 10%.
      • Negative Reviews:  A negative online reputation leads to lost revenue. You'll need to calculate the value of your missed customer by calculating how many negative reviews you have and the value of your product. You can check this post on the value of negative reviews out to learn more. Typically, one negative review means 30 fewer new customers.

Using review management software preserves historical data and provides instant visualizations to help you monitor the health of your brand. Engaging customers through feedback provides a rich platform so that you can cultivate a customer insight strategy. This is crucial for your ROI on review management. Positive reviews can lead to growth and new customers. Negative reviews can deter a customer if it goes unacknowledged.

Conclusion

Gathering data provides actionable insight to improve customer experiences. Improving customer care increases customer lifetime value. The data provided within online reviews is rich. Online brand management, especially analyzing and responding to reviews, should be part of the overall marketing strategy to foster the connection between company and customer.

Your Consumer Affairs or Customer Care teams are your first line of defense and are heroes of the eCommerce and online field.

Establishing a review management process will pay perpetual dividends to your company and enable growth.

 

If your Consumer Affairs department would like assistance in tracking and responding to reviews, Reviewbox can make it easy for you. Click here and learn how with Reviewbox Tools.   Reviewbox Logo