Trustpilot is a B2B online review platform for capturing and sharing public reviews of your customers online. Trustpilot has found that their clients’ testing shows an increase in conversion rates up to 60%. In fact, through analysis of over 2,000 clients, they’ve had a mathematician develop the actual formula for calculating the potential sales increase associated with positive reviews, negative reviews, and negative reviews that have been remedied.
Formula for Predicted Increased Sales from Online Reviews
V = 7.9 ( 0.62P – 0.17 N + 0.15 R)
- V = Percent increase in revenue to your business due to online reviews
- P = The number of positive reviews
- N = The number of negative reviews
- R = The number of satisfactorily resolved negative reviews
Here’s an overview video that speaks to the benefits of online reviews:
Customer loyalty is an essential part of virtually every marketing plan, but without your end-users testimonials shared online so that prospects can research and connect directly with customers, your customer loyalty plan isn’t complete. Utilizing a platform to automate the collection, syndication, and promotion of customer reviews is essential for businesses selling online.
It’s time for brands to stop fearing online reviews and start understanding the power of honest customer feedback. Online reviews make customers feel appreciated and heard, and businesses see tangible, noticeable differences in ROI, revenue, customer retention, and click-through rates. If your business hasn’t done so yet, the time is now. Jan Vels Jensen, CMO of Trustpilot.
Online reviews boost traffic, sales, cart size, and reduces cart abandonment. For more information, download the Trust Economy report from Trustpilot.