App: Calculate How Much Online Reviews May Impact Your Sales
This calculator predicts the increase or decrease in sales based on the number of positive, negative, and resolved reviews your company has online.
For information on how the formula was developed, read below:
Formula for Predicted Increased Sales from Online Reviews
Trustpilot is a B2B online review platform that captures and shares public reviews of your customers online. Trustpilot has found that their clients’ testing shows a 60% increase in conversion rates. In fact, through an 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 remedied negative reviews.
Trustpilot sought to investigate the impact of reviews on sales, partnering with renowned Cambridge University mathematician William Hartston to develop a formula that calculates the economic impact of online reviews on UK businesses. The formula is as follows:
Loading formula...Where:
- 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
Customer Loyalty and 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 reduce cart abandonment.
Download The Critical Role Of Reviews In Internet Trust
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