15 Statistics on Consumer Ratings & Reviews

 

I don’t trust you.

Not if you’re a corporation that is. And I’m not alone as over the past 30+ years we’ve grown to trust corporations less and less and each other more and more. Word-of-mouth as a marketing concept dates back to when consumers first climbed out of the primordial ooze but what is new is that it’s on turbo-charge and been made into a powerful internet marketing tool thanks to social networking and the explosion of reviewing and rating tools.

Power of Consumer Reviews

Don’t trust me on this?

Don’t blame you. So here are 15 statistics that underline the internet marketing power that comes from activating your most valuable resource: your fans.

  1. Traffic on review sites grew 158% last year (Compete.com)
  2. 70% now consult reviews or ratings before purchasing (BusinessWeek)
  3. Even before making an offline purchase in shops, 51% of consumers use the Internet (Verdict Research, May 2009)
  4. 92% have more confidence in info found online than they do in anything from a salesclerk or other source (Wall Street Journal, Jan 2009)
  5. 90% of consumers spend 24 hours or more researching a product that cost $300+…and only 6 minutes with the actual online retailer.
  6. 90% of online consumers trust recommendations from people they know; 70% trust consumers they don’t know, 27% trust experts, 14% trust advertising
  7. 75% of people don’t believe that companies tell the truth in advertisements (Yankelovich)
  8. 7 in 10 who read reviews share them with friends, family & colleagues thus amplifying their impact (Deloitte & Touche, Sept. 2007)
  9. 34% have turned to social media to air their feelings about a company. 26% to express dissatisfaction, 23% to share companies or products they like. (Harris Poll, April 2010)
  10. Why do people share? 46% say they can be brutally honest on the internet.  38% aim to influence others when they express their preferences online (Harris Poll, April 2010)
  11. Reviews on a site can boost conversion +20% (Bazaarvoice.com/resources/stats “Conversion Results”)
  12. Consumers spend 2X as much time – 14 minutes – with e-tail sites that have reviews.
  13. 97% who made a purchase based on an online review found the review to be accurate (Comscore/The Kelsey Group, Oct. 2007)
  14. Consumers are 50% more likely to use a local business after a positive review.
  15. 85% are more likely to purchase products/services if they can find recommendations aboug it online.

Hope this helps. If it does…

Word-of-mouth-marketing

…pass it on.

Bob Nunn

Bob Nunn is an award winning internet marketing consultant based in Toronto passionate about building brands by tuning-up their online marketing. He's the founder of Brand Mechanics; a new approach to marketing that provides clients with all the tools they may require but, through a thorough diagnostic approach, recommends only what they need.

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6 Responses to “15 Statistics on Consumer Ratings & Reviews”

  1. [...] 15 Statistics on Consumer Reviews and Ratings, http://www.brandmechanics.ca [...]

  2. Bob Sommers says:

    Great article Bob. Thank you for the compilation of statistics. This provides a very compelling reason to:
    1) provide great service
    2) ask for reviews
    3) ask for referrals
    Thanks Bob

  3. [...] Pro Stats: 90% of online consumers trust recommendations from people they know; 70% trust consumers they don’t know, 27% trust experts, 14% trust advertising; via Brand Mechanics [...]

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