Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” In today’s world, a reputation could probably be ruined in far less time than that. As the popularity and usage of social media and review websites grow, it is likely that users will post their experiences with a brand, whether positive or negative. Not only does this give the consumer more power than ever before—this phenomenon gives word of mouth a completely new meaning.
Rather than telling a small group of friends about their experience with a product or service, consumers can share their stories with the world. According to a recent infographic released by Reputation Advocate, 83 percent of consumers believe that it is important to read a user-generated review. In addition to this staggering statistic, 79 percent of consumers say that they trust online reviews, proving their potential to influence a brand’s reputation, sales and overall success.
These statistics emphasize the importance of engaging with customers online in a positive way – your brand’s or product’s online reputation might make or break your business.
Reputation Advocate’s infographic, which was recently featured on PRDaily, provides additional statistics that may help inform your online reviews strategy. A few that I found most interesting include:
- Only 11 percent of consumers say they take no notice of reviews. The majority of consumers take the time to find and read reviews to influence their decision.
- 87 percent of consumers say that a positive review has reinforced their decision to purchase a product. Positive reviews carry a lot of weight and could be a useful tool in selling your brand or product.
- 5 percent of negative reviews are written by people who have never used the product, meaning managing your online reputation is crucial because there is a chance that false reviews could influence your consumers.
View the full infographic below, and learn more about how to manage an online reputation in our post, “Best Practices for Managing an Online Reputation.”
Infographic Courtesy of Reputation Advocate