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7 Stats That Prove the Power of Online Reviews

By: Casey Preston

March 5, 2020

Most recent online review stats supporting the need for review management.

If there’s one thing that’s become ever more clear these recent years, it’s the power reviews have on consumers and businesses. Having a reputation management tool in place is simply the cost of doing business and attracting more clients to your insurance agency. Asking for and responding to reviews isn’t anything new, but the data surrounding the importance of reviews is up-and-coming. To understand why you need a review and reputation management tool, take a look at these statistics. 

  1. 66% of consumers say many good online reviews make them trust a brand. (Salsify, 2018)
  2. A 0.1-star increase in a brand’s average rating can increase conversion rate by 25%. (StreetFight, 2019)
  3. 68% of people trust a brand more when it has a mix of good and bad reviews. (Trust Pilot, 2018)
  4. Consumers find that businesses that respond to reviews are 1.7x more trustworthy than those who don’t. (Google, 2019)
  5. Studies show that consumers are more likely to purchase from brands with 4.0 - 4.7 star ratings. (Spiegel Research Center, 2017)
  6. 85% of consumers think local reviews older than 3 months aren’t relevant. (Search Engine Journal, 2018)
  7. After a positive experience with a brand, 77% of customers are willing to recommend that brand to a friend. (Experience Matters, 2017)

Harnessing good reviews and knowing how to handle negative reviews can help your insurance agency stand out from the crowd. Need more help on reputation management and boosting your insurance agency business? Contact the professionals at Stratosphere to get started.

Online Reputation

 Casey Preston

Casey Preston

Casey Preston is the Founder & CRO of Stratosphere, a leading insurance online marketing agency based in California. He is an experienced C-level Executive with a demonstrated history of multi-million dollar sales production in the SaaS and Digital Marketing industries. He is a dynamic speaker and loves talking about growth strategies for independent insurance agents and agencies. You can find him on LinkedIn.

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