Boost business from Online reviews

Advertising is very important for a business and what propels a successful venture is its customers. There is an increasing trend in India and abroad amongst customers to give reviews thereby influencing their peers. Online reviews form an important way to receive feedback. What entrepreneurs don’t realize is that these reviews are actually golden to the business. It’s not very often that consumers take the effort of writing a review unless asked for! So when they do, make full use of it. Only when the reviews are advertised, it will attract potential customers.

Statistics reveal that 55% of customers rely on reviews before making a decision. Reading positive reviews empowers customers with trust and reliability on the brand. With technology reaching everyone’s pocket, online reviews have gathered great momentum. Youngsters rely more on reviewing before trying out any new things. From a business point of view, one customer giving glowing review will attract his / her acquaintances and turn them into potential customers. Investing in good software can pump these reviews on all social media platforms, which in turn will have a cascading effect on the sales. It may be noted that not all customers would post reviews online. Some may fill up a feedback form or even drop a line on a sheet of paper. What do you do with these reviews? You might have questions popping up saying can this be translated into a business opportunity? Yes you can! Technology has evolved so much that every written word from a customer can be converted into a business prospect.

With the right software, all reviews in any form can be advertised across all social media platforms and internet. A potential customer can view the testimonials to make an informed decision. TestimonialsFor is a review management company specializing in creating effective review & feedback management system. The company builds a foolproof system as part of business website displaying testimonials received in any form. With just a click of a button, authenticated testimonials are made visible across all social media platforms. TestimonialsFor create customized unique review management solutions woven into the respective website and manage it as well.

Collect and make use of reviews and testimonials that your customers can trust

There might be a section of individuals who trust recommendations from their peers & friends than the ones on the website. It’s interesting to know how a testimonial flow from a known contact can transform into a potential customer and make a sale. It’s also noticed that many businesses start with the intention of posting reviews but with time, lose rigor and interest. Having no reviews is better than having old ones. It’s sacrosanct that businesses maintain fresh content in reviews. Having dated reviews put a dent on the company’s brand image and reputation.

Online reviews also help in various marketing strategies and research. A business will get good and bad reviews equally. While it’s evident what can be made of good reviews, bad ones need not spell doomsday. Instead it can be a pointer in areas which need improvement and a reality check for the business. One can understand customer expectations, type and hence it’s imperative to take each and every feedback seriously.

Mark Zuckerberg once said “People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message.”  This quote summarizes the article by re-iterating the fact that Online reviews can make or break a brand. That depends on how it’s used. Trust TestimonialsFor (www.testifor.com) to create the right solution for each product as they believe ‘What others say, Matters!’

Lead Generation v/s Referral Marketing

There are two important kinds of marketing that any marketer uses to gain more customers – Lead generation and Referral Marketing.  Lead generation marketing is quite obvious as the name suggests is also known as cold lead generation. Cold lead marketing involves marketing through TV, internet, radio, bill boards, telemarketing and direct marketing. Referral marketing involves marketing through client testimonials/Reviews and through known acquaintances like friends, family, colleagues etc. If you have to put it in a simple way, cold lead marketing involves people who are complete strangers and referral marketing includes known people.

When compared between lead generation and referral marketing, the latter is the preferred choice amongst companies.  Referral Marketing makes more ROI (Return on Investment) by generating higher closing ratios at lower cost acquisition (18-22% against 2-3% in case of lead generation ). Review marketing programmehas a better reach on customers by touching them closely. Now let’s take a closer look on why review marketing programme is better than lead generation or any other programme.

Lead generation typically happens when there is an enquiry or interest shown during a sales pitch. This enquiry is passed on to the sales team who process and then follow up with the customer. However in Review marketing, referrals come from known sources like family, friends, well wishes even ex-employees. Chances are that they would have taken the service and then recommended it. This might attract prospective customers and view the company / service in a different light.

Let’s talk about how referral marketing works. There is a 3 step principle to follow –

 Entice

  • Strangers
  • Prospective leads
 Switch
  • Leads
  • Customers

 Close

  • Customers
  • Promoters

This principle explains referral marketing to the T. The first step is to entice strangers to the product /service and turn them into prospective customers. The next step is to convert these prospective leads into sure shot customers and the last step is to seal the deal. These customers will then promote the company amongst their acquaintances and the cycle goes on.

Let’s talk about the advantages of referral marketing

Trust - Most of the customers from referral marketing choose the product or company because their acquaintances have done so. They already have an inherent trust factor playing; hence there is no need to spend any additional money on advertising. This largely reduces the marketing budget.

Sales increase –Before any sale, companies spend a lot in generating leads by cold calling. However with referral marketing, generating leads happens automatically. Most of the leads do not need much pushing before turning into customers. This has a direct effect on sales when opposed to cold calling which takes a lot of time and persuasion.

Retaining customer base – This is a tricky one but if played right, referral marketing helps in maintaining a loyal base of customers. Once a customer is happy and satisfied, chances are that he will think of switching over to any company and will promote equally. However this can backfire if the services are not up to the mark. Then the promotion can snow ball into negative publicity for the company. Hence it is not only important to maintain service levels but also to meet customer’s expectations.

In today’s digital age, old marketing techniques do not hit the mark. It’s time to resort to new age marketing mantra and referral marketing is here to stay.