Social proof is one of the strongest indicators of the health of your company. Social proof tends to range anywhere from social media platform comments to product reviews to testimonials. Social proof has become a major factor in buying decisions and the more research you have about it, the more you know how it affects the buying outcome, the more prepared you can be. Recent research published at Trustpulse shows the true power of social proof and how you need to measure it and make it work or you.
- 91% of millennials trust reviews as much as recommendations from friends and family.
- 83% of people trust reviews over advertising.
- 90% of users need less than 10 reviews to form an opinion about a business.
- Users browsing on mobile are 127% more likely to make a purchase decision than those browsing on a desktop.
- In 2018, 53% of Americans considered product reviews and ratings crucial in their online shopping experience.
- 82% of users specifically seek out negative customer reviews.
- 56% of users suffer from FOMO or “fear of missing out.”
- The average consumer reads 10 customer reviews before making a purchase decision.
- After reading a review, 50% of consumers will visit the companies website.
- 82% of Americans say they seek recommendations from friends and family before making a purchase.
- 94% of online shoppers reported that a negative review has convinced them to avoid visiting a business.
- 97% of consumers look at reviews before purchasing.
- Testimonials can increase conversion rates on sales pages by 34%
- 50% of consumers’ next step after reading a good review is to visit the brand’s website.
- A single good review can increase conversions by a whopping 10%!
- Using FOMO (fear of missing out) can boost your conversions by 40%-200%.
- Online product reviews about a specific product can increase conversion rates by 270%.
- Customers would spend 31% more on a business with good reviews.
- Having at least 5 reviews causes purchase likelihood to increase by a factor of nearly 4X.
- Higher priced items need at least 5 reviews to see maximum conversion impact.
- Lower-priced items only need 2-4 reviews to see a noticeable impact.
- Purchase likelihood increases by 15% when reviews are written by a verified customer than a random person.
- 88% of buyers are influenced in their buying decision by reviews.
-Written by Kevin Sawyer
