The annual Inbound 2014 conference is coming this September 15 to 18 at the Boston Convention and Exhibition Center. Presented by inbound marketing software company HubSpot, the event (#Inbound14) is set to gather over 7,500 marketing and sales professionals in a conference that will feature the latest marketing industry trends, technologies, and strategies.
(HubSpot is one of the 9 coolest, most inspiring marketing experts to follow on Instagram. Check out who else made the list.)
Review Trackers will be joining Inbound 2014 as a sponsor, so if you already have your badge, make a note so you remember to say hello to our friendly team. (Meanwhile, if you haven’t yet registered, feel free to use the 50% off code: GOINBOUND14. We hope to see you there!)
Anyway, we’re pretty excited about taking part in an event that will include speakers like Malcolm Gladwell, Guy Kawasaki, Brian Halligan, and Martha Stewart (to name a few). We thought of doing the same and sharing our expertise with you, and since Review Trackers is all about the ability to manage your online reviews and business reputation, we’re listing down the numbers that you – as a marketer, salesman, business owner – need to know about reviews, marketing, and reputation.
1 out of 2
This stands for the number of US consumers that don’t trust advertising. Yes, that’s right: half of America thinks that what they see, read, or hear in advertisements are not to be trusted. This should serve as a call for marketers and business owners to find creative new ways to attract and engage with today’s consumers.
If not advertisements, then what are the most important and influential sources of information for consumers? Reviews might be one. According to a YouGov study, nearly 8 out of 10 consumers (approximately 80 percent) check online reviews before making a purchase decision. Moreover, 26 percent made sure they checked reviews every single time they were about to buy a product or service.
In case you’re wondering where people are browsing for reviews, here’s a number for you: 4.5. That stands for how consumers choose review site Yelp 4.5 times more often than they do Angie’s List. A Nielsen study even asserts that Yelp is today’s most influential, most trustworthy, and highest-quality review site.
4 to 6
4 to 6: that’s how many reviews a typical consumer reads before deciding to purchase or trust a business. However, a small percentage of people (7 percent) read at least 20 reviews before they ever decide on anything.
Businesses are starting to embrace reviews, too. According to research, as much as 73 percent of retailers and marketers are tracking online reviews as part of their business strategy to generate leads and boost sales. Are you part of this group, or are you part of the remaining 27 percent?
That’s all you need: a one-star rating improvement. In a study that demonstrates the increasing impact and influence of online reviews, Harvard Business School’s Michael Luca found that a one-star rating improvement on Yelp can lead to a 9 percent revenue increase.
2 to 3
According to a Search Engine Land report, 4 out of 10 marketers aim to generate 2 to 3 new online reviews per month. Meanwhile, 20 percent have set their target to 4 to 5 new reviews per month. This just goes to show that, whereas links were the priority before, business owners and marketers now recognize the power of reviews, and are employing optimization tactics to take advantage of this trend and drive performance.
A recent TripAdvisor survey shows that responding to reviews (both good and bad) significantly improves your business reputation and drives engagement. In fact, businesses listed in the popular travel reviews site can increase their chances of receiving a booking inquiry by 21 percent if they respond to the reviews written by their customers and guests.
(Image credit: Inbound 2014)