A Beginner’s Guide to Customer Reviews: Useful Reviews and How to Collect Them

Updated: Jul 26, 2021

The best marketers aren’t your marketing or sales employees -- they’re your customers!


It’s almost second nature for people to share their opinions about everything online. Accelerated by the scale of connectivity, you and everyone else now have access to customers’ thoughts about your products and services.


The abundance of customer reviews will guide users to make more informed choices and provide finance marketers with valuable consumer insights to improve their offering.


While reviews do grow organically, it isn’t wise to leave them be. Finance marketers need to understand, manage and accumulate reviews to reap its benefits.


In this article, we look at the importance of customer reviews, explain what characterises a useful review, and share the best practices for growing them.


Contents

Section 1: The impact of positive reviews


Everyone knows the consequences of a negative customer review. One poorly rated review and the entire Public Relations team is mobilised to crack the code.


But what about the positive significance of reviews?


A study by Spiegel Research Center reported the following data:

  • Displaying reviews increases conversions by 270%

  • Reviews are particularly impactful on high-priced products, increasing conversions by 380%

  • Reviews are more influential on high-consideration products

This means that reviews, a low-cost resource, can multiply the conversions of financial products and services by 3x.