Study: Reviews Influence 83% of Purchases
July 9th, 2008 by Sam Decker | Chief Marketing OfficerOpinion Research Corporation released the results from a new study that (again) supports the fact consumer reviews play a major role in the decision to purchase products and services.
In their own words, “A whopping eighty-three percent of respondents polled indicated that online product evaluations and reviews had at least some level of influence on purchasing decisions.”
They also found…
- 70% of respondents seek out information for a particular brand of goods and services.
- 32% reported posting their own online feedback on product or service experiences.
Now I say this study “again” supports the demand for reviews because we have been tracking and fielding studies for three years on this topic. See our comprehensive overview of over 100 statistics and case study results here.
July 31st, 2008 at 9:56 am
In reviewing the “Power of Word Of Mouth” statistics, I continue to be fascinated by how heavily weighted trust in friends over experts is. Has any research been done into who, for lack of a better phrase, might be the “Alpha-Reviewer” within a social network? Perhaps another way to phrase the question is, “How does one’s status within a social network affect the value of this consumer to a specific firm?”
Customer valuation models exist and are often used by companies to justify retention and/or incentive efforts. Most models that I’m aware do not account for a consumer’s position within a social network. Understandably…it has been quite difficult to deduce one’s position until recently. Thank you Facebook API.
I pose this “Customer Valuation in a Web 2.0 World” question to BazaarVoice because of the ShoutIt! Feature in your Ratings & Reviews product. Are measurements being made which indicate the degree to which a particular reviewer may drive additional business to a site?