Trustpilot, the global consumer review platform, has today published research demonstrating the valuable link between online reviews and business growth based on data from over 600 businesses (SMEs) and 2000 consumers in the UK.
Technology has always been an essential driver for growth, and it is no surprise that it plays a fundamental role in the UK Government’s industrial strategy to support businesses as they scale and improve their operations. Trustpilot’s research shows the role online reviews play in this – reinforcing the value of online review platforms in enhancing accountability, insights and transparency to support businesses as they continue to scale up and improve – regardless of their size.
The research highlights the role of reviews in fuelling UK business growth. 91% of respondents agreed that positive online reviews can have a positive impact on revenue growth, and 85% agreed that online reviews can allow businesses to successfully enter new markets. Online reviews are also essential for brand loyalty. 94% of global business decision makers agreed that investing in an online reviews and ratings platform helps build brand trust, and 90% of businesses believed that a company’s reputation on review platforms can improve customer retention.
The research also found that reviews are a valuable tool for defining and adapting business strategy. 91% of respondents agreed that feedback from online reviews enables businesses to improve their products and services, driving growth, and 90% agreed that positive reviews can increase the effectiveness of marketing and advertising campaigns. Insights from customers can support continuous improvement without the need for focus groups or research – saving time and budget without compromising on quality data.
It’s clear that reviews are also important for consumers, who ranked independent review platforms as the single most important source of information when making purchase decisions (84%), rating them as more important than social circles (83%), professional endorsements (68%) and company websites (52%).
Adrian Blair, Trustpilot’s CEO said: “It’s fantastic to see just how valuable reviews are for businesses of all types as they look to scale up and improve. Listening to their customers helps them build trust, grow and improve. The research reinforces just how important our vision at Trustpilot is: to be the universal symbol of trust for businesses and consumers alike. We help every consumer make their voice heard, giving businesses essential insights, and people the tools they need to choose with confidence.”
For more information on the research, please visit: https://publicaffairs.trustpilot.com/the-power-of-online-reviews-in-uk-growth-new-trustpilot-research