Studies have indicated that up to 97% of customers seek reviews before purchasing a product or a service from a new company. In this day and age, if you aren’t collecting reviews and feedback from your happy customers, you could be missing out on a serious amount of revenue. When it comes to SEO (Search Engine Optimization) and web visibility, reviews will boost your performance, ultimately driving more traffic to your business and creating new customers. Let’s take a look at all of the ways reviews could increase your alarm company’s profit.
Price Point
In a 2014 study, researchers found that positive review can increase the price point of the same product or service. According to ShareThis CEO Kurt Abrahamson, “Recommendations have more of an impact than brand or price.”
This study suggests that a positive online share from a stranger increases the worth of a product or service by an average of $22.26, while the same share from a family member or friend increases that margin to $27.46. That is an extra $20 or more per sale that your business could be missing out on by having your current customers share their feedback.
Further, positive professional reviews resulted in customers spending an average of $31.13 more for goods and services. Again, this is serious profit that your alarm company could be missing out on.
Purchase Intention
“We found that highly positive online shares can generate an almost 10 percent increase in purchase intent, and negative reviews can also have a correspondingly negative impact, [reducing purchase intent by] 11 percent,” said Abrahamson. In your buyer’s journey, this means a good review can be the deciding factor of a purchase for one out of every ten people. This is a simple and passive factor within your control to close that extra sale.
Your Security Monitoring Company Search Visibility
Reviews on sites such as Yelp, Google, or Angie’s List are highly rewarded among search engines. You must be careful here, because negative reviews can punish your business. Make sure positive reviews push your alarm company to be more successful by utilizing existing websites such as these.
Being proactive about your alarm company’s reviews helps to build instant trust with potential customers. You can take simple steps, such as asking for and rewarding customer reviews, to ensure that your security monitoring company is not losing out on increased profit. Further, these reviews can provide the feedback that your business desperately needs to identify which changes you could be making to ensure the success of your company.
AvantGuard has a wealth of resources to help you increase your businesses. Some of our eGuides aim to help you specifically increase your RMR and provide you with the knowledge required to successfully market your products and services. For more resources, reach out to AvantGuard to everything we can do to help.
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