Customer reviews are an important part of any business, particularly in today’s digital age — not only to gain but retain customers.

Let’s say you’re an online retailer. Customers expect products to be delivered quickly and seamlessly. You could then encourage them to write reviews to be published on your website as endorsement to other customers. You could also improve your services through these feedback, which leads to above average customer satisfaction rating.

Here are some insights into the importance of customer reviews for business growth.

Understanding and improving customers satisfaction

As customer reviews are quick and efficient, you can gain insight into consumer needs — hence, tailor your business to meet these demands. You can also resolve any arising issues and increase the overall customer experience.

After you build trust amongst your customers, fostering and maintaining relationships with them is the key to success as other businesses compete for the same customer loyalty and increase in reputation.

Social proof & credibility

Aside from the impact of reviews in your business’s reputation, web giants such as Google, Trustpilot, and Yelp also play a part in customer retention.

63.6% of consumers look at reviews on Google before visiting a business, according to research from Invesp and ReviewTrackers. While 88% of consumers trust online reviews as much as a personal recommendation.

Customer reviews can also act as credible social proof for your business, and show that customers are satisfied with their experience.

Customers voice and loyalty

Writing reviews permit customers to be heard, given the fact that their feedback impacts a business. Customers, who take the time for online reviews, are more likely to feel a certain loyalty and involvement in your business, which will keep them coming back.

Find out what makes customers happy or frustrated by facilitating communication with them.

Ranking improvement

To improve your business’ rankings on review sites, encourage your customers to leave reviews. Do not neglect proactively replying to reviews, especially negative ones.

Effective and courteous response to negative customer reviews allows your business to address the issue. This can also mitigate the negative impact by showing that you value customer feedback and are willing to make changes to suit their needs.

53% of customers expect businesses to respond to negative reviews within a week, according to ReviewTrackers. 63% say they never received a response to their review.

Online marketing

As they offer your business benefits that a simple marketing campaign cannot, positive online customer reviews are invaluable.

• A one-star-rating increase on Yelp leads to a 5% – 9% increase in business revenue.
• One negative review can lose 30 customers.
• 94% of consumers say a negative online review has convinced them to avoid a business.

Be sure your customers are satisfied with your products or services to maintain their loyalty, before looking to expand your business.

ABN loans in Australia

With Cigno Business Solutions, you can get ABN loans as long as the loan amount is reasonable to your needs and you can afford the repayment.

Don’t forget to consider your business’s cash flow and profits in the equation. You can enquire about the interest rates, fees, and charges that will be included and how long it will take to complete the repayment terms.

Usually, the following documents are required in an ABN loan application:

• Bank statements
• Financial statements
• Tax returns
• Notice of Assessment (NOA)
• Proof of rental income
• Company information
• Proof of identification, which may include the following:
  • Australian driver’s license
  • passport
  • birth certificate or your proof of age card

Most lenders require a business to be operating for at least 6 months and generating a monthly revenue of $5,000 to qualify for a loan.

Once you have made up your mind, you can start the ABN loan application here.