At FlipKey we work hard to help vacation rental managers collect and manage online reviews.  We are very passionate about the power of guest reviews, as both a marketing and an owner relationship management asset.

Given our interest and commitment to bring guest reviews to the vacation rental market you can imagine my delight when I recently came across a large compilation of statistics on the power of consumer reviews on the Bizaarvoice company blog.

Below I have compiled a few of the key statistics featured in the article I feel are informative and added my two cents below the stat:

• 71% of online shoppers read reviews making it the most widely read consumers-generated content – Forrester Research

It doesn’t matter if I’m buying a book, researching a vacation or evaluating a new digital camera – if I can not find a review I move on to an option for which I can.

• 82% of those who read reviews say their purchasing decisions have been directly influenced by those reviews – Deloitte & Touche

Not only are 7 out of every 10 people reading reviews, but 82% of those people are directly affected by what they read.

• Consumer recommendations are the most credible form of advertising among 78% of the 26,486 internet users in 47 markets who responded to a global Nielsen survey – “Word-of-Mouth the Most Powerful Selling Tool”

The honest words of past guests are the most powerful marketing assets at your disposal for instilling trust and booking urgency amongst prospects.   A quality website, friendly reservation specialists and smart promotions always help capture conversion… but often a simple and honest story from a past guest can be the most effective sales pitch.

• Of merchants who adopt customer reviews, 58% said improving customer experience was the most important reason for adding reviews to their sites, following by building customer loyalty (47%), driving sales (42%), and maintaining a competitive advantage (37%) – eTailing Group, 2008

The ability to leave a review allows the guest to feel they have been “heard” - thus increasing their loyalty.  I personally enjoying leaving reviews of products and services I enjoy – it helps me a sense of empowerment beyond general ownership and use.

To read the very comprehensive list of over 100 statistics from a variety of sources on the bizaarblog, click here.

Thanks to Bizaarvoice for compiling such a powerful list of statistics from a wide variety of sources.

This entry was posted on Wednesday, July 23rd, 2008 at 9:08 am and is filed under Market Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.