With the recent news that almost half of pet owners don’t have insurance due to the rising cost of living, customer reviews are a way to set yourself apart from other providers in an increasingly competitive market.
We’re in a time where consumers are largely online, rarely making a decision without conducting some research first, so it makes sense to take advantage of that. Here are four ways that pet insurance providers can grow their business through customer reviews.
Building trust and credibility
Customer reviews are a common bridge between finding a provider and making a purchase. Our recent research found that 84% of consumers trust reviews written by genuine customers, but how influential can they really be?
Having a large volume of reviews can have a big impact in the consumer decision-making process. The same research found that over two-thirds (68%) of people would be motivated to make a purchase after reading positive consumer reviews. In comparison, 22% of people have been put off buying something because there were no reviews available.
Reviews act as a form of social proof, helping customers gain confidence in your policies. Any provider can make promises and claims, but customers value the confirmation of genuine feedback and experiences.
Helpful marketing tool
Customer reviews can be used as a really strong marketing tool. This could be from displaying them on your website and other online profiles, to actively promoting the reviews through channels such as social media and email marketing.
Reviews are a really effective way to increase your SEO performance in particular. Displaying your review scores on your search listings can increase your click through rate, which increases traffic, which in turn is another ranking factor. Analysing your reviews can also provide some prompts when it comes to keyword research too. The language you use internally, and the language your customers use aren’t always the same.
Improving customer relationships
An aspect of customer reviews that often deters businesses from collecting them is the risk of negative feedback. Positive reviews may prompt more sales, but negative reviews can be just as valuable for a business.
Consumers may leave a negative review if they feel let down by the provider. This could range from small, solvable concerns, to much larger issues. Customer satisfaction is of course highly important to any insurance provider, so understanding where you may have fallen short is key. This allows you to take action on any shortcomings, making improvements so that it doesn’t happen again.
Review platforms often have systems in place for businesses to respond to reviews. It’s recommended to respond to as many reviews as possible, even more so to the negatives. A negative review will not necessarily deter a potential customer away. If a business can show a clear, genuine attempt to right the situation, consumers are likely to regain trust.
Valuable customer insights
Another benefit of seeking genuine customer feedback through reviews is the opportunity to develop products and services. Customers are often open and truthful with their opinions when leaving a review on a third-party platform. This doesn’t necessarily have to be negative; some customers may rate a business highly whilst highlighting a potential area of improvement. While not every one will be practical or particularly beneficial for the business, you may find some suggestions that are worth exploring.
The value of customer reviews for business growth shouldn’t be underestimated. Demand is high and customers want an insurer they can trust. If you’re yet to delve into the world of reviews, what are you waiting for?
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Jacqueline Dewey is CEO of Smart Money People, the UK’s dedicated financial services review site.
