Reviews and the buyer’s journey
89% of B2B researchers use the internet during the B2B research process.Think with Google
67% of buyers say reviews are a “very important” consideration, up 12% from the year beforeThe Definitive Guide to B2B Reviews
64% of software buyers want to read at least 6 reviews before making a purchaseQualtrics
- The average b2b software buyer uses 5.2 sources of information along their buying journey.
- 93% of buyers say reviews are influential.
- 85% of buyers seriously considered more than one option when making a purchase.
- On average, B2B researchers do 12 searches prior to engaging on a specific brand’s site.
- B2B customers today progress more than 70% of the way through the decision-making process before ever engaging a sales representative.
- 50% of business technology buyers from enterprise companies will never speak with a vendor.
- 57% of respondents said the average deal cycle for their flagship product takes at least 3 months. 18% of respondents reported a much longer deal cycle, ranging from 9 months to over a year.
- Only 1 in 5 B2B software buyers said the vendor they bought from was very influential in helping them choose the product over alternatives
- Vendors have less influence over a buyer’s decision than other sources of information, including user reviews, forums, and referrals.
- 70% of all consumers will look to reviews or ratings before making a purchasing decision, with at least 41% of consumers reading 4-7 reviews in their quest for product information.
What makes reviews work
- The content of a review (qualitative feedback) is the #1 most important factor when reading reviews to evaluate a B2B software product. The overall score was #2.
- Why do B2B software buyers use reviews? To compare products (82%), to understand options and build a shortlist (46%), and to find evidence to support their recommended products (42%).
- There is a trust gap in B2B buying. 84% of vendors intend to be forthcoming about product limitations, but only 36% of buyers find those vendors to be transparent and forthcoming.
- 15% of TrustRadius reviews are rejected for quality or authenticity.
- The majority of buyers expect brands to have at least 10 reviews to be considered relevant
- 76% of B2B buyers look at the publication date as a measure of review relevance.
- 73% of consumers think that reviews older than three months aren’t relevant.
- 67% of buyers prefer review sites not to have ads on them – because they trust reviews less when the site has ads.
- 68% of consumers trust reviews more when they see both good and bad scores.
Who reads reviews?
- 84% of software buyers said they seek input from peers and existing users during the purchasing process.
- Reviews are the #2 most-used information source along the software buyer’s journey.
- The number of people who used reviews reached 56%, up 13% from one year ago
- 40% of review readers on TrustRadius are from enterprise.
- Millennials now make up over half (59%) of buyers involved in purchasing business technology.
- B2B buying happens on committees. The average committee size for a software purchasing decision is 2-5 people.
- Nearly 100% of purchases are made by committee in enterprise. Over half (57%) of enterprise purchases are made by committees of 6 or more people.
- Reviews can help build your network of consumer advocates. Over 2 in 3 enterprise buyers are willing to advocate for products they buy, either by writing reviews or serving as a reference.
- Half of adults under 50 routinely check online reviews before buying new items.
- 91% of 18-34 year olds trust online reviews as much as personal recommendations.
Reviews drive results
- Companies that are able to capture trust outperform their competition by 5%.
- The vast majority of buyers who read both positive (90%) and negative (86%) reviews said that information they read impacted their buying decisions.
- The purchase likelihood for a product with five reviews is 270% greater than the purchase likelihood of a product with no reviews.
- The top three types of content with the most influence on buying decisions are one-to-one peer recommendations, original research, and product reviews.
- Reviews produce an average 18% uplift in sales.
- 71% of consumers agree that customer reviews make them more comfortable buying a product, while 82% of consumers consider user generated reviews extremely valuable.
- Not responding to reviews increases the risk of customer churn by 15%.
- Websites that feature user-generated content see a 20% increase in repeat visits.