Gather real feedback from your clients, in their own words
Testimonial IQ makes it easy to request unbiased feedback with custom surveys
Why you can't ignore testimonials:
Traditional advertising doesn't cut it anymore
Want to know the least trusted source of information about brands and services? Advertising. Social media and blogs don't fare much better. The only two sources trusted by more than 90% of consumers? Recommendations from family or friends and online review sites. And that trend is growing: younger generations trust online reviews from strangers just as much as a personal recommendation.
Think about it - when is the last time you ordered from a new takeout spot without scrolling through Yelp first? Or made an Amazon purchase without checking the reviews? Reviews have become so engrained in the buying process that 72% of consumers won't commit to a purchase without reading them first. And they aren't just for Thai food or running shoes: seven in 10 patients now use online reviews as the first step in finding a new healthcare provider. Thanks to a long-overdue modernization of the SEC Marketing rule, consumers will now have access to the same digital due diligence when it comes to selecting a financial adviser.
Reviews are the new referrals
No hyper-targeted social media campaigns, no e-mail newsletters, no flashy websites and no seminars can do more to build trust with prospects than a steady stream of honest reviews from clients. Testimonials are becoming the new referrals.
But what about negative reviews?
The updated SEC regulations are great news for advisers when it comes to combatting negative reviews. Disgruntled individuals have found ways to leave negative feedback long before the SEC issued new guidance (just take a look around Yelp or Facebook if you need examples). Unhappy customers are up to three times more likely to leave unprompted feedback, which means without a dedicated system to generate a representative sample, your digital reputation will often skew negative.
Negative reviews aren't all bad
Seventy percent of individuals will leave a review if asked. And when you get that occasional piece of constructive feedback from a client, remember, consumers actually prefer businesses with 4.2-4.5 star ratings because they are more believable then those boasting a perfect 5 stars.