On-line reviews – An opportunity to build your member base

Who reads online reviews before making a purchase?  EVERYONE! A picture is no longer worth a thousand words in the realm of online shopping… words of others are worth a thousand words and more. The influence of online reviews and commentary, both positive and negative, has become increasingly critical to a product or brand’s success. Reading the experiences of others is now one of the most impactful resources for potential customers. In fact, a recent study indicated that 90% of consumers consult online reviews before transacting with a business. During Amazon Prime Days earlier this month, for example, Amazon sold over 175 million items in two days. Each item has its own star rating review and some are labeled as a Prime recommended product… a bonus for that particular company, who no doubt saw a boost in sales due to that recommendation. A review can hold the power to make or break a business relationship in any industry where the consumer has a choice to make, credit unions included.

Modern credit unions understand that online review marketing and online reputation management aren’t just novel ideas—they’re essential for affecting public perception. That’s why understanding why and how to get online reviews for your credit union can make such a difference. Businesses of all kinds seek and cherish those positive reviews that can serve to boost their business and build a positive reputation. Hotels can tout their 5-star rankings on various travel sites such as Travelocity or Trip Advisor (which can be brutally honest). The website Yelp, which reviews businesses in a more local setting, has been gathering and sharing data, pictures and reviews for 15 years. According to Yelp, since its inception in 2004, there have been over 184 million reviews contributed to their website cumulatively: “Our business revolves around the connections made between the consumers who read and write reviews and the local businesses that they describe.”


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