We all know that Millennial’s are far more tech-savvy than previous generations. But does this age discrepancy play a role in how online reviews pertain to us?
In a study conducted by TrustPilot included in the “Trust Economy Report”, we find that:
– 16 to 24-year-olds (Millennial’s) are most influenced by online reviews, with 44% stating they were willing to spend at least 25% more money with a business that they had read a positive review about.
– This same age group is also most likely to write a negative review to ensure that “other people don’t get burned”.
– 29% of 16 to 24-year-olds are more likely to purchase from a company after reading a negative review that was successfully resolved by the affected company.
Note: The younger your target audience, the higher potential rewards may be reaped from online reviews. But be aware that there is a greater chance of a backlash if you make a mistake and don’t seem to be making any attempts at resolving it.
The Golden Years
Which Wallet?
Power to the People
Online review communities’ most vocal age group is:
16-24-year-olds, 66.70% of which have written an online review.
The second most prolific reviewers are:
55+, 61.40% of which have written an online review.
Note: Never mind internet demographics – young or old, consumers are embracing the power of writing online reviews, so don’t get left behind.
According to a study we conducted back in May:
-The desire to give feedback for negative experiences is 17% higher than for positive experiences
-Customers prefer to give feedback privately by a factor of 3x more than writing a review on Yelp or Google
-18-34 year olds are twice more likely to write a review on Yelp or Google than older generations
Key Takeaways:
– Young markets may be the most swayed by online reviews – but they can also be among the most critical.
– The over 55s market presents a real opportunity for marketers; they’re more likely to leave positive feedback and spend more money than other age groups.
– All age groups are embracing the power of online reviews – and so should businesses.
via TrustPilot.
View full infographic here.
