Connect with us

Business

Exclusive: Reviews Matter for Software Brands: Generate and Manage Them Effectively – TalkOfNews.com

Published

on

Reviews Matter for Software Brands: Generate and Manage Them Effectively

#Reviews #Matter #Software #Brands #Generate #Manage #Effectively

Reviews have become an important part of the purchase journey across just about every product category.

Customer reviews data tells us that 92% of consumers use online reviews to guide most of their ordinary purchasing decisions, and software is no exception. B2B buyers do plenty of research before making a purchase decision. And the vast majority of this research takes place online.

Why reviews matter for software brands

B2B shoppers specifically want to hear feedback from others who have already purchased and used the software in question.

They access this feedback by reading reviews. In an increasingly competitive market, reviews help software brands acquire new customers – and retain the ones they’ve got. 

Reviews boost acquisition

Oftentimes, the hunt for a new software solution starts with a Google search. Software brands know this – and devote time and resources to improving search rank. This makes sense: the higher the rank, the more eyes (and clicks). The average clickthrough for the first organic result in Google is 28.5%, compared to a 2.5% clickthrough for the tenth result. 

The good news is, when a software brand consistently collects reviews, it positively impacts its SEO rank. And because the brand shows up higher in search results, it’s a lot easier for prospective customers to find it. 

Once the buyer is aware of the brand, reviews allow them to get unbiased opinions of people who are actually using the solution. This social proof has the power to increase trust – and purchase likelihood.

Advertisement

92%

of B2B buyers are more likely to make a purchase after reading a trusted review. 

Source: G2

Reviews boost loyalty and retention 

As the saying goes: it’s cheaper to retain an existing customer than it is to find a new one. In addition, customer churn can cause a big hit to the bottom line. CallMiner estimates that companies in the U.S. lose about $136.8 billion each year due to customers switching to a different brand. 

Consistently engaging with reviews, whether it’s by learning how to respond to negative reviews or utilizing positive review response examples, enables software brands to fix customers’ problems, improve experiences, and, perhaps most importantly, restore trust.

If a negative review is addressed to a customer’s satisfaction, they’ll have their faith in the company restored and be more likely to stick around long-term. 

What’s more, every third customer who gets a response to their complaint will reformulate their review into a positive one. This positively impacts the brand’s reputation – and its ability to acquire and retain customers. 

Finally, consistently monitoring and analyzing reviews on G2 and other platforms allows software brands to identify what customers love about their products and service – and what they don’t. Brands can use these insights to make data-driven operational improvements. These chances will increase customers’ satisfaction – as well as long-term loyalty.

Generate a steady stream of reviews for your software brand

When it comes to reviews, quantity counts, as customer review data shows that consumers expect to see 112 reviews to confirm the authenticity of a brand’s overall rating.

Plus, generating more, positive reviews will positively impact the company’s overall rating, which will improve both acquisition and retention. The customer review report also shows businesses with an average star rating between 4.0 and 4.5 earn an additional 28% in annual revenue. 

But how can software brands generate more reviews? 

Advertisement

Typically, satisfied customers are happy to share their feedback. But oftentimes, they need to be asked to do so. Asking for reviews is as simple as sending out an email and asking the customer to write a review.

Some software brands run periodic campaigns to manually ask for reviews – for example, once per quarter. These companies find that their review volume ebbs and flows throughout the course of the year. 

A better approach is to consistently generate a steady stream of reviews. This leads to maximum SEO impact and ensures shoppers can always find a high volume of fresh review content which will increase their confidence and purchase likelihood. 

The proven way to generate a steady stream of reviews is by automating the process of asking for reviews. A ReviewTrackers customer, Ardent Health Services, automated their review requests within their CRM system, and as a result, they’ve seen a 76% increase in review volume, with 4,266 new reviews generated.

The vast majority of those reviews (82%) have positive ratings, which is a 16% improvement. This has boosted the company’s overall rating to 4.22 stars, which has significantly improved its ability to acquire and retain customers. 

Ensure FTC-compliant review generation

Marketing messaging is developed to portray a product or service in the very best light – with the ultimate goal of growing sales. Reviews, on the other hand, are unbiased and written by consumers who actually have experience using the product in question.

As such, software shoppers trust reviews. Software brands must work to maintain this trust. 

One important way to do this is to follow all FTC guidelines related to soliciting and pay for online reviews. For example, brands shouldn’t solicit reviews solely from those they know will leave positive reviews. And, they need to be transparent about whether the reviewer received any sort of incentive in exchange for their review (if it’s allowed at all on the specific review platform). 

Failing to abide by the appropriate guidelines can have a large, lasting effect on brand reputation management strategies. For example, if it was discovered that a software brand was paying for reviews, it would tarnish the brand’s reputation. They’d likely lose existing customers – and have a hard time acquiring new ones. 

The good news is, ReviewTrackers is a Google My Business partner and follows all applicable guidelines and best practices for generating reviews. One of the key benefits of G2’s partnership with ReviewTrackers is that we work together to protect your business.

Advertisement

Manage your software brand’s reviews more effectively with ReviewTrackers and G2

It’s not enough for software brands to sit back while reviews come in. Instead, they must actively manage this content in order to see the largest impact.

A key component of managing reviews is responding to them in a timely manner. Online reviews statistics show over half (52.3%) of consumers expect a response to their review within a week. Yet, a mere 36.7% got a response from a business for their review.

An unanswered negative review leads to a frustrated customer. And a frustrated customer is likely to switch to another brand. What’s more, the lack of a response will send up red flags to prospective customers doing their research. 

On the other hand, knowing how to respond to negative reviews in a timely manner provides an opportunity to resolve issues and improve customers’ experiences. This will restore the reviewers’ trust – and the likelihood that they’ll give you another chance. 

In addition, responses to reviews influence future shoppers. A thoughtful, timely response lets prospective buyers know you’re a trusted brand that values feedback and prioritizes customer satisfaction, which will increase their likelihood of making a purchase.

49%

more money is spent by customers at companies that respond to reviews.  

Source: Womply

Consistently responding to reviews can seem daunting, but ReviewTrackers makes it easier than ever to provide timely responses that restore trust and influence sales. 

With ReviewTrackers, software brands can respond to G2 reviews, alongside feedback from other sources, all within a single platform. In fact, ReviewTrackers is the only reputation management provider that allows in-app responses to G2 reviews.

Start growing your software brand through reviews

B2B buyers have more reputation management software options than ever before, regardless of the challenge they’re trying to address. They’re doing plenty of research prior to making a purchase decision. And that research includes seeking out feedback from peers by reading reviews. 

By effectively generating and managing reviews, software brands can earn more shoppers’ trust and grow sales.

Advertisement

Find out how ReviewTrackers’ partnership with G2 makes it easier than ever to collect, monitor, and manage reviews within a single platform.


Business

Exclusive: Sweetgreen's stock plummets after salad chain lowers forecast, announces layoffs and office downsizing – TalkOfNews.com

Published

on

By

Sweetgreen's stock plummets after salad chain lowers forecast, announces layoffs and office downsizing

#Sweetgreen039s #stock #plummets #salad #chain #lowers #forecast #announces #layoffs #office #downsizing

A worker wears a Sweetgreen Inc. hat while preparing food inside the company’s restaurant in Boston, Massachusetts.

Adam Glanzman | Bloomberg | Getty Images

Shares of Sweetgreen plunged more than 20% in extended trading Tuesday after the salad chain lowered its 2022 forecast.

The restaurant company also said it laid off 5% of its support center workforce and will downsize to a smaller office building to lower its operating expenses.

As of Tuesday’s close, Sweetgreen’s stock has fallen 37% since its initial public offering in November.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Loss per share: 36 cents, in line with estimates
  • Revenue: $124.9 million vs. $130.2 million expected

Sweetgreen sales softened around Memorial Day, leading the company to revise its forecast lower, CFO Mitch Reback said in a statement.

On the company’s conference call, executives attributed the slowdown to a number of factors, including “unprecedented levels of summer travel,” a slow return to the office and another wave of new Covid-19 cases.

In the quarter, ended June 26, Sweetgreen’s net sales rose 45% to $124.9 million. Its same-store sales climbed 16%, boosted by 6% menu price hikes.

Advertisement

For the year, Sweetgreen now expects annual revenue of $480 million to $500 million, down from its prior forecast of $515 million to $535 million. The chain also revised its outlook for same-store sales, predicting growth of 13% to 19%, down from the previous projection of 20% to 26%.

“We think that it’s a conservative estimate, but looking back, we’ve just been wrong on so many of these calls,” Reback said on the call.

Moreover, Sweetgreen also changed its outlook for adjusted loss before interest, taxes, depreciation and amortization to a range of $45 million to $35 million, wider than its previous range of $40 million to $33 million.

But the chain explained the steps it’s taking to achieve profitability, including layoffs and reducing its real estate footprint by moving to a smaller office. Severance packages and related benefits are expected to cost the company between $500,000 to $800,000, while the office move will cost $8.4 million to $9.9 million. The charges are expected to impact its third-quarter results.

Sweetgreen reported a second-quarter net loss of $40 million, or 36 cents per share, wider than a net loss of $26 million, or $1.55 per share, a year earlier. The company blamed an increase in stock-based compensation for its increasing losses.

Read the full earnings report here.

Correction: A previous version of this story misstated Sweetgreen’s previous forecast for its same-store sales growth.

Continue Reading

Business

Exclusive: Egyptian startup Convertedin raises $3M, caters to e-commerce brands in MENA and Latin America – TalkOfNews.com

Published

on

By

Egyptian startup Convertedin raises $3M, caters to e-commerce brands in MENA and Latin America

#Egyptian #startup #Convertedin #raises #caters #ecommerce #brandsin #MENA #Latin #America

Convertedin, an Egyptian startup that operates a marketing operating system for e-commerce brands, has raised $3 million in a seed round led by Saudi Arabia-headquartered Merak Capital.

Other participating investors include 500 Global and MSAS. The company, in a statement, said it plans to utilize the funds for strategic hiring and further development of its platform.

When brands shift to e-commerce sales, they operate with vast amounts of fragmented data that need to be unified to drive informed decisions and growth. As such, platforms like Convertedin become essential because it caters to brands and businesses with one, some, or all of these objectives: drive personalized and scalable campaigns, convert customers, achieve measurable results and grow revenue.

CEO Mohamed Fergany founded the company with Mohamed Atef and Mustafa Raslan in 2019 after working with several brands in companies such as Speakol Ads and Vodafone. His time as an employee opened his eyes to the opportunity of helping offline stores retarget and retain their customers online while finding new ones to shop at their stores offline.

“If you walk into IKEA and they take your phone number down. After that, our engine works to find a similar product you might buy and we retarget you online. If you went back to IKEA for that product, we can calculate the cost of online conversion,” the chief executive said in the interview. “This was the main idea at this time as we saw a huge problem where there was no analytics platform for the offline store or a retargeting mechanism.”

As the pandemic hit and offline stores were forced to close their doors, many of these brands turned to e-commerce, and as a result, Convertedin took its business online too.

Fergany argues that though online brands use CRM software to gather data, they do not utilize most of it. So Convertedin offers a solution where they can use their data best. It plugs into more than 10 major e-commerce platforms and ad networks — and brands, once connected, can place customers into different segments such as high- and low-value and categories like those looking for specific products and use these insights to create personalized multi-channel marketing and drive various campaigns on social media, SMS, email, search and other channels while having the ability to track and attribute revenue conversion.

Convertedin says SMB e-commerce marketers that use its platform increase their return on ad spend (ROAS) by 2x and reduce customer acquisition costs (CAC) by 40%. So far, the company partners with media buying and advertising agencies and works with over 100 local and multinational brands across Africa, the Middle East and South America in the automotive, healthcare and technology industries. Convertedin’s revenues from these businesses have been growing in “double-digits” month-over-month, Fergany said.

Advertisement

The three-year-old Egypt-headquartered company also has offices in Saudi Arabia and Brazil; it just recently opened one in the latter. The South American market is enormous, with e-commerce revenues reaching $160 billion by 2025 from over 200 million users. As a result, Convertedin plans to make its services available in Portuguese — in addition to English and Arabic — for brands in Brazil and also Mexico, another South American market. Fergany also said Convertedin is eyeing South Africa and India too.

“We focus on emerging markets and if you look at it from healthy unit economics, we can sell easily in those countries because there is low competition there,” said the CEO on the expansion to five new markets, including Saudi Arabia. “And customer acquisition cost is low compared to the U.S. or Europe markets.” The new investment will help Convertedin with this expansion in addition to R&D and hiring.

In a statement, Ahmed Aljibreen, partner at lead investor Merak Capital, addressing his firm’s investment, said the ever-changing landscape of digital marketing platforms adds a new layer of challenges for e-commerce companies — and that Convertedin solves that. Hence, the reason why Merak Capital backed the firm. “We are excited to back Convertedin, a martech company that has built a state-of-the-art platform to simplify digital marketing, improve customer acquisition and drive growth for its clients. Convertedin is led by a world-class team in which we have tremendous confidence as the company embarks on its next stage of growth in MENA and Latin America.”

Continue Reading

Business

Exclusive: Serena Williams announces her retirement from tennis – TalkOfNews.com

Published

on

By

Serena Williams announces her retirement from tennis

#Serena #Williams #announces #retirement #tennis

Tennis legend Serena Williams announced her retirement in a Vogue article published Tuesday.

“I have never liked the word ‘retirement,’” Williams wrote. “Maybe the best word to describe what I’m up to is ‘evolution.’ I’m here to tell you that I’m evolving away from tennis, toward other things that are important to me.”

Williams, who turns 41 next month, has 73 career singles titles, 23 career doubles titles and over $94 million in career winnings.

Williams is widely hailed as one of the greatest athletes of all time. In her Vogue piece, she noted that some of her detractors point out that she hasn’t won the most Grand Slam titles in women’s tennis history, however. 

“There are people who say I’m not the GOAT because I didn’t pass Margaret Court’s record of 24 grand slam titles, which she achieved before the ‘open era’ that began in 1968,” Williams wrote. “I’d be lying if I said I didn’t want that record.”

She said she will retire after the U.S. Open, which will run from late August into September. A victory there would tie her with Court’s Grand Slam record.

“I don’t know if I will be ready to win New York. But I’m going to try,” Williams wrote about the tournament, which is played in Queens.

She has counted sponsorships from companies including Nike, Audemars Piguet, Away, Beats, Bumble, Gatorade, Gucci, Lincoln, Michelob, Nintendo, Wilson Sporting Goods, and Procter and Gamble.

Advertisement

“I never wanted to have to choose between tennis and a family. I don’t think it’s fair,” Williams wrote. “If I were a guy, I wouldn’t be writing this because I’d be out there playing and winning while my wife was doing the physical labor of expanding our family.”

Williams focused on her family in the announcement, writing that her nearly five-year-old daughter wants to be an older sister. Williams is married to Reddit founder Alexis Ohanian.

“I have to focus on being a mom, my spiritual goals and finally discovering a different, but just exciting Serena. I’m gonna relish these next few weeks,” Williams wrote in an Instagram post Tuesday.

Professionally, she looks to expand Serena Ventures, a small investment firm of six people that was one of the first investors in MasterClass. Her firm raised $111 million in outside financing this year.

Williams wrote that only 2% of venture capital goes to women and that “in order for us to change that, more people who look like me need to be in that position, giving money back to themselves.”

Continue Reading

Exclusive

Copyright © 2022 Talk Of News.