Why does social proof matter and what can you do to reap its benefits?
Social proof works on the premise that people are more likely to trust a recommendation.
In some instances (online), they don’t even need to know the person (let alone trust them).
Not buying what I’m saying?
Take a look below. ⬇️
70% of people will trust a recommendation from someone they don’t even know, and 92% of people will trust a recommendation from a peer.-Coral Ouellette; OptinMonster.com
Studies show that a business with a solid social proof is more likely to convert a new customer.
But social proof is about more than gaining an advantage over your competitors.
Social proof is the essence of your brand. It’s the reputation of your business.
It’s what sets your business apart and establishes your positioning and expertise.
Different Types of Social Proof
There are four types of social proof becoming increasingly significant within digital marketing as consumer expectations continue to evolve.
- User Social Proof
User social proof is when a customer or a client recommends your product or service based on their experience with your brand.
Example: A customer leaves a positive rating on a review site or praises you on social media.
- Credibility Social Proof
Credibility is when you can be discovered in other places, and the messaging is consistent. Examples: directories, social media pages, etc.
- Celebrity Endorsement
When a celebrity uses a product and endorses it in public or on social media.
- Expert Social Proof
When an influencer or an industry leader approves of your product in the digital space.
Example: An influencer mention you on a blog post or provide a testimonial.
Four matrices you can improve with solid social proof that directly impact the success of your business
If you’re on the fence with social proof, consider these meaningful matrices that have direct correlation with social proof.
1. Social Proof Drives Conversion Rate
Conversion is the desired action taken by your visitor. Conversion rate is the number of visitors to your website that took action on your desired goal compared to the total number of visitors.
More action means more opportunity to direct that visitor to the next stage of their journey to becoming your customer or client. The more visitors you can help move along on this journey, the more people you’ll serve, thus increasing your revenue.
What Does Conversion Have To Do With Social Proof?
By nature, we care about what others think. This is even more true when it comes to purchasing online. Think about the last time you made a purchase online or the the last time you had to hire someone to do a project for you.
You probably either ask someone you know, go to social media for suggestions, or google it. Even after receiving a recommendation, you might google the business to see past customers’ experiences.
In fact, 88% of consumers trust user reviews as much as personal recommendations. That’s the power of social proof.
2. Social Proof Solidifies Your Positioning
The best way to stand out from your competitor is through positioning. Your positioning is an advantage because it takes your business or practice from being just a commodity competing with price, to a stand alone service measured by a different standard.
- Positioning creates greater perceived value in potential customers’ eyes
- Positioning elevates your business from being just a commodity
- Positioning frees you from competing on price
In addition to driving up your conversion rate, social proof solidify your positioning. A solid positioning attractions the right audience and repels the wrong one. Right audience have greater conversion rate which impact your profit.
3. Social Proof Improves Your Revenue
Whether it’s signing up for your email list, buying a product, sharing your content, or simply clicking through to another page on your website, social proof can help boost your revenue by increasing your conversion rate
Among other things, revenue can indicates how effective your marketing is. You can boost it with social proof.
80% of first time visitors to your website will leave without taking action. Social proof is shown to drive conversion. If you can influence those visitors, utilizing social proof, you can boost your conversions and increase your revenue.
This is why social proof matters.
4. Social Proof Confirms Your Reputation
As humans, we like to be associated with things that are creditable, respected, and valued. That is no differnet when we take on the role of a shopper. Social proof can portray your brand being all those adjectives by using ratings, reviews, and testimonies from your past customers.
Creditable brands attract happy customers and premium clients. Social proof helps cultivate reputation that displays credibility and trust so people not only buy from you, but recommend you to their friends and family. That’s why it matters.
One Practical Way to Harness the Power of Social Proof for Maximum Impact
So, how do you position your company to reap the benefits of a stellar reputation built with solid social proof?
The simplest and least time-consuming way is to start by collecting reviews regularly.
Simply ask every customer you helped to give you a review. Soon you’ll have a healthy amount of documented validity to your message, giving potential clients the assurance and confidence to take action on your offers.
How to Simplify Social Proofing So You Can Focus on Your Clients
Are you seeing the power of social proof but don’t have time to see it through? We can help. We built Local Lead Nest for this very purpose- to simplify the process for you.
Simply put, Local Lead Nest is a three-step system designed to increase your visibility, build trust, and differentiate you from your competition (even if they’ve been around longer than you). See more at LocalLeadNest and book a demo.
Was this content helpful? Check out this next article where we show you how to market your service business effectively in 2023.