Although every Shopify store aims to deliver excellent services and products, the ultimate goal of every business is to maximize earnings. Including photo/video reviews in your current marketing activity is one of the most effective ways to boost profits.
When done correctly, photo/video reviews provide a clear return on investment. Furthermore, when you make an effort to incorporate photo/video reviews that give the readers value and precise information, you will see an increase in your business’s financials.
If you want to understand more about it, you should figure out how to quantify photo/video reviews’ return on investment, how it has helped others, and how you can use it to your advantage.
What exactly is the ROI, and how do You calculate it?
ROI is an abbreviation for “return on investment,” It refers to the ratio of your net profit to the initial investment cost. For example, the objectives you select for your campaign impact the return on a photo/video review collection.
While you may not want to be concerned with the math involved in calculating a return on investment, you should be aware of the various ways to measure your efforts’ success. For example, to determine the value of your photo/video review collection, apply the following simple formula:
- Determine the initial cost of your investment, which is the amount you paid for a photo/video review software or the number of hours you spent manually handling the reviews.
- Subtract this amount from the total amount you received due to your investment to get your net return.
- Divide the net return by the initial investment cost to get a more concise answer. – Then double the new figure by 100.
While this is frequently regarded as a universal approach to computing an ROI, it may not always consider the vital non-quantifiable components.
Why do you wish to collect photos and videos of client reviews?
Because of our long history of communicating without writing, our brains have adapted to interpret visual information more efficiently than text. In a race, text cannot compete with images. As a result, people make hasty decisions – you have 15 seconds to persuade a visitor that your brand is reliable.
As a result, visual material, such as user-generated videos and images, significantly impacts reach, engagement, and, ultimately, purchases.
- Textual reviews convert up to 91% better than reviews with user-generated images.
- Websites with UGC galleries receive 90% more visitors and spend 90% more time on the site.
- UGC-enabled social campaigns result in a 50% increase in engagement.
- Ads using UGC have a fivefold increase in click-through rates.
- Using user-generated content boosts email click-through rates by 73%.
Does genuine social proof guarantee a return on investment?
Real social proof occurs when people assume that others will behave appropriately in a given situation. As a result, we look for clues in others to choose the best and safest decision.
Because we have a natural urge to mimic the behavior or attitude of people in our immediate surroundings, if we witness a group of people purchasing something, we are more likely to do the same.
Consider the following scenarios: If you notice a crowded restaurant or a line forming outside a pub, you’re probably wondering what’s the big deal.
6 Ways to Increase ROI with Photo/Video Reviews
Improving your ratings and reviews approach can help you raise product discoverability and awareness, increase sales, and assist your firm in speaking in your customers’ language, among other things. Nearly half of buyers, for example, claim they are less likely to buy from a brand or retailer if their website lacks reviews, and 70% of shoppers use reviews to compare similar products before making a purchase.
1. Set yourself up for success by putting yourself in a position to succeed
Begin by defining your current pain points and goals to determine what success looks like for your company. For example, increasing conversion on your product sites, quickly releasing new things, standing out on an increasingly competitive retail shelf, or optimizing SEO to increase search traffic are common aims for user-generated content (UGC) strategy.
Retailers frequently set goals to create an omnichannel experience, improve user interaction on product pages, identify why certain products perform the way they do and minimize return rates.
Understanding the many UGC value drivers can also assist you in attracting investment from other persons or departments within your firm. UGC is commonly considered a technique to increase online conversions, but it has greater possibilities for your business.
2. Select the proper tool
Selecting the right tool is crucial and needs some study regardless of your investment. Please make a list of questions to ask providers, then write down and compare their responses.
On a high level, you want to know if the tool:
Offers the appropriate types of UGC; will be a true partner from installation to growth; will show you how to make wiser, consumer-driven business decisions; and can boost the number of eyes on your reviews at critical decision-making moments and in places where your customers want to buy.
3. Collect feedback
When there are more reviews, consumer confidence, purchases, SEO advantages, and insights all grow. As a result, it is vital to gather consumer feedback to increase volume aggressively. Customers not only prefer products with a high number of reviews over those with a low number of reviews, but the freshness of the reviews also influences conversion rates.
One of the most common tactics for generating reviews is sending a post-purchase email to clients after they purchase. It makes it quick and straightforward for recent purchasers to submit feedback.
Sending out free samples to clients can help you generate positive feedback ahead of the product’s official debut.
Product sampling can also speed up the seasonal product review collection process and add new information to existing products.
Other touchpoints with your customers, such as emails, social media, and product packaging, can also be used.
4. Devote time to day-to-day management
The most successful companies have a staff to handle the ongoing activities required to monitor and improve a UGC strategy. A few of these measures are communicating with people on the benefits of reviews, review generation strategies, negative comments, and product-specific concerns.
5. Recognize and act on valuable insight
There is no better way for businesses and merchants to know their customers and products better than directly seeking their input. Getting information from the source can help you make critical business decisions, and going beyond the star rating can be incredibly beneficial. Furthermore, even minor details in a review can help you differentiate your services, improve your marketing and message, and reveal chances to re-design and develop new products.
Real-time client feedback in the material can be empowering, whether positive or negative. It reveals opportunities to investigate ways to better serve your customers, from customer service and product to brand and category managers and merchants.
6. Do regular tracking of your ROI
The most important KPIs are decided by your company’s aims and may differ significantly. However, most UGC providers provide several methods for assessing the effectiveness of your UGC strategy.
These indicators include conversion rate (the effect of reviews on specific product purchases), engagement (how long a shopper stays on the page), and cost benefits (how much money is saved by accurately setting customers’ expectations).
Finally, you can report on the revenue impact by including variables such as the drop in return rate, the influence of reviews on offline sales, the increase in marketing efficacy, and the value of gaining insights.
I hope the techniques mentioned above will assist you in maximizing your ROI by gathering photos/reviews. Don’t be afraid to find a solution for the photo/video review collection. Here’s the most OK app to help you do the same. Try it to see the dramatic difference in ROI.