While every Shopify store strives to provide top-notch services or high-quality products, the ultimate goal of every business is to increase profits. Adding photo/video reviews to your current marketing activities is one of the most effective strategies to increase earnings.
When done correctly, photo/video reviews definitely bring a clear return on investment. In addition, you’ll see a boost in your business finances when you put in the effort to include photo/video reviews that provide readers with value and clear information.
You’ll want to figure out how to quantify photo/video reviews return on investment, how it’s helped others, and how you can utilize it to your advantage if you want to learn more about it.
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What is the Return on Investment (ROI) and how do I calculate it?
The popular phrase ROI stands for “return on investment,” and it refers to the ratio of your net profit to the initial investment cost. Your return on a photo/video review collection is determined by the objectives you set for your campaign.
While you may not want to worry about the math required in calculating a return on investment, you should be aware of the numerous methods for determining the success of your efforts. For example, to figure out how much your photo/video review collection is worth, use this easy formula:
- Calculate the initial cost of your investment, which is the amount you paid for a photo/video review app or the number of hours you spent handling the reviews yourself.
- Subtract this sum from the total amount you received due to your investment, often known as your net return.
- To cut it down, divide the net return by the initial investment cost.
- After that, multiply the new figure by 100.
While this is frequently thought of as a universal method of calculating an ROI, it may not always consider the important components that aren’t quantifiable. Other details can easily be identified and incorporated into your review content’s overall ROI.
Why do you want to collect photos/videos with customers’ reviews?
Our brains have adapted to process visual information more efficiently than text because of our lengthy history of communicating without it. Text cannot compete with pictures in a race. People make snap decisions — you have 15 seconds to convince a visitor that your brand is trustworthy.
As a result, visual content, such as user-generated films and photographs, has a significant impact on reach, engagement, and, eventually, purchases.
- Textual reviews convert up to 91 percent better than reviews with user-generated photographs.
- Websites with UGC galleries have 90 percent more visitors and spend 90 percent more time on the site.
- UGC-enabled social campaigns show a 50 percent increase in engagement.
- Ads incorporating UGC have a 5-fold increase in click-through rates.
- The use of user-generated content increases email click-through rates by 73 percent.
Does real social proof bring an assured ROI?
Real social proof is when people assume others to reflect appropriate behaviour in a certain situation. Therefore, we seek signs in the behaviour of others to make the best and safest option.
Because we have a natural desire to emulate the behavior or attitude of individuals in our immediate vicinity, that is to say, if we see a group of people buying something, we are more likely to do the same.
Consider the scenarios below: If you see a packed restaurant or a line building outside a pub, you’re probably curious as to what’s all the fuss about.
6 steps to maximize ROI with Photo/video Reviews
Strengthening your ratings and reviews strategy can increase product discoverability and awareness, boost sales, and help your company communicate in your consumers’ language, among other benefits. For example, nearly half of shoppers say 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.Put yourself in a position to succeed
Begin by describing your present pain points and objectives to define what success looks like for your business. Boosting conversion on your product sites, launching new items with rapid success, standing out on an increasingly competitive retail shelf, or optimizing SEO to enhance search traffic are all frequent goals for user-generated content (UGC) strategy.
Creating an omnichannel experience, enhancing customer interaction on product pages, determining why certain products perform the way they do, and lowering return rates are frequent goals for retailers.
Understanding the many UGC value drivers can also help you gain investment from other individuals or departments throughout your organization. UGC is usually thought of as a way to boost online conversions, but it has more potential for your company.
2.Choose the appropriate tool
Regardless of why you’re investing, picking the correct instrument is critical and necessitates some research. First, make a list of questions to evaluate providers, then write down and compare the replies.
On a high level, you’re looking to see if the tool:
Offers the correct forms of UGC; will be a true partner from installation to growth; will show you how to make wiser, consumer-driven business decisions; and can increase the number of eyeballs on your reviews at important decision-making moments and in areas where your customers want to purchase.
3. Collect reviews
Consumer confidence, purchases, SEO benefits, and insights all increase when there are more reviews. That is why it is critical to aggressively collect customer feedback to enhance volume. Shoppers not only favor products with a lot of reviews over those with few, but the freshness of the reviews also affects conversion rates.
A post-purchase email sent to customers after purchasing is one of the most typical strategies to generate reviews. It makes it simple and easy for recent purchases to provide their comments. Sending free samples to customers can help you generate positive feedback before the product’s formal launch.
Product sampling can also be used to speed up the review collection process for seasonal products and provide existing products with new information.
You can also use other touchpoints with your customers, such as emails, social media, and product packaging. Regardless of the strategy, review moderation is essential to maintain authenticity.
4.Spend time on day-to-day management
The most successful businesses have a team to oversee the ongoing actions required to monitor and enhance a UGC strategy. Communication with others across the firm about the benefits of reviews, implementing review generation tactics, responding to negative feedback, and responding to product-specific concerns promptly are just a few of these actions.
5.Recognize and act on useful insight
There is no better approach for businesses and merchants to have a deeper understanding of their customers and products than to solicit feedback directly from them. Getting information from the source can help you make key business decisions, and digging deeper than the star rating is extremely valuable. In addition, even little elements in a review can help you differentiate your offers, improve your marketing and message, and uncover opportunities to re-design and develop new items.
Real-time client voice in material, good or negative, maybe empowering. From customer service and product to brand and category managers and merchants, it exposes chances to explore how to better serve your customers.
6.Keep track of your ROI
The most significant metrics are determined by your company’s goals and might vary greatly. Most UGC providers give a variety of tools for evaluating the effectiveness of your UGC strategy.
Conversion rate (the effect of reviews on specific product purchases), engagement (how long a shopper remains on the page), and cost benefits (how much money is saved by appropriately setting customers’ expectations) are all examples of these metrics.
Finally, you can report on the revenue impact if you include elements like the decline in return rate, the impact of reviews on offline sales, the increase in marketing efficacy, and the value of obtaining insights.
Wrapping up
Hope the above-listed tips will help you to maximize the ROI by collecting photos/reviews. Don’t hesitate to find the solution for the photo/video review collection. Here is the best solution that will help to do the same. Just try it to experience the drastic change in ROI.
Best of luck!
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