7 Captivating Insights from B2B SaaS Reviews' Founder on Online Reviews - Tech Digital Minds
It’s no secret that customer reviews play an essential role in the purchasing process for software buyers. In our current digital age, where instant gratification and convenience reign supreme, online reviews offer a trusted voice of the customer at the click of a button.
But just how influential are these reviews? To shed light on this, B2B SaaS Reviews conducted two comprehensive surveys – one targeting B2B software buyers and another focusing on B2C customers. We also referenced recent findings from G2 research to bolster our understanding. The results revealed fascinating insights into the trustworthiness of reviews, their impact on purchasing decisions, and what buyers are seeking more of in their review experiences.
The 2023 G2 Software Buyer Behavior Report indicates that a staggering 84% of B2B buyers actively utilize review sites. Moreover, our survey found that nearly 9 out of 10 buyers (89%) who consulted reviews did so either "often" or "always." This trend highlights a significant reliance on peer experiences, suggesting that most buyers value the insights of their fellow consumers when contemplating a purchase.
This habit sharply contrasts with situations where buyers may only refer to reviews on rare occasions.
Source: 2023 State of B2B Software Reviews
Our findings elaborate on how B2B buyers exhibit a continuous interaction with review sites. Rather than limiting their engagement to the decision phase, many buyers refer to these sites at various stages of their purchasing journey:
This insight reveals that review sites serve as a powerful touchpoint for vendors to connect with buyers before product trials or sales meetings, reflecting the considered nature of typical B2B software purchases.
Source: 2023 State of B2B Software Reviews
Our survey indicated a distinct generational divide when it comes to the reliance on reviews. Younger buyers consistently turn to review sites more regularly compared to their older counterparts. As millennials and Gen Z continue to ascend within the workforce, the significance of online reviews is anticipated to rise, shaping purchasing habits in the years to come.
Source: 2023 State of B2B Software Reviews
The growth of B2B buyers correlates with an increase in the number of reviews contributed. Within the first decade of online software reviews, over 5 million user reviews have been logged, with G2 housing 2 million of those reviews.
While 87% of review site users have contributed reviews, a notable 39% admit to writing only a minimal number of them, highlighting substantial potential for greater participation in the review community.
Source: G2’s Q4 2023 State of Software Report
In a world inundated with information, our survey gauged the trust level of B2B buyers towards various information sources. Findings show that buyers hold greater trust in indirect sources—like peers and online communities—compared to vendor information or direct sales team outreach.
Source: 2023 State of B2B Software Reviews
When comparing the weight of software reviews against consumer reviews (for hotels, restaurants, etc.), business software buyers indicated a significant preference for B2B reviews. Roughly 62% viewed B2B reviews as more influential, with 21% finding them "much more significant" in their decisions.
Source: 2023 State of B2B Software Reviews
While both B2C and B2B buyers raise concerns over reviews, B2C consumers tend to express deeper worries about authenticity. 61% of B2C users cited trust issues, compared to 50% of B2B buyers. Additionally, the concern for shallow review content was reported higher among B2C respondents (45%) versus B2B (40%).
Source: 2023 State of B2B Software Reviews
The analysis of how online reviews influence consumer behavior highlights their pivotal role in shaping purchasing decisions. Peer feedback often takes precedence over vendor promises, underscoring reviews as a critical currency in digital transactions.
While questions regarding authenticity and depth persist, the trend toward peer-influenced buying is unmistakably on the rise, particularly among younger generations.
By actively managing their online reputation and honing their engagement with review platforms, companies can enhance their marketing and customer relationship strategies significantly.
Data for the B2B SaaS Reviews 2023 State of B2B Software Reviews report was sourced from Centiment via an online survey, involving responses from 411 US-based software buyers.
Data for the B2B SaaS Reviews 2023 State of B2C Online Reviews report was sourced from SurveyMonkey, including responses from 276 US consumers who have utilized specific online consumer review sites.
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