by Matt McGee

People are talking online. They’re talking about your company, your products, or perhaps your industry. And what they’re saying has a big impact on your chances of converting that next lead or closing that next sale.

Last month, Li made an impassioned case for conversations being the focus and goal of social media. Social media, she said, is an “opportunity for the general public to voice their opinions about brands, products, companies and their opinion of what is really relevant.”

The latest evidence proves that’s exactly what a lot of people are doing online. According to a survey done by the Opinion Research Corporation, reviews are a major influence on consumer decision-making. This isn’t new information, either; consumer reviews have been cited for years as a growing trend in determining who wins and loses online.

Here are some of the stats from the ORC survey:

• 83% of respondents said online reviews had at least some influence on their purchasing decisions.
• 70% said they look for reviews and information about particular types of products and services, with travel/recreation/leisure topping the list of most researched niches, and electronics right behind in 2nd
• 61% look for online reviews before purchasing a new product or service

There’s no hiding from the power of consumer opinion online. If you’re a business owner, the time is now to make sure you know what’s being said about you, your products or services, and your industry as a whole.

You can download the ORC news release (24k PDF) for more background on the survey.