In this article, we’ll talk about why online reviews matter for credit unions and what your credit union can do to leverage reviews to your advantage.
Why Online Reviews Matter
It’s simple: your members trust online reviews. Studies show that 92% of consumers consult reviews before making a purchase decision. When your members are making a decision important as where to put their money, they’ll want proof that you can provide the best services. Online reviews serve as the most authentic social proof that you can ask for.
Reviews also help credit unions with local SEO. Google trusts reviews (especially those posted on its own site). According to Moz, reviews are the third-biggest factor determining local search ranking. The more reviews you have, the higher you’ll rank on search engines and the more visibility you’ll have to potential members.
Best Practices for Online Reviews
Here’s what your credit union can do to start growing with the power of online reviews.
Claim Your Profile on Prominent Review Sites
The first step is making sure that your members can find you on sites like Google and Facebook. That means that you should claim your profiles on these sites. Once your profiles are claimed, it’s easier for potential members to find your credit union.
Collect Authentic Reviews
The more reviews, the better. Typically, only members who feel that they had strongly negative experiences will leave reviews unprompted. This might give the wrong impression of your credit union to the public. That’s why it’s important to solicit reviews from your members. Doing this will help you get more well-balanced feedback from your members.
So how can you start getting more reviews? The answer is simpler than you might think: just ask. Studies show that 70% of consumers are willing to leave a review if asked.
Respond to Member Reviews
It’s not over once you get the review. Be sure that you’re regularly responding to your member reviews. After all, a simple “thank you” can go a long way when it comes to building loyalty. A sincere apology can also help you change the opinion of an angry member.
Plus, Google has confirmed that responding to reviews means a higher search ranking. By regularly responding to reviews, your credit union can start being more visible to potential members.
Want to see templates of how you can respond to your member reviews? Click here to download our free eBook “Review Response Templates”.
Change Operations Based on Customer Reviews
Remember, a negative review can be a blessing. While they can be unfair, they can also provide constructive feedback on how you can improve operations.
Let’s say that a member leaves a negative review, complaining about something like “bad service”. This can be a sign that some of your employees might need further training to better serve members’ needs.
Pay Attention to Competitors’ Reviews
If there’s a competitor in your area who has more reviews and a higher overall star rating than you, it shows that you might have some work to do. Maybe you should start spending more time sending review requests to your members.
How Online Reviews Helped Baton Rouge Telco Federal
Baton Rouge Telco Federal is a 4-location credit union based out of Lousiana. Understanding that reviews could help bring in new members and increase visibility, the credit union tried to find a software that could help both collect customer reviews and leverage them for growth. That naturally led to BirdEye.
With BirdEye, Baton Rouge Telco Federal collected more than 300 reviews. BirdEye makes it easier than ever for credit unions to send review requests automatically. When a member gets a loan approved, BirdEye automatically sends a review request. That means the member can leave feedback while the interaction is still fresh on their minds.
BirdEye also helps Baton Rouge Telco Federal keep track of the competition. In the BirdEye dashboard, the credit union can see how its own online reputation stacks up against the local competition. Right now, the Baton Rouge Telco Federal has more reviews and a higher overall star rating than any other credit union in the area.
More reviews have also helped the credit union’s search ranking. Now Baton Rouge Telco Federal is the top-ranking credit union for the search query “best credit union baton rouge”. With the power of reviews, Baton Rouge Telco Federal is now being found and being chosen by more members.
Why You Should Use a Review Software
Collecting and managing your reviews manually is tough. With all the different review sites on the Internet, it takes a lot of work to see Here’s how software like BirdEye can help your business grow.
More Reviews Automatically
With BirdEye, you can get more reviews automatically. BirdEye integrates with your business systems so that you don’t have to worry about sending review requests via text and email manually. Just set it and forget it.
Respond to Reviews Easily
There’s no need for you to flip through the hundreds of review sites on the Internet. You can view reviews from all over the Internet on the BirdEye dashboard. BirdEye also gives you review templates so that you can automatically respond to reviews.
Share Your Reviews with the World
Reviews don’t have to only stay on review sites. They can also be authentic marketing materials for your business. BirdEye allows you to automatically share glowing reviews on your Facebook and Twitter. BirdEye customers can also display a live review feed on their website simply by copy and pasting a simple line of code.
Get Insights with Natural Language Processing
If you’re running a multi-location credit union, chances are that it’s tough to get insights from member reviews. After all, sorting through each branch and trying to see what individual members care about the most can be overwhelming. Natural Language Processing makes the process easier.
Try BirdEye, the Best in Class Review Software
Online reviews matter for credit unions and businesses across all industries. That’s why you need BirdEye. BirdEye has been named the best review software in the industry by G2. No other review software on the market offers the same range of different features as BirdEye whether that’s scalability, advanced insights, or review collection.
Check out how BirdEye can help your credit union get and manage reviews.