The Power of Social Proof: How to Leverage Customer Review and Testimonials on Your Website

Consumers, especially in the finance industry, want to understand the precise benefits that a financial product or service would provide at length before they would ever consider buying from a potential financial service provider or institution. Verifying the quality and quantifying the impact of a financial product or service has never been easier in the digital age. With just a few clicks, a consumer can visit review sites, look through a brands social media, and access other sources to see if other customers were satisfied with the experience of purchasing the company’s product or service.

This social verification concept, otherwise known as social proof, is the psychological concept that suggests that consumers are more likely to engage in certain behaviors, such as purchasing specific products or services or following current trends, when they observe that other consumers within the space are acting in the same manner. If someone else found a particular fintech product or service useful, then the chance of another individual finding that same product or service beneficial is much higher than without such social proof. Businesses can take advantage of such cognitive bias to show the world how valuable their offering is and stand out from the competition who do not have testimonials or social proof. Below are some ways to capitalize on this phenomenon and break through traditional advertising by using social proof in your marketing efforts.

Why is Social Proof Important?

In today’s digital age, consumers are bombarded with an overwhelming amount of marketing advertisements and countless options for financial products and services. To cut through this noise and competition, fintech companies must display to the world why they are the most authentic company to partner with. This is where social proof comes into play, showing to the world that their company is highly rated and credible within the industry. The more consumers validate their experiences with the company online, the better and more genuine the portrayal of credibility is for the fintech. Credibility then increases the value of the potential impact a fintech product or service can have for the consumer, ensuring the potential for great results and a better impact than the consumer would receive going with a competitor. The value of social proof has its foundation in the human need for validation, speaking to our desires of belonging and trust, making it a potent force that needs to be mastered to shape consumer behavior.

Types of Social Proof

Below are several forms of social proof that, if incorporated properly, can truly enhance a fintech’s marketing efforts.

• Testimonials
  Written or video testimonials from happy customers can be great wins for any business, but especially for finance brands. Testimonials are the gold standard when it comes to social proof. Fintech consumers are constantly scouring the internet for online reviews of products or services before committing to any purchases or partnerships. Testimonials show that other consumers in the same niche have found the product or service beneficial and impactful, which makes the potential consumer more likely to go with that same company for their financial needs as they have shown consistency in their service. Video testimonials are especially great as the video aspect of the review makes the testimonial feel more human and relatable rather than just some words on a screen.
• User Reviews
  Another type of testimonial, user reviews, is another great way to boost social proof. Good reviews can skyrocket the success of a fintech, especially if they are listed on the company’s website. Giving customers options to leave genuine feedback on the quality of the product or the benefit of the service can show potential customers the amount of outward support and positive responses the company has received, which indicates good work and a job well done by the fintech. Reviews should be taken seriously so that others in the industry can see the impact that the fintech has on the overall niche and that the company is a top-tier company to work with.
• Social Media
  Lastly, just like with any marketing strategy, social media marketing is a great way to add more social proof. Positive sentiment online about a fintech can lift the brand to new heights. To ensure one’s brand has a positive reputation online, they should have current and updated social media pages on relevant online platforms with favorable images and testimonials/user reviews detailing positive experiences with the company. This will show the world how much one’s clients value the work that you have done for them, demonstrating that partnering with the company would be a great move for their needs.
• Supercharge Social Proof
  Here are some ways to boost one’s marketing by leveraging social proof.
  1. Collect positive customer testimonials to showcase them on one’s site. This is a wonderful strategy to enhance landing pagesA standalone webpage focused on getting users to click on a strategic call-to-action (CTA)., product pages, or even paid ads. Having authentic and genuine testimonials is one of the best ways to spark marketing growth for a fintech. However, fake or inflated testimonials or endorsements can erode trust and backfire quickly. Focusing on building real and relatable social proof is an excellent way to reflect the true value one’s fintech product or service truly has.
  2. Creating case studies is another beneficial strategy to show customers the reflected value that one’s product or service provides to the industry. When potential clients see real-world examples of the impact the fintech has had on another client, it is easy to envision a similar success for their needs. Having a couple of case studies featured in the home section of a fintech site can truly liftoff the credibility of the company to new heights.
  3. Encouraging happy consumers of a company’s products or services is very important for fintech brands. Many customers would not take up the time to write or record a testimonial or review unless prompted by the business. Oftentimes, when a good service or high-quality product is delivered to the client, they would be more than happy to write a review or testimonials for the fintech if asked. Sometimes, just a small nudge to the reviews page and some incentive, such as a gift card raffle, can be an effective encouragement for the consumer to leave a review.