Why Ratings and Reviews Are So Important to Direct Funders and Business Loan Brokers

Updated: Sep 18

Everywhere, we are awash with online ratings and reviews of all kinds from the likes of Google, Yelp, Facebook and so on. We as individuals are always comparing ratings and reviews for similar types of businesses that we are interested in engaging with, from anything from finding the best Italian food, to who can fix my roof, and it’s become second nature on how we choose, especially in the business lending industry, where there are so many business loan brokers and merchant cash advance funders to choose from.

How do we choose the right one to work with and how can we use ratings and reviews to stand out from our competitors and rise above the crowd? 


How do Ratings and Reviews improve your Bottom line?

Now I know we are so big into numbers in the alternative finance industry so let me give you some stats that will drive home how important having good ratings and reviews will improve your success and bottom line:


-94% say an online review has convinced them to avoid a business.

-93% of consumers say online reviews defiantly influence them in choosing who to do business with. 

-92% of Business to Business owners report that they are more likely to do business with a company after reading an excellent and trusted review.

90 percent of consumers read less than ten reviews before forming a belief if they want to do business with someone.

-57% of consumers only engage with companies with 4 or more review stars

3.3 is the lowest star rating of a business that people would consider working with

-13% of consumers will consider working with a business that has a 1 or 2-star rating.

-Just by Improving your review star rating by 1.5 could equal 13,000 more leads.  

-The likelihood of someone doing business with five reviews is 270% greater than a product with 0 reviews.

-Consumers read an average of 10 online reviews before feeling able to trust a local business. 


In plain English, if you like money, then as a business loan broker or an owner of a funding company, you must be just as motivated to get great reviews and ratings as you are in working to convert leads into closed funding’s.


A better and more profitable way for you and our industry at large


Here at Funder Intel, our mission is to shine a light on the best direct funders and business loan brokers in our industry, by providing a safe and centralized place where members of our industry can connect and work with quality individuals who do things in an honest, fair and straightforward way, while raising our industry to new heights of transparency and success, that will weed out the bad actors which can make things so frustrating for ourselves and the clients that we serve.


When you sign up for free as a member and join us in our mission, not only will you be able to contribute ratings and reviews that reward MCA funders and ISO brokers who do things in the right way, but you will benefit as other people and companies give you excellent reviews and ratings for your good work, which will raise your reputation and profitability in the future.


At the same time, you will help other people make better decisions in who to do business with and save them from falling into the trap of those predators in our industry, who engage in double funding’s, stacking, and backdoored deals, and who are only in it for themselves and their greed.


I know myself as a veteran of this industry that I wish that I had this kind of resource when I was starting on my journey, to know exactly who I could trust and connect with to grow my funding business while helping people get the business funding they needed to improve their lives. It would have saved me a lot of aggravation and headache and I’m sure it would have done the same for you as well.


So, let’s all work together to help raise ourselves and our industry to new levels of profitability and success, one rating and review at a time.



Sources

https://www.reviewtrackers.com/reports/online-reviews-survey/

http://learn.podium.com/rs/841-BRM-380/images/2017-SOOR-Infographic.jpg

https://learn.g2.com/consumer-reviews

https://www.brightlocal.com/research/local-consumer-review-survey/

https://www.podium.com/resources/podium-state-of-online-reviews/

https://searchengineland.com/87-percent-customers-wont-consider-low-ratings-228607

https://www.location3.com/wp-content/uploads/2018/04/Location3-case-study_PPC-Reviews-Correlation-2018.pdf

https://spiegel.medill.northwestern.edu/online-reviews/



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