Showing prospective clients the value of working with you always beats telling them.
And social proof is the best way to show them, ideally in three ways:
- Client surveys
- Testimonial videos
- Online ratings and reviews (usually on Google and VouchedFor, with some firms also using Glassdoor).
They each demonstrate the benefits of working with you and impress prospects on their digital journey to your door.
So, over the Christmas break, we thought we’d look at how firms in 2024’s New Model Adviser Top 100 are doing when it comes to social proof.
Here are eight things we learned and what they mean for you.
1. The number of firms with Google reviews has almost doubled
These days, if you don’t have Google reviews, you’re in the minority.
The number of firms with Google reviews has risen significantly since we started this research. In 2020, only 45% of firms had them. By 2024, that figure had increased to 79%.
Firms without Google reviews are missing a fantastic opportunity to impress prospects after they’ve become aware of you, perhaps having been recommended by an existing client or professional connection.
2. The average number of Google reviews hasn’t changed
The firms in 2023’s Top 100 list had an average of 24 Google reviews. Fast-forward 12 months, and that hasn’t changed, which is a real shame.
The number of Google reviews you have is a function of two things:
- The number of clients you have
- The effectiveness of your habits and processes.
The second is more important than the first. In our experience, a firm’s lack of Google and VouchedFor reviews is almost always due to poor processes and habits.
3. 10% of firms have only one Google review, which is worse than having none
As we noted in last week’s blog, 11 firms had only one Google review.
That’s worse than having none because a single review draws a potential client’s attention to the reviews on their Google Business Profile. But having only one is hardly impressive.
To put it more bluntly, these 11 firms are saying: “This is where Google reviews live, and we’re only good enough to have one of them.” That’s not ideal!
4. You’ll stand out if you reply to your Google reviews because most firms don’t bother
Replying to Google reviews shows you appreciate the client’s effort, allows you to amplify their comments, and can help your SEO.
It also makes good business sense. Research from BrightLocal shows that 88% of consumers would use a business that replies to all its reviews. Only 47% would use a company that doesn’t respond.
Finally, our research shows that while the figure is increasing, only 35% of advisers/planners replied to their reviews in 2024.
That’s a shame and a missed opportunity to show appreciation to clients and impress prospects. It’s not as if it’s hard, either. We’ve even developed an AI tool to write replies for you, so there really is no excuse.
5. Client testimonial videos mean your website stands out from the crowd
Each of the top 100 firms had a website, but only 29% had client testimonial videos.
We’ve spoken at length about the benefits of videos. We believe they’re the only practical way for your existing clients to tell prospective clients about the benefits of working with you.
Now, our research shows an extra benefit: most firms don’t have testimonial videos, so those that do, stand out from the crowd.
6. Firms have 10 times more VouchedFor reviews compared to Google
We’ve already seen that the 79% of firms who use Google to collect reviews have an average of 24 each.
In contrast, firms using VouchedFor have an average of 252 reviews.
That doesn’t mean Google reviews aren’t important. They are. However, the numbers above demonstrate how much easier it is to get reviews on VouchedFor.
7. Even fewer firms reply to their VouchedFor reviews
Our research shows that just 14% of firms reply to VouchedFor reviews.
Rather than labour the point, let’s keep this simple.
Reply. To. All. Reviews.
Please. Pretty please.
8. 70% of firms are missing out because they don’t have reviews on Glassdoor
We’re told that recruiting high-quality advisers, planners, paraplanners, and administrators is tough right now, and that demand outstrips supply.
That means you should use every possible lever to position yourself ahead of other firms that potential recruits might consider. One of those levers is Glassdoor.
If you’re not aware of it, Glassdoor is a platform that allows your team members, both past and present, to rate and review their experience of working for you.
Employees are asked to:
- Rate your business out of five across a range of categories, including culture/values, diversity and inclusion, work-life balance, and career opportunities
- Say how likely they are to recommend the business to a friend
- Explain the pros and cons of being part of the team.
This information is then used to display:
- Individual reviews
- A “Recommend to a friend” rating
- An overall score in each category for the employer.
Our free definitive guide to Glassdoor explains more about the platform, its benefits, and how to get started.
Getting better but with room for improvement
We’ve been arguing the importance of Google reviews for years, so it’s great to see the message being heard.
There’s still work to do, though:
- Firms should reply to all Google and VouchedFor reviews
- Most firms aren’t harnessing the power of client testimonial videos
- Firms with recruitment on their 2025 list of priorities should use Glassdoor.
Doing these things impresses potential clients and recruits while differentiating you from your peers and competitors.
If 2025 is the year to improve your social proof, we’re here to help. We can:
- Run client surveys
- Film client testimonial videos
- Help you collect Google, VouchedFor and Glassdoor reviews.
To find out more, email hi@theyardstickagency.co.uk, call 0115 8965 300, and we’ll set up a quick, no-obligation call.
