Think back to the last time you bought something online. In all likelihood, you instinctively looked at the review score of the product before clicking “buy.” Reading what your peers thought was a fundamental part of the process – and something you’d be loathed to live without.
It makes sense, therefore, that if you’re selling a product, you focus your attention of gathering reviews from customers. The more reviews you have, the better you can respond to your customers and make improvements to your processes.
One of the most significant opportunities right now is so-called “big data.” Collecting lots of information and harnessing it in the right way can help you identify trends in product uptake that would be impossible to get a handle on otherwise. As review volumes grow, you can cut the cost of complex analysis and gain a comprehensive view of the marketplace.
The following infographic shows just how much the value of online review data has changed in recent years. As review numbers rise into the tens of thousands, firms can gain vital insights that enable them to make data-driven changes to their production processes and strategies that they never could before.
Businesses, however, need to be careful. While responding to data in customer reviews is important, the customer isn’t always right. Product modification is costly, and responding to demands won’t always generate positive ROI.
If you’d like to learn more about the importance of online reviews, take a look at some of the data and stats in the following infographic.
Infographic by University of Alabama Birmingham