Why product review is important?
It is no secret customers love leaving product reviews, and potential customers love reading them. Customers will leave reviews on specialized sites like Yelp or Tripadvisor, on Amazon product pages, and even on social media.
And they won’t simply review your product – People will tell you exactly what they are thinking about your product or service, what new features they would like to see, or what they are missing in the current market.
So, monitoring and analyzing product reviews is not only crucial for your business’ survival in a cutthroat market, but also a goldmine of consumer insights you can use to encourage brand growth and improve revenues.
This blog post will tell you how businesses can leverage product reviews to improve their marketing, customer experience, and sales.
5 Ways top brands leverage product reviews analysis to their advantage
1. Improve your brand exposure
Online product reviews are perhaps the most common form of word-of-mouth marketing. Positive reviews and ratings increase brand visibility, helping more potential customers reach your product.
Significant way customer reviews affect your brand exposure is by directly influencing your product’s search rankings. The more reviews a product receives, the higher it’ll appear on a search engine listing. Retail search engines like Google or Amazon use reviews and ranking to determine product popularity and relevance, often showing shoppers products with higher review volume. Hence, encouraging customer reviews will ultimately increase traffic to your product page, improving sales.
Another way to make sure consumer flow will only grow, is optimizing your product page content with trending keywords. Monitoring and analyzing how customers describe a product in their reviews helps discover keywords or phrases. Consumers will often write their reviews using the same vocabulary as when they search for the product. Identifying keywords and using them in your search engine optimization (SEO) will improve brand visibility and listings, attracting more consumers.
2. Increase brand value
We care what other people think. Even if they are complete strangers. According to a 2016 research, 94% of online customers read reviews before making any purchasing decisions. This phenomenon, called Social Proof, explains how customer reviews not only attract potential customers, but also makes them willing to pay more for the product.
Sharing those positive, five star reviews on a business’ social media or website is a sure way to increase their product value. This “brand equity” is the value consumers place on a product based on their opinion of a brand. A good brand equity will not only boost sales, but also keep a brand valuable in the long run.
3. Improving customer experience
Engaging and communicating with customers is a sure and easy way to improve customer experience. And customer reviews have become a great communication channel.
Tracking and responding to customer dissatisfaction or pain points will make a world of difference. Customers that feel heard and listened too are more likely to develop a strong sense of loyalty to your brand, eventually becoming repeat buyers and valuable brand ambassadors.
First thing is don’t shy away from bad reviews. Customers are skeptical towards brands who have only good reviews. A perfect rating and a sea of positive reviews makes the reviews seem fake, causing potential customers to stay away from your products. Moreover, negative reviews are perfect for learnings about customer issues with your brand, and how to fix them. So, use those negative commentaries to increase brand credibility and maybe identify a pain point or two.
Secondly, do your best to respond to all complaints. Ignored and frustrated customers will spread negative word-of-mouth like wildfire. Consumers need to know businesses are listening, and are doing their best to provide a solution. So, monitor and analyze those reviews, it’ll bring your customer experience to a whole new level.
4. Product Innovation
As mentioned earlier, customers will tell you exactly what they think. Diving into customer reviews allows you to gain insight about what people are missing in your product (or your competitor’s). This major customer feedback channel provides you with data regarding customer needs, wants, and desires. It enables you to identify what needs to be changed, improved, or innovated in order to stay ahead of your competition and drive brand growth.
Innovative brands are seen as having groundbreaking products, establishing a sense of uniqueness, even if their product or service are similar to the competition’s. This creates an image of expertise that attracts customers to a brand. Buying from “the best” or getting the most “professional” product builds customer trust and confidence, increasing brand equity, sales, and revenues.
5. Marketing Optimization
Knowing what your customers are thinking is a superpower – it gives you the ability to match customer expectations, wants, habits, and behaviors. Customer feedback insights are essential for effective customer centric marketing and advertising.
For once, having focused and targeted marketing campaigns, optimized for your target audience and designed with customers in mind, enable businesses to better use their resources saving them time and money. But that’s not the only advantage.
After aggregating and analyzing customer reviews you’ll be able to create on-point, innovative marketing strategies. Data-driven, efficient and innovative marketing encourages flexibility and quick thinking, keeping the brand ahead of the game, and tuned-in to an ever evolving market.
Revuze’s review analysis solution uses innovative low touch AI technology to provide you with accurate and relevant customer feedback analysis.
Revuze’s Self learning algorithms scan and analyze customer reviews, identifying sentiment and flagging pain points. The end result is highly granular customer review analysis for data-driven decision making that will elevate your brand to a whole new level.