How Companies Can Use Review Information to Become More Profitable
Nowadays the buying decision is highly influenced by the review information about the product or service available on the internet. Therefore potential buyers will first read the reviews, which is usually in form of feedback from customers who have already used the product or service. People make the use of review information by evaluating what the majority of other customers thinks about the product or service therefore making a decision to place an order or look for the substitute to the product or service. Therefore review information has the capability to affect the overall profitability of a company. The followings are ways that a company can make the best use of review information in order to attract more buyers.
One way of taking advantage of review information is the business planning ahead about it. This involves taking charge of being the first party to publish review information. This involves having a team in charge of sharing the key features of the product or service that makes it to be of superior quality. Therefore when a potential buyers uses search engine looking for review information about the product they will also see the company’s description about their own product. To do this effectively the company may start a blog and also have a precise review information published on their business website homepage.
Another way of making the best use of review information is analyzing the written experiences of using the company’s products shared by the customers on various online platforms. When going through other customers’ feedback potential buyers are keen to see the response of the company about the issues raised. This is because customers are likely to change a negative comment to a positive one if the company contacts them by replying to the first negative post and offering assistance. Therefore it is very important to reply in writing to any of the customers’ feedback. The work of the representative will be to thank the customers in writing for using the company’s product and handle any negative feedback. The reason for the follow up is to make the previous customers have a positive attitude towards the company making them buy again in the future and also recommend the product to other people.
Companies can also use review information as a source of new product ideas and/or make changes to existing products. The customers’ feedback is a great way of learning about their needs, wants and preferences. Therefore the company is able to know whether their product meet the customers expectation which affects satisfaction. If not the company should introduce innovation on the product. The customers’ feedback may also guide the company on the features of the new product they are intending to design. For example customers may request the company to make the product in various shapes and/or colors.