The purchase decisions made by consumers have undergone a fundamental shift of late. Online forums are overwhelmingly visited by shoppers in the pursuit of guidance regarding their choice of expensive goods and services. In comparison to their reliance on the editorial critics, they are depending more on the criticisms shared by fellow consumers that have already experienced their chosen line of products and services. Consumer product reviews have started playing a crucial role in driving savvy marketers towards deploying and managing consumer product reviews online for enhancing their cash register inflow.
Editorial reviews have been trumped by these reviews through a margin of three to one in terms of purchasing behavior of consumers. This is all about rating a product or service after it is bought and tried by consumers. A sample of 2000 adults in America have been tried in a survey released by Weber Shandwick.
It’s actually a bit intuitive to some marketers. The effectiveness of these consumer product reviews towards influencing the consumer decisions is always a less understood topic. According to a recent survey, some 65% of buyers got influenced while buying electronic goods. They have even admitted to selecting brands that were not their in their original list of consideration.
Solutions to some important questions raised by marketers based on modern researches:
* Don’t you come across fake consumer reviews? A few of them are indeed fake. The authenticity of reviews posted by consumers is indeed a cause of concern for many prospective buyers. A dependable pattern can certainly be established once you read through a number of them. Prior to developing your opinion about a particular product, you may consider reading some 10-11 consumer product reviews online.
* Don’t you have anything to say about the negative reviews that you come across? Negative reviews are considered by consumers that keep them in mind. It is often said that over 30% of the reviews shared by consumers regarding a specific product has to turn negative for consumers to doubt their effectiveness. Just a review or two is not reason enough to drive you crazy about the effectiveness of the product.
* Can you actually look to influence hundreds of reviews at once? That’s not the main factor even if you can’t influence all of them. Consider these product reviews as another reason for you to interact with your customers over the internet; it urges you to use the best possible resources and convert reviewers into permanent members of your online network.
There are certain marketing implications in this modern era of products and services. Various kinds of products and services are benefited through application of studies conducted on consumer behavior; such studies also involve usage of a wide range products and services.
Five engagement rules for product reviews that you ought to consider:
1. Corral informative reviews – Consumers are helped by product websites that showcase a representing product sample; it curbs the chances of their getting distracted by products launched by competitors besides simplifying the entire process.
2. Format of review websites help develop marketing pages of various products. The marketing collateral shouldn’t be considered. Purchase decisions are transformed by the consumer reviews; it is a better idea to follow their models.
3. Consumers need to be encouraged to share reviews on fresh products across online review platforms apart from the site launching the product. At the same time, one needs to make sure of the original resources for resolving issues related to service quality. It is necessary for validating a product’s praiseworthiness.
4. User reviews can’t be affected by marketers directly. Marketers have the ability to identify reviews that are strong enough to influence the minds of users; these reviews can be posted across different social networks, online forums and product websites. User reviews seem more effective when they possess specifications and data pertaining to a relevant product or service besides being well-written, balanced and fair.
5. Identify the various channels like social networking websites, review and retail sites that the consumers visit on a regular basis. During the course of this buying process, marketers obtain ample opportunities of getting engaged with consumers.
Experiential products bought by consumers have been the reason behind so many online product reviews; various consumer forums have suggested a study of such effects on the basis of a particular structural model. The limitations on similar item’s buying behavior tend to characterize these products; it also includes experiences shared by users regarding past usage of such products. The quality of all products tend to vary with time; that’s why it becomes all the more important for the buyers to learn more about the changing nature of a product line through various periods.
The product evaluation done by a consumer and reflected in his reviews follows a model that presides the credibility of his reviews. All of these consumer product reviews online earn a better reflection of the actual information associated with a said product when the precision is higher. This way, the choice probabilities of a consumer are affected by online reviews.
You’re bound to come across certain websites that lay stress upon factors like review credibility and product quality; a number of these websites urge consumer habits to be judged upon the Bayesian learning framework. This model is applied on a set of panel data involving some 2000 purchases made by over 200 consumers. A huge chunk of consumers are known to learn more about the nature of products from these online reviews instead of their past experiences on similar products. The products reviews help illustrate the impact of profit and how it changes with posting of more reviews through a counter-factual analysis.
At the same time, one needs to identify fake reviews. Uncertainty of consumers is enhanced by the fake reviews. The way the choice of consumers is affected by the frequency and effect of such online reviews is relatively weak over websites that reflect such fake responses on product description. One needs to be careful while reading through such responses. Gathering knowledge on the basis of ideas established by 10 or more reviews might prove helpful while experiencing a specific product or service in reality.