Uncovering Critical Insights from Product Reviews
It seems obvious that online reviews influence consumers’ likelihood to purchase products. But the fact that 95% of consumers read reviews before purchasing a product online is staggering.
More Reviews, More Voice of Customer Insights
RetailNext recently published an article about how brands should focus on receiving more product reviews. It suggests things like encouraging reviews on multiple sites as well as social media, offering consumer incentive to review products and providing free shipping options. These are all great suggestions to increase reviews. But the real question is how are retailers going to utilize these reviews to truly increase brand success?
After all, more reviews themselves aren’t going to increase product quality, market share or sales. This can only be done by truly analyzing product-specific reviews, benchmarking against competitors’ products and then improving products based on this analysis. What are common product deficiencies customers are mentioning in reviews? What do they say about the fit? Is it the quality they were expecting? These are the critical questions that retailers need to be asking. And the answers lie within these millions of product reviews.
Product Reviews Turned Actionable VoC Insights
Hearful is a voice of the customer solution that sifts through these reviews, blogs and social media posts with advanced text analytics and theme-specific machine learning. Hearful can then provide brands with specific product insights and even benchmark them against competitors. Insights like: Brand A’s running shoe scores 8 percent higher on quality than Brand B’s. Or Brand C’s girl’s skinny jean ranks lowest among competitors in fit. Brands can clearly see opportunities and risks with aggregated product-specific feedback.
So retailers, go ahead and work on increasing your product reviews. But then, utilize them to their fullest potential and increase your overall brand success.
To learn more about Hearful’s flexible, innovative software please visit www.hearfulhub.com.