I love to find as much information about a product before clicking the buying button. But I find that we are in the era of over-informed consumers and it is getting difficult to decide which product to buy amongst the hundreds of offers.

That's why I personally rely on product reviews from different sites. For me, these are so important in guiding my business decisions. Product reviews are so important to me that I now use them for both my business and private life.

If you look at it closely, reviews act as background checkers. It's like calling a friend who has been there and using the product. A review is the same thing. It provides key information for all of us about the pros and cons of a particular product. And this is true for services, hardware, software, etc.

So why are businesses so focused on these reviews? Here is what I found out:

From Customer Feedback Create Your Product's Competitive Edge

Businesses have long known that customer feedback is gold. However, it is only recently that businesses have begun to truly harness the use of product reviews from third parties and feedback from happy or unhappy customers leave for free. It is clear that this "free" golden nugget of business intelligence can transform an underperforming standard product into a leader of its pack. Here is why:

- Consumer Preferences: Reviews reveal what customers crave about. This allows businesses to fine-tune their technical and commercial offerings.
- Pain Points Identification: Customer reviews lay bare the flaws in products. So companies can use these flaws and turn them as a roadmap for developing new features. The reviews are simply a tool that allows businesses to decide where they need to bolster their efforts.
- Brand Loyalty: When companies listen and adapt based on feedback, customers feel heard and valued, fostering loyalty.

Put simply, leveraging customer feedback gives businesses the competitive advantage they need in today's saturated product market. By actively listening and responding to their customers, companies can craft a tailored experience that stands out in the minds of their audience.

So what's going on with the art of collecting and analyzing product reviews

There's plenty to do in this. And there are plenty jobs around analyzing the data and setting up a company's strategy. DATA is everything really. To tap into the treasure trove of customer perspectives, your strategies need to be as diverse as your clientele. Nowadays, companies diversify how they collect data as every customer will respond differently. Here are some tactics used by businesses with some brief description:

- Utilize Surveys Strategically: Keep surveys concise and targeted to encourage participation. They can pinpoint specific facets of the customer experience you're keen to improve.
- Encourage Open Dialogue: In-depth interviews and focus groups can unearth rich, qualitative data. They provide depth beyond what you might glean from a survey.
- Watch and Learn: Usability testing can spotlight real-time frustrations or delights customers encounter, guiding your UX improvements.
- Tune into the Buzz: Social listening isn't just about reputation management—customers' candid chatter can unveil genuine sentiments and emerging trends.
- Direct Communication Lines: A simple feedback form on your site prompts customers to share their thoughts, often leading to actionable insights.

Remember, feedback is more than just a collection of critiques. It's a dialogue, and you're setting the tone. The vast majority of businesses use what is called AEG methodology, meaning Acknowledge, Engage, and show Gratitude. Your customers are heard by Acknowledging and Engaging in the feedback. By developing a product tailored to what the reviews asked for, you are showing gratitude for the customer's feedback you receive, hence creating loyalty and a good feel factor.

Can small businesses also benefit from analyzing product reviews?

Absolutely, small businesses can benefit from analyzing product reviews just as much as larger ones. It helps them understand customer perceptions, improve products and services, and tailor their offerings to better meet market demands, ultimately driving growth and customer loyalty on a scale that is manageable and impactful for their size.

Just to summarise this. We all want to buy things, but we do not want to be left with a hefty price for a product that does not work. So that's why we were told since we were born to check and double check if a product is good. And we use friends and families to do so. But in this age of internet, we are all turning towards virtual reviews left on websites. And we like to read not the good reviews, but the bad ones that gives us some insight if something is wrong with the product. Most of the time, we will find that the negative review is either put from a competitor point of view and these are easy to spot.

But some negative reviews we will find some great information. For instance, someone will say that they did not like the color of the product. Some others will say that the product does not has a function that another product has (an old version of a product may have more features than a new one for saving costs). So the negative reviews can bring us key information as much as the positive reviews.

Overall, what I mean is that if you are looking for a job, then you need good reviews from your ex employers. So don't fall out with your employer. Just move on. If you are looking for a good hotel, then look for the reviews that says do not use this room is hunted . Anyway, I think you got the point.

PS: Have you ever read a review that was so funny you could no believe it? Share it with us.