Go back ten years, and online review volumes were still pretty low. Even popular products might only have a few dozen reviews. Typing reviews into boxes and giving star-ratings wasn’t a significant part of the culture.
The situation today is vastly different. Many products have hundreds, if not thousands, of reviews, providing an opportunity for product developers to create better products.
Online reviews have vast potential to dictate the way you build out your business. With the right review strategy, you may be able to avoid regular feedback gathering exercises and get the data you need directly. You can unearth hidden opportunities in the market and look for problems that your team might have missed.
It’s not all good news, though, as the following infographic makes clear. While online reviews can be helpful, there are several pitfalls you’ll face along the way.
Perhaps the most important is the fact that interpreting the data isn’t always easy. Typically, you need a big data specialist who understands how to translate review data into actionable insights. Hiring such a person is costly.
Second, many companies can also “over-respond” to customer reviews, trying to take on too many of their suggestions, adding high cost to product development. Thus, the way you make use of online feedback is just as important as gathering insights.
Are you trying to develop a product? If so, please be sure to check out the following infographic. It charts some of the benefits of using online reviews for product development and potential pitfalls.
Infographic by University of Alabama Birmingham