Ever wondered why sometimes your business experiences a reduction in sales Well, you may be overlooking the significance of online review management. Analyzing the reviews of a customer is critical for understanding your customers and improving the customer experience.
Fulfilling your customer’s needs is the key to increasing your sales and increasing business profits. The following are some of the challenges that you can solve by analyzing the reviews of your customers:
1. Competition
Analyzing customer reviews can help keep you informed of the expectations of customers in your market. Commonly, customer preferences change periodically: at one point customers may demand a particular kind of product; then at a different point they may demand a change or adjustment (redesign, upgrade or refinement) in the same product.
In addition, analyzing the reviews of your customers helps you know exactly what they need to be incorporated into their preferred product. Tatvam’s effective and frequent customer feedback analysis can help you adjust quickly to the changing demands of your customers, which could help you retain them, thus helping you stay ahead of your competitors.
2. Product marketing
Customer review analysis can help you conduct effective product marketing by updating you about the most preferred types of products or services. Tatvam can help you analyze the reviews of customers and subsequently sample them to determine the order of preference of your products or services based on the total number of reviews per product or service.
This can help you know the types of products or services you need to market more. For example, if you are selling mobile phones with various models, you can watch out for those models with a few customer reviews and develop a better marketing strategy for them to attract more buyers.
3. Changes in product
Analyzing the reviews of your customers can help you make appropriate changes in your product. Customer experience analysis can be an essential source of information that can guide you to make the correct changes in your product in an attempt to meet the demand of your customers.
For example, your customers may complain about your product’s bulkiness that hinders them from moving around with the product. You can use the information obtained from customer experience analysis conducted by Tatvam to make changes to your product and meet the needs of your customers.
4. Change in selling strategy
You can analyze the reviews of your customers to know when and how to make changes in your selling strategy. Tatvam provides you with the sentiment analysis tools you require to collect the information you need regarding the needs of your customers to help you maximize sales.
Typically, we tend to purchase what we can afford. You can develop a selling strategy based on the price of your products or services by pricing competitively.
Sometimes, your customers may complain about high prices while giving a review. This information can answer why you have been experiencing low sales; hence, the need to lower your prices a bit.
5. Customer Feedback
You can use customer feedback to know how your customers regard your products and services. Almost all of us want positive feedback on everything we do. Negative feedback from your customers should act as a warning to coerce you to improve the quality of your products or services.
Getting negative feedback from a customer can help you improve the quality of your subsequent products or services, which could help you, solve the challenge of negative customer feedback. Tatvam helps you change all your customer feedback into actionable insights.
Read the related blog: Why customer feedback can change the way people see your business.
6. Importance of Customer Review
A customer review is an important tool for measuring the credibility and quality of the products and services we provide. It is through customer reviews that you will know how your customers feel about your products or services and whether you need to improve on what you are doing.
The significance of customer reviews has been exhibited by several surveys conducted on various parts of the world. A particular consumer review study conducted in 2012 on 2862 respondents from the UK, US and Canada, and published on Searchengineland.com revealed that approximately 72% of consumers trust online reviews while 52% of consumers stated that they are more likely to consider local businesses with positive online reviews.
Based on this study, you can develop various strategies to give your business an edge. For example, you can develop a strategy to acquire more reviews for your business. You can do this by always giving an option for your customers to leave a review in the wake of receiving your products or services.
Also, you can consider improving the quality of your products and services in a bid to enhance customer satisfaction and increase your chances of getting positive feedback for each and every product and service you provide.
Analyzing the reviews of customers can help you solve many business challenges, which could help you attract and retain more customers and stay ahead of your competitors. You should always invest in engaging your customers through reviews as this could help you know your areas of weaknesses and leverage the available opportunities in the market.
Read the related blog: 6 steps to a feedback analysis strategy that will improve customer experience
Tim works as the VP of Sales and Marketing at NetServ Applications and oversees the development and client relationships for NetServs’ proprietary product Tatvam. Tatvam is a Customer Feedback Analytics product that leverages technologies like Machine Learning and AI to help companies monitor and improve their customer experience. Tim both manages the product log and the development teams to ensure they are consistently innovating and delivering a true value-add product, as well as continuously works with Tatvam customers to help them improve their data strategies and customer experiences.
