The Importance of Customer Comments for Business
For many businesses offering products or services, customer reviews are an excellent source of feedback to understand their performance and recognize potential issues that need to be addressed. Customer reviews also play an important role in not only informing the business, but also informing consumers as well. In 2014, 88% of potential customers read customer comments and reviews; today that number is 95%. However, the issue with reviews goes beyond just collecting them. Companies who invest in obtaining in depth customer reviews from their consumers must analyze the content for actionable results. Text analytics and data analysis go hand in hand with reviews to provide value from feedback.
52% of consumers see customer reviews as equal in value to a recommendation from a friend, this is why 67% of people will think twice about doing business with a company that has more than three negative reviews. In today’s digital world, customer comments provide a certain amount of credibility. By showing people both the good and the bad, businesses can provide a balanced view of their product or service and seem more genuine to their consumer base. To gain better positive reviews, understand that 70% of individuals will leave a positive review if asked to do so and that 31% of customers spend more money with a business that has excellent reviews. This can equal a better bottom line if reviews are positive. By analyzing the wealth of information inside customer comments, businesses can understand those issues that dissatisfied customers are facing, decide how to resolve the problem, and then take steps to create a better product or experience.
Consumers agree that star ratings are important to a review, they provide a quick overview of how a customer feels to others. 58% of consumers report that a star rating affects how they view a business, with 67% agreeing that more positive reviews make them more likely to buy. Analytics provides a clear breakdown of a company’s star ratings, giving a high level view of overall performance based on this structured metric. Analytics provides the context behind the rating to gain better understanding into the sentiment behind the stars. Text analytics provides deeper understanding of customer feelings and contextualizes the content to create data driven decision making. By truly hearing the voice of the customer, deciding on a course of change, and putting those plans into action; companies can create better customer experience across every aspect of their business.