If you study any of the most successful companies in the world, you’ll find that they have one thing in common: they’re obsessed with feedback. These firms want to know what their customers think of their products – not just the good, but the bad and the ugly too! Top businesses, therefore, invest considerably in obtaining feedback and charting product development course.
The issue, of course, is gathering and using the data effectively. Even historically, it wasn’t always easy.
Today, though, the primary source of feedback is online customer reviews. Customers post star-ratings and comments, telling companies what they liked about their products, and what they didn’t. Smart bosses worked out a long time ago that they could use these data to plot product development paths, but as time has gone by, that has become more difficult. It’s not just a matter of collecting the data but evaluating it in the right way.
The following infographic makes some of the challenges clear. Companies need to understand the nuances in the data and get to grips with the issues facing those who want to use review data. For instance, it’s not enough to apply generic statistical techniques to survey data because of sample size effects. What’s more, the analysis is complex and costly. Not many people have the necessary skills.
The infographic also shows how the value of online review data is changing. In the early days, companies couldn’t extract much of meaning, but with growing volumes, today they can. Read on to find out more.
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