A new global consumer survey conducted in 2019 has revealed that product reviews are the most important factor when making a purchase, next to features and price.
Price and product features are, of course, going to be at the top of the list of what people consider when shopping. Our new Artificial Intelligence tool shows this and emphasizes the importance of product features, uncovering insights based on topic and association.
The fact that product reviews rank next is not surprising to us at Channel Signal because we live and breathe in this space every day. However, it should be of great interest to most companies. Product reviews are a two-way street in which consumers:
- deliver high value messaging into the broad marketplace
- report back to brands about whether expectations were met
Furthermore, product reviews were ranked above other factors like Brand and Expert Reviews. Long-time brands which rely on their name and history should be aware that the state of brand loyalty is changing rapidly.
The results also point out that customers are not paying attention to marketing messages and instead rely on each other through product reviews. Six months ago, I published a book on this shift of power to the consumer. The book is called Stand Out in the Age of the Consumer and can be found on Amazon.
I keep hearing the same question from companies: “What do I do with product reviews?”
Here’s the answer: Measure them and then line up your Marketing, Sales, and Product Development with what consumers are reporting to you and the marketplace.