Product reviews can be categorized into the following:
Suggestions, Complaints, Descriptions, Appraisal – internal and Appraisal – third party.
- Suggestions: A very constructive critique of products, it provides ideas to further a products’ reach and appeal overall. A review suggests improving the ambiance of a restaurant or quality of a particular dish. It only helps future consumers as their experience is enhanced thanks to the suggestions.
- Complaints: Suppose a driver gets very negative reviews from his customers in a car transportation agency, future customers will not prefer to travel with that particular driver.
- Descriptions: A neutral review of a product like an electronic appliance, a movie. This type of review seeks to factually describe things as they are, while mostly allowing the reader or buyer to form their own opinions about the product based on features.
- Internal Appraisal: An internal appraisal of a product is quite different from other reviews. The firm, based on its resources and priorities, may decide to roll out updates or deem that a particular products’ components have to be removed from the market. For example, while buying shares in a company, a buyer better understands the direction of the company through internal appraisals. They can make their investment decisions more smoothly.
- External Appraisal: An external appraisal – perhaps by an audit firm or by agencies that certify a companies’ product standards. This can also include awards for different products in the market or even patents for products.
Some benefits of product reviews for buyers are :
- Trust in brands: At the end of the day, legitimate and accurate product reviews are after all word of the mouth advertisements by the company and for a buyer. They help persuade or dissuade a buyer effectively the most. This also helps buyers build trust in a brand’s products.
- Cross Buying and Substitute Purchasing: A buyer can buy more products based on the same brand or based on suggestions. Also, complaints influence his decision to substitute products with purchases from other firms.
- Expectations vs reality: Buyers form their expectations based on product reviews. Post-purchase, it helps them really understand how the product matches up. This gives them a fair idea of how effective product reviews for certain products and through certain channels are. It helps them in the future for purchasing decisions.
- Lifestyle preferences: Movies, restaurants, jobs at companies, travel destinations, gadgets – all of them are reviewed. It comes to a point that a lifestyle of buyers is dictated by product reviews of different goods.
Thus, product reviews affect buyers in all kinds of markets positively in decision making.