A quote often attributed to Bill Gates goes, “Your most unhappy customers are your greatest source of learning.” Within this context of learning from customers, consider these statistics:
- In 2022, 98% of consumers read online reviews (Source).
- 88% of consumers are likely to use a business if they can see the business owner responds to all reviews, whether positive or negative (Source).
- 72% of consumers in the Food and Beverage industry think that user reviews play an “Important” or “Very Important” part in their purchasing decisions (Source).
The facts are clear: learning from user reviews for your own business and that of your competitors should be a priority for most businesses. They can help both measure customer satisfaction over-time and gain insights into what competitors are doing well and where they are falling short.
Consider some more data: as of May 2023, Yelp had 265,000,000 reviews on it’s platform, 17% of which, or 45m reviews, were for the Restaurant industry (Source). For local business, which are more often than not owner-operated, there is simply too much data to be manually going through user-reviews to find insights. Not to mention, the resources needed to implement a home grown solution is onerous.
Unfortunately, a lot of local businesses fail to use user reviews effectively. So what can owner-operators do to make user reviews work for them and not the other way around? We think they need a solution that can do three things:
- Analyse reviews to reveal key insights, whether that be through sentiment analysis or other AI-powered techniques.
- Allows business owners to search for key terms in user reviews, and provide insights for the same.
- Makes the above possible for competitors as well so that business owners can learn from the strengths and weaknesses of both parties.
We scanned the market for solutions that could do all the above but could not find one, so we took the next logical step and built an analytics platform that can do all of the above and more! We’re calling it PeriScope, you know, because it helps you see above all the obstacles to making user reviews work for you.
If you’re interested in learning more, checkout PeriScope here, and sign up for a free 30 day trial.
Keep Data. Decisions. Repeat-ing,