What Marketers Misunderstand About Online Reviews?

With the growing availability of opinions from experts and

users, the importance of a brand name is being

diminished

Customers’ purchase decisions

are affected by a combination of three things:

P preferences, beliefs and experiences

M Information from marketers

O Information from other people

To what extent do consumers depend

on O when making decisions

about their products?

How Much Does Opinion Matter?

realms of strategic

implications :

1. Competitive position

2. Communication

3. Market Research

4. Product Segmentation

Analysis in Indian

market context

I asked some of my

friends about their take

on reviews before buying

anything and these were

the answers I got...

There is not a single instance when I

don’t look at the reviews on flipkart

before buying anything. These reviews

proves to be very helpful in shaping my

choice.

Angad

I am a tech lover but still I never buy any

electronic gadget without reading its

reviews or discussing it with my friends

who already own it.

Sourya

Of course, reviews help a lot and I hope

we will have more apps dedicated

specifically to this work very soon.

Himanshu

My dad never let me buy anything unless

he get tons of positive reviews from his

colleagues and other people in his circle.

Saksham

Yes, I rely on reviews so many times but I

don’t blindly believe in all the stuff given in

retailer websites or social networking sites.

Rather, I prefer expert reviews on youtube

channels or tv shows.

Myself

Some examples

from Indian

market which

shows how

reviews can do

wonders...

• Xiaomi is one of the largest mobile selling brands in India presently

• No advertisement or conventional marketing

• User’s review prime source of company’s increasing market value

The reviews available on retailer’s website primarily builds the image of the product whether they buy it online or from stores

This review article relates to

the concept of ASSESING

MARKET OPPORTUNITIES

AND CUSTOMER VALUE

(chapter 3 Kotler and Keller)

Firms a re adjusting

the way they do

business based on the

dramatic shifts in the

market

Firms gain marketing

intelligence by: - Independent reviews form

- Feedback sites

- Customer complaint sites

- Public Blogs

- Customer reviews and expert

opinions

Thus we can conclude by saying that success will come to companies that can closely track the sources of information their customers turn to and find the combination of marketing channels and tools best suited to the ways those consumers decide

"These slides were created by Vardaan Bhatia, as part of an internship done under the guidance of Prof. Sameer Mathur (www.IIMInternship.com)"