What marketers misunderstand about online reviews

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    16-Aug-2015
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Transcript of What marketers misunderstand about online reviews

  1. 1. What Marketers Misunderstand About Online Reviews?
  2. 2. With the growing availability of opinions from experts and users, the importance of a brand name is being diminished
  3. 3. Customers purchase decisions are affected by a combination of three things:
  4. 4. Ppreferences, beliefs and experiences M Information from marketers OInformation from other people
  5. 5. To what extent do consumers depend on O when making decisions about their products?
  6. 6. How Much Does Opinion Matter?
  7. 7. realms of strategic implications :
  8. 8. 1. Competitive position
  9. 9. 2. Communication
  10. 10. 3. Market Research
  11. 11. 4. Product Segmentation
  12. 12. Analysis in Indian market context
  13. 13. I asked some of my friends about their take on reviews before buying anything and these were the answers I got...
  14. 14. There is not a single instance when I dont look at the reviews on flipkart before buying anything. These reviews proves to be very helpful in shaping my choice. Angad
  15. 15. 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
  16. 16. Of course, reviews help a lot and I hope we will have more apps dedicated specifically to this work very soon. Himanshu
  17. 17. My dad never let me buy anything unless he get tons of positive reviews from his colleagues and other people in his circle. Saksham
  18. 18. Yes, I rely on reviews so many times but I dont 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
  19. 19. Some examples from Indian market which shows how reviews can do wonders...
  20. 20. Xiaomi is one of the largest mobile selling brands in India presently No advertisement or conventional marketing Users review prime source of companys increasing market value
  21. 21. The reviews available on retailers website primarily builds the image of the product whether they buy it online or from stores
  22. 22. This review article relates to the concept of ASSESING MARKET OPPORTUNITIES AND CUSTOMER VALUE (chapter 3 Kotler and Keller)
  23. 23. Firms a re adjusting the way they do business based on the dramatic shifts in the market
  24. 24. Firms gain marketing intelligence by: - Independent reviews form - Feedback sites - Customer complaint sites - Public Blogs - Customer reviews and expert opinions
  25. 25. 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
  26. 26. "These slides were created by Vardaan Bhatia, as part of an internship done under the guidance of Prof. Sameer Mathur (www.IIMInternship.com) "