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March 18, 2014
Making Business Decisions Based on Online Reviews
By: Sunny Webb

As more consumers leave feedback online about their experience with a product or service, businesses are challenged to turn these opinions into actionable insight. Intelligently listening to large amounts of consumer feedback can define precise product or service expectations, fuel the development of differentiated products, and uncover broader unmet market needs.

Accenture Technology Labs has developed a product intelligence capability to help businesses convert the multitude of online reviews into a method for powerful decision-making. Our approach is particularly applicable to product development, marketing, sales and operations executives in businesses of any shape or size.

Follow this link to read the full point of view, “Turning Online Reviews into Business Decisions.”

In brief, our product intelligence capability automatically aggregates reviews across an entire community of consumers and extrapolates at a high level what the crowd is saying across a span of time by creating ontologies “on the fly.” Based on this outcome, companies can glean deeper insight into what consumers really think about products or services, and how they perform in the marketplace, against competitor offerings, and even against products or services outside of the specific category.

Using this highly adaptable approach, companies can move beyond simply understanding whether customer sentiment about a product or service is generally positive or negative. Instead they can understand what happened over time and why.

Think about how your company is leveraging online reviews now. In what ways could you use the information to enhance products, gain market intelligence, increase marketing ROI or improve the supply chain?

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