The customer is really king when it comes to Web 2.0
August 16th, 2006The voice of an individual has never been louder. Everyone is getting a chance to be a critic with access to social media like Wikis, blogs and review sites like SuggestAMovie.com and SuggestABook.com. Companies gain market share through favorable reviews and remarks towards their products/services and its time to take notice and harness the ‘power of the people’.
According to Jupiter Research, 77 percent of online shoppers use consumer generated product reviews/ratings and those who find them useful are more loyal to stores with reviews/ratings featured. Moreover, online buyers who write a lot of product reviews make up only 20 percent of the online shopping population but account for 32 percent of online sale.
So how does a company use this to their advantage? One of the tactics that companies use is that they write to bloggers asking them to review their products. Another tactic companies use, is that they sign up as a user with an unassuming name and post good reviews on their products. This obviously betrays the ‘trust’ part of Web 2.0 but hey, no one said there was going to be any fair play all the time.
Do you have any ideas on how companies could use Web 2.0 to their advantage?
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