As a consumer we live in a time when our opinion about products is important information for companies. This also applies to how consumers rate a company and its services (product). The problem is that with so many ways for consumers to share their thoughts about a company, it’s hard to know how to look at a company’s ratings and know what the numbers, the letter grades, the number of stars, or the thumbs up mean. At some point, it’s easy to wonder if any of those contributions are important.
However, recent research shows that while it can be difficult to get a 100% accurate assessment of a company’s value, a company’s rating does matter. The onus is on the consumer to be willing to put in the effort in trying to figure out how these ratings allow them to make the best decision possible.
As a consumer, it is important to look for basic ways to break down information such as company ratings, regardless of the rating system used. If a rating shows 5 out of 5 stars, for example, but only three reviews have been submitted, that rating may not be the most reliable. Maybe a rating system will allow critics to give it a thumbs up if they’re fans. This looks fun and easy to use, but is there an easy way to give it the go-ahead? Without being able to appeal to all types of reviews, the result of the evaluations is now not so clear.
Ratings are very subjective and as a responsible consumer, it is important to keep this in mind when reviewing a company’s ratings. Sometimes humans may not use the best reasoning when evaluating a company. For example, when reading online ratings and reviews, a product/service receives 1 out of 5 stars, but when you read the actual review, the reviewer may generally be dissatisfied with products/services like the one being reviewed, but not necessarily that specific product/service. Not only does this provide an inaccurate view of this company’s product/service, but the company is now seeing its overall ratings drop.
Consumers react quickly when they are not interested in something and will let their opinion be known. However, take the time to look at the review. If someone decides that a restaurant cooked a steak incorrectly and gives it a negative rating and review, does the review indicate whether the reviewer ordered a new steak? If someone wants to return items to a department store without a receipt but believes they should receive a full refund, does the review describe the company’s return policy and other options if there is no receipt? In other words, are companies allowed to remedy a less than ideal situation before it becomes a mark on their overall record?
In short, yes, a company’s ratings do matter. While there are times when you, as a consumer, have to examine reviews to get to the bottom of things, a company’s ratings generally provide a fairly reliable view of how well the company is performing. These numbers create a feeling of trust in a company and, with so many review platforms available, the consumer has the advantage of being able to find the products and services they need.
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