It is a known fact that many people read reviews before buying products. People feel better buying a product or a service if they have read reviews about it. Whether the review is negative or positive, buyers take it into account while shopping. These reviews can be seen by possibly hundreds of million of people. But for a business, what is ultimately more important than consumers reading reviews about your products is how you manage your reviews and ratings.
Companies who specialize in social commerce supervise customer reviews and ratings for language and smear. This service takes a gorilla off a business' shoulders. Knowing that reviews and ratings are being closely monitored, a business doesn't have to worry about false information floating around. However, this doesn't mean negative comments are erased. All comments need to be given attention by business reps, who can then provide responses and possibly product adjustments or tuning.
In this way, reviews can be beneficial for businesses. If people are giving reviews and ratings for a faulty product, you will be the first to know, and can take the appropriate action to fix the problem. Reviews can also clue you in if your business is lacking in a particular area. Reviews allow for 360 degrees of communication, from c2c and c2b to b2b.
The best thing about managing reviews is the price. Companies can manage their own reviews, or pass it onto professionals to handle. Even then, it's cheap in comparison to the millions of people who will see and read these reviews. One review can float around the social web so quickly, you won't be able to respond to it before 300 people read it, so its in your best interests to make sure it's true and not slander.
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