It has long been understood that price comparison and review sites help consumers find the right deals while also limiting the time they spend bouncing from one place of business to the next, trying to find these promotions. However, contrary to popular belief, comparison and review sites are not just for consumers. In fact, they are also one of the most beneficial tools for businesses that are looking to target their goods and services more effectively and gain a competitive advantage.
How Can Businesses Learn From Comparison/Review Sites?
When consumers look at price comparison or review sites, it helps give them a snapshot of what is readily available on the market. For example, websites like Google Shopping allow individuals to compare prices from different retail institutions. Likewise, in industries outside of retail, such as the online casino industry, there are sites that help you do that too. CasinoSmash is one example, as the casino review site compares and analyses everything from the best real-money casino games to play to the newest casino bonuses available. Through these websites, retailers and gamblers alike are more in control, enabling them to make the most of their money while also getting an understanding of the overall industries and the top competitors in each sector and how they differentiate from each other.
Businesses can capitalise on these sites in the same ways. For example, if a company sells running shoes, they can look at websites that compare the prices of similar running shoes to find out who they are up against and if their prices are better or worse. Similarly, businesses can also look at price comparison and product review sites to look for their competitor’s weaknesses. They can compare unique selling points to see where their business stands out from the crowd, and this type of information can come in handy when creating marketing strategies or cold calling customers.
In addition, comparison and review sites act as a form of word-of-mouth marketing. Many allow for product ratings and reviews, which are a fantastic way to get a leg up on the competition as businesses can see what products are doing well and what products have yet to take off on the market. Customers can also leave feedback on a company’s service, which informs its competitors how well they are meeting their customers’ expectations. If a business thinks they can do better and convince clients to come over to their side, reading these ratings and reviews is the number one starting place to developing a strategic plan.
The advantages of customers using comparison and review sites to find the best deals and products are widely accepted. However, many forget that both small and large businesses can also benefit from looking at them. Most notably, comparison and review sites allow companies to find out which products are doing the best and what prices consumers aren’t willing to pay. They can also use them to find out what the emerging trends are. There is something for everyone on these sites; you just have to know what to look for and how to take that information and turn it into something profitable.