Rateonium: Redefining the online review ecosystem
In the past, small businesses had to rely on inefficient “push” methods to attract new customers. If you buy a radio ad, for example, the message has to do two hard jobs: convince the customer to spend money with you and create urgency to do it now, before distractions take over.
When a consumer uses a review platform like yelp or Google My Business, the decision and urgency to buy are exactly what prompted the person’s search. If traditional advertising is a megaphone that enables businesses to shout and see who’s listening, review sites are tractor beams that pull consumers toward local businesses precisely when they’re actively looking to spend money. That’s an invaluable opportunity for small businesses with tight – or non-existent – marketing budgets.
Think about it. When you’re looking to try a new restaurant or find a mechanic, what do you do? You might get a recommendation from friends or family, but you probably also do a “near me” search on Yelp, Google or OpenTable.
This is the new normal: 97% of consumers use the internet to find local businesses, and one in eight search online for a nearby business every single day. Review sites are at the epicenter of “near me” searches.
Weaknesses of online review platforms
It gives shoppers a skewed impression of a product if there is just one review or rating. Especially if the review or rating is not positive.
Allow disgruntled customers to publish vindictive or damaging information.
Increase shoppers’ wariness of items with a prominent “be the first to review this product” quote, which may further stall sales of slow-moving products.
Require resources to monitor either individual reviews or the product-review system as a site feature.
The Rateonium system
The Rateonium ecosystem gives users a complete rating platform fitted to every category of customers thereby providing a link between customers and companies in a manner that is unprecedented. The design here is a product of the inputs from users and in implementing such inputs a number of requirements were outlined as follows:
Reviews with an absolute demand for authenticity which is met appropriately by the RTO two-way verification of every review.
Having a user-friendly app for a network that can be of use globally which is also fulfilled by thw easy-to-use design of the app and underlying algorithm enabling users to create reviews with notable content more easily than has ever been.
Encryption and anonymity in the system
High daily rating motion
Everyday use
Currency exchange on trading platforms.
Haven established the standards in terms of the interest and input of the users or customers, it is important to take cognizance of the goals in terms of companies so that an enduring and economically sustainable system is created.
The requirements that the Rateonium is meant to fulfill are as follows:
Review verification before publication to avoid instances where reviews were created to damage companies by malicious customers.
An on-going, consistent customer acquisition which creates an awareness among customers.
Taking part through subscription system to stop instances of market misrepresentation.
A reasonable number of options to analyzing reviews which made possible with the rating algorithm – used to automatically analyze statistics from submitted reviews that are directly related to a particular company.
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written by: kofoadams
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