I recently purchased an item for Christmas and then received an email from Trust Pilot to request feedback for service.
If a sales consultant received a bonus for 5-star reviews, do you think they will be motivated to encourage you to give a 5-star review? Absolutely. If the marketing department can say on their web site, they have 5-star service reviews in 95% of purchases. That sounds helpful to new customers. But do you ever think reviews are cherry-picked? And in the world of investing it’s so complicated, how can every customer give a well-thought-out reasoned response to feedback?
If you base all your decisions on customer feedback, it means you are not doing enough due diligence yourself. You are hoping someone else has done the hard work so you don’t have to. That is a perfectly reasonable response, as it involves you in less time and effort.
But if you do rely on what other people say, it’s easy to misinterpret. Which is why reviews and testimonials need to be taken with, the old saying goes’ a pinch of salt’. Far better, get stuck in, do you own due diligence. The chances of making a great decision will always be greater.