Rating systems are predominantly an avenue for interaction between your service and the users. Think of rating system in a way that involves users to invest some time with an expectation of return for their investment. The return of investment here would be to contribute to help the community, express their opinion and to improve your services for them later. As a service provider, the rating may be important for you to understand user tastes, engaging users to deepen relationships and to provide a basis for evidence later on.
Finding loopholes with the current online rating system has brought SpotReviews to a rating system that is more statistically relevant and much more accurate than the basic traditional rating systems. While we will come to that in a while, we would like you to know how the 5 star rating or the thumbs up or down rating may well be a single dimensional subjective rating.
The problem with the 5 star rating system is that many people may not understand what the stars stand for. The rating of excellent or poor would be 1 or 5? And what would the ones in between actually rate and most importantly how accurate would they be? In all likelihood the data would be distorted. Look at it this way; users would give a positive rating more than a negative one mainly to justify their decision even if they have never tried the competitors. More than a handful of positive rating for a product would then mean undue skewed rating.
The other predominant rating system is the binary model of thumbs up or down to show if you liked something or hated it. YouTube uses this method to show if people liked a video or not. While it enables one to make a simple decision, it has its limitations. It may be hard for someone to rate a mediocre video. They would not want to bestow it with thumbs up as it would be overrating it and at the same time not use thumbs down to degrade it altogether. Therefore a single point data such as this limits the value and is not a foolproof rating system.
It may so happen that the rating system may be optimized for a completely different variable and may not be accurate as intended.
We at SpotReviews encourage users to rate and review websites and products in way that is more attuned to how humans think about a product or a service. To take the confusion out of rating, we use a weighted mean to come up with the overall rating of a service or a product. Our method eliminates ballot-stuffing issues and keeps rating considerably fair. We not only simplify rating but also weigh reviews according to their review date, relevance and number of reviews. This method ensures that the service/product is rated for what it is worth. Each review is weighted based on these parameters giving a more accurate rating overall.