I have a rating system in place, and have almost finished a similar site to Squidoo, but I need an idea of how to rate the different information "pads" I want to place it based on: Unique Views and/or Page Impressions, Rating, and Number of Ratings. What would you consider a good formula would be? What I mean: Is a pad that gets 5000 page impressions, 5 star rating from only 10 raters BETTER OR WORSE THAN one with 50,000 page impressions, 3 star average rating from 1000 raters? Any and all suggestions would be greatly appreciated!
My opinion is to keep ratings as a low value part of your formula. Too many people try to game the system and cheat with ratings.
I'm not sure about an exact formula, but I'd start ratings out as a much lower influence than traffic, clickouts and sales. It's something you'd have to test and tweek as you go. Squidoo have obviously made adjustments to their lensrank formula from time to time. For example, ratings don't seem to have as big an impact on Squidoo lensrank as they used to.