Abstract
Inspired by the lexical approach used by psychologists to study personality traits, this paper proposes a revised version of this approach for analyzing online reviews. The lexical approach is based on a lexical hypothesis stating that personality traits are reflected in the adjectives invented by people to describe them. The revised lexical approach contains five steps: collecting online reviews, parsing adjectives, extracting consumer/user observations, factor analysis, and exploring factors/patterns. The paper elaborates each of these steps. It further discusses implications of this new approach.