Trust: The Currency of Tomorrow

Neil Bayton – May 2016

What is Trust?

The degree to which one party trusts another is a measure of belief in the

Middle English truste (“trust, protection”), from Old Norse trust (“confidence, help, protection”)

of another party

Honesty, Fairness, or Benevolence

Who do we trust?

Old TrustWhat is the difference?

Government, politics, church…

New Trust

Two Types of Trust

Unconscious Trust(AKA Blind Trust)

“unconsidered, unconscious trust that is

never questioned because the possibility of betrayal

is inconceivable”

*Source: Soloman and Flores (2001)

Conscious Trust

“is well aware of the risks, dangers, and liabilities of trust,

but maintains the self-confidence to trust

nevertheless”

Unconscious Trust

LocationSocial Proof

Trust by instinct and naturePeople tend to use intuition and gut

Online Trust Journey

“TRUST US” PROMISE FULFILMENT ADVOCACY LOYALTY

Conscious Trust

Browsers actively looking for Trust signals: Company address and phone

Guarantees, Trade Associations

Independent customer reviews

Building Trust online = Accelerated Trust + Gradual Trust

Why don’t we Trust online?4 reasons:

Doubt Suspicion

Anxiety Fear

Mitigated by

CUSTOMER REVIEWS

Result:

Self Protection

The sum of your customer experiences becomes your

reputation

68%

What’s the Connection?

Trust: A belief in an expected outcome of an experience, based on reputation, and is a core driver of engagement.

Consumers seek ‘trust’ to reduce risk

Low Spending

Low Trust

High Spending

High Trust

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C Finance – Marketing Manager

“The variation of our homepage with Trustpilot [the homepage design with reviews being shown above the fold] increased the conversion rate on average by 8.04%.

“This is not a huge increase but it should still in theory increase our yearly revenue by approximately €192,000 ($209,000) if all factors in the business remain the same as now.”

Some brands charge more just for the trustworthiness of its name. Often the product is as good as other companies but customers are willing to pay more for branded goods because they trust and value the brand.

Leverage Reviews to Compete Online

You can indeed do something else other than competing by price.

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Evidence of Trust and Reviews

of consumers trust reviews more when they see both positive and negative feedback*

68%

*Source: Trustpilot internal data

of consumers read reviews before buying. 69% of those take action after reading reviews alone.*

70%

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Collect reviews effortlessly

Engage with your customers

Share your credibility

The UK’s Leading Online Review Platform

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Thank you

Any Questions?

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Appendix

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Why is Trust SO Important?

82 per cent will continue to use that brand frequently

You build trust by consistently delivering on promises. Trust is strengthened or

undermined on every encounter.

83%

According to a Concerto Marketing Group and Research Now survey, when customers trust a brand, 83 percent will recommend a trusted company to others

82%