why trust will become the currency of tomorrow
DESCRIPTION
The power of trust is undeniable, but how do you earn it? In a world where reputation is everything, hear what it takes to become a company your customers can rely on.TRANSCRIPT
Why Trust Will Become The Currency Of Tomorrow
Peter Holten Mühlmann@peter_holten@trustpilotInternet World – 24th April 2013
Today…
Who we are and why we’re here
Trust is the currency of tomorrow…but why?
We need trust… but how do I know whom to trust?
How do you build trust online?
The business case
S01E17.720p.HDTV.X264-DIMENSIONHelping consumers make better choices
Helping good companies get the success they deserve
Our mission
No army can
stop an idea
whose time has
come
5
Victor Hugo
The internet is democratising e-commerce
ANYBODY can sell anything
The new customer journey is a mess!Then…
…Now
80% of consumers do research
before buying *Google / Ipsos
Study 2012
Online-Influenced Offline Sales
Consumers are more powerful than ever
Security badges & icons
http://econsultancy.com/dk/blog/7941-which-e-commerce-trustmarks-are-most-effective
Whom would you rather trust online?
What do consumers trust?
Customer service impacts trust most
http://www.zendesk.com/resources/customer-service-and-lifetime-customer-value
People trust reviews and make decisions based on them
Positive
Negative
All
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
90%
86%
88%
10%
14%
12%
Yes
No
http://www.zendesk.com/resources/customer-service-and-lifetime-customer-value
Has reading Positive / Negative reviews influenced your buying decisions?
You trust your friends, your social network & other consumers
Where would you rather shop?75%
of respondents would be deterred from
buying after reading 3 bad reviews.
(Lightspeed Research 2008)
But how do you build trust online?
The old way - Closed
Not Transparent Excluding “Owned” by companies Communication Reputation
Management
The new way - Open
Transparent Participatory Driven by consumers Conversation Actual great service
The world is open
It is still a pig….
Embrace that the world is #open and #transparent
The Elements of Trust
1. Do you care about customer service?
2. Invite customers to
review
3. Embrace the
conversation and learn
1. Care about customer service
Positive feedback boosts employee morale and is worth celebrating - with cake!
2. Invite customers to review you
DO’s and DON’T’s
47%*Econsultancy, 2011
of Britons have left a review online *
Embrace the conversation and learn…
A review is read around 8.6 times on average.
Reply in a polite & timely manner.
Continue issue resolution in private.
2/3 of consumers are happy to edit their review after issue resolution.
One negative review replied to properly is worth 10 positive reviews.
Trust is rewarded
Give customers the best reason to choose your company
Celebrate your customer service on social media
Your customer reviews are your best forms of content –
share them!
Reviews = social proof
Reviews in Google Organic Search ResultsGoogle Adwords
Google Shopping – seller ratings
Trust helps you increase conversion rate and loyalty
Trueshopping+8.33 % Conversion increase
+3.85 % overall CTR on their ad
Organic brand searches almost doubled (went from 4.8% to 7.96%)
* source: Trustpilot data
Customer reviews can account for 5 to 40% increase in conversion rate*
To sum up, Trust is
The new differentiatorConsumer empowerment Transparency, openness and honesty Conversation not communicationThe reward to great customer service
@peter_holten@trustpilot
Thank you