five types of companies that absolutely need to build trust to grow (but just don't know it...
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5 Types of Companies That Absolutely NEED Trust to
Grow(they just don’t know it yet!)
Jake FavaroAccount Director
3Q Digitial
Presenters
Jordan GarnerDirector of Marketing
Trustpilot
AgendaIntro to Trustpilot & 3Q Digital
Why Customer Reviews Matter5 Type of Companies That Need
Trust to GrowProactively Collect Reviews
Respond To & Resolve Reviews
Leverage Reviews for Conversion
Your To-Do List
Q&A
Introduction to Trustpilot & 3Q Digital
Trustpilot by the Numbers
Retail Services Money
Common Client ChallengesManage Online
Reputation
• Managing online reputation & brand development
• Standing out from competition
• Developing social media presence & community
Drive Traffic
• Improving PPC performance
• Driving SEO traffic via branded search
• Optimizing performance of other paid digital channels
Increase Conversions
• Increasing conversion rates & growing sales
• Creating repeat customers & sales through advocacy
• Increasing AOV
Improve Business
• Collecting customer feedback & insights
• Identifying unhappy customers & resolving issues
• Hearing value prop in customers own words
About 3Q DigitalTeamA dedicated, 180-member team of innovators, entrepreneurs, data junkies, and growth agents.
OfficesTeam members throughout the nation with offices in San Francisco, San Mateo, Austin, New York City, Chicago, San Diego, and Vermont.
Partnerships$500MM under management globally. Strong relationships with the networks - inclusion in Alphas & Betas and special client events
MissionTo drive relentless, sustainable growth and innovation for our clients offering SEM, SEO, paid social, analytics, mobile, display, CRO, and strategic consulting
Customer Focus + Coordination = Sustained Growth
TIME
GRO
WTH
DEEP UNDERSTANDING OF THE AUDIENCE
MEDIACONVERSION RATE
OPTIMIZATIONINSIGHTFUL ANALYTICS
CROSS-DEVICE STRATEGY
APPLIED TO THE MARKETING GROWTH DRIVERS
Why Customer Reviews Matter
50% of Americans who are aware of advertising don’t trust what they see, read
or hear in advertisements.
44% think advertisements are dishonest. -YouGov.com
“
72% of people trust consumer opinions posted online
(2nd only to “Recommendations from people I know”)
Need recognitio
n
Product
specification
Evaluation
of option
s
Purchase decision
Post-
purchase
Influenced by reviews
Look for reviews
Leave reviews
How Consumers Purchase
Look for reviews
Leave reviews
Look for reviews
90% of consumers say buying decisions are influenced by online
reviews
The Impact of Reviews on the Consumer Buying Journey
72% of consumers will take action after reading
a positive review
Customers are likely to spend 31% more on a
business with “excellent” reviews
Reviews are happeningEVERYWHERE.
Consumers are demanding reviews forEVERY BUYING DECISION.
Companies of all sizes, from all verticals, must have a customer
review strategy(not JUST eCommerce).
5 Types of Companies ThatNEED Trust to Grow
Marketplaces
Companies connecting businesses or sellers to anyone looking to purchase their product or service.
What are Marketplaces?
• Reviews are part of the unique value-add of using a marketplace vs. going directly to the seller or using search engines
• Marketplaces typically encounter heavy competition from direct sellers & other marketplaces trust & reviews is a key differentiator
• Marketplaces tend to lean HEAVILY on advertising to attract consumers, but consumers don’t trust advertising reviews can help drive conversion
• Consumers expect options offered to be “trusted” or verified meeting this expectation gets repeat users
• Return users + consistent trust-building experiences = brand fans & advocates
Why do Marketplaces need trust & reviews?
Subscription Services
Companies that offer a service or product(s) delivered on an on-going basis over a prolonged length of time.
What are Subscriptions?
• Longer-term/more serious commitment can be a conversion obstacle trust & reviews can help address & overcome this objection
• Subscriptions have a service component, which can often be a differentiation point from competitors reviews help speak to & define high service levels
• Subscriptions for non-typical products/services are becoming popular reviews can help consumers feel comfortable with this new way of buying
• Retention is the #1 key success metric for subscriptions use reviews as a health check as well a early detection of trends & root cause analysis
• Increase retention = increase LTV & build advocates to bring in new biz
Why do Subscriptions need trust & reviews?
Finance
Companies dealing with the movement, exchange, or holding of money (credit, consumer deposits, lending, insurance, retirement).
What are Finance companies?
• Space is more crowded than ever before need to stand out
• Numerous easy-to-access options means customers are less loyal, they can transact with multiple institutions trust can help retain/upsell current customers & win new ones
• Paid advertising is incredibly competitive, with some of the most expensive keywords in Google use reviews to build efficiency in these channels
• Consumers are demanding high service-levels in finance use reviews to differentiate based on excellent customer experience
• Money is easier than ever to transfer & exchange consumers are looking for trust signals to accept these new methods
Why do Finance companies need trust & reviews?
B2B
Companies that primarily sell goods or services to other businesses.
What are B2B companies?
• Longer sales cycle + bigger financial/time commitment + multiple decision-makers = reviews can help keep sale moving forward & overcome objections
• Reviews & testimonials are critical to B2B conversions more than 85% of biz buyers are only satisfied after reading 10+ recent reviews
• Decision-makers are doing more research online reputation management is crucial to ensure they are able to find positive feedback
• As the space becomes crowded, companies are differentiating more on service & customer success reviews help demonstrate a strong service offering
• Use reviews for health checks & insights increase retention/LTV & build advocates in your most loyal customers
Why do B2B companies need trust & reviews?
New Markets/Brands
Companies offering products or services that are new or uncommon to their intended audience, or are selling their offering in a new way.
What are New Markets/Brands?
• Consumers need more content & info to understand unique offering use reviews to offer information in language consumers actually use
• Consumers naturally do more research for new markets/brands before making decisions reputation management is critical to manage what they find
• Reviews help identify insights to make business decisions & understand how consumers will define your value prop
• Reviews can help to identify potential issues early on, which is critical to having a smooth launch & adjusting processes as needed
• Unfamiliar brands for consumers need trust to ensure conversion!
Why do New Markets/Brands need trust & reviews?
Trust-Building Tacticsfor EVERY Business
1. Proactively Collect Reviews
Poll Question
Impact of Asking for Reviews Proactively
NOT asking for reviews:50/50 split positive/negative at
best(likely many more negative
reviews)
Proactively asking for reviews:83% positive reviews
More balanced representation of a business
The Need for Social Engagement: Ask & Convert
Of the 4.3M reviews
we've helped customers
collect since May of
2015, 86% have been 4
stars or higher
Implementing a Proactive Collection Strategy
1 Design a collection flow in your existing customer journey to align with your goals
2 Measure the results, optimize the collection rate, & iterate3Identify your org’s
goals for a proactive review strategy
NEVER STOP ASKING!
2. Respond To & Resolve Reviews
• Resolving issues for unhappy customers to win them back
• Encouraging happy customers to be return customers• Promoting customer advocacy among brand champions• Showing that your company cares & takes reviews
seriously• Giving your company a chance to build a brand voice
Benefits of Responding to Reviews
= REVENUE(provided you ACT on the insights you uncover)
Content of Responses Always apologize
Address customer concerns directly
Give the customer a forum to follow-up
If the situation warrants, also reach out privately – not everything should be discussed in a public forum
PRO TIP: Ask the reviewer to update their review if resolved
A Example:
1 Positive
Tone of Review Responses
2 Personal3
Professional4 In line with your brandPRO TIP: For any 3rd party platform that is actively receiving
customer feedback,CURATION & RESPONSE is crucial!
3. Leverage Reviews for Conversion
Need recognition
Product specification
Evaluation of options
Purchase decision Post-purchase
How Consumers Purchase
Insert TRUST SIGNALS on every step of your acquisition funnel to give prospects the verification they
need to move forward until CONVERSION
SEARCH
Paid Search(via Seller Ratings Ad Extension)
Organic Search(via 3rd party sites & rich snippets)
SEARCH TIPS:• Enable & test all PPC review extensions
• Utilize reviews for Google Seller Ratings in PPC, as well as product reviews in Google Shopping & PLAs
• Optimize response rate, ask consumers to update reviews if resolved, & keep collecting proactively to improve ratings over time
• Don’t forget landing pages!
DISPLAYBanner, Re-Targeting, Social Media Ads…
DISPLAY TIPS:• A/B test trust signals in any type of visual ad
– retargeting, banner ads, etc.
• Try including actual snippets from real reviews – these tend to out-perform just ratings alone
• Try including third-party validation with ratings & reviews – these tend to win
• Again, don’t forget landing pages!
SOCIAL
SOCIAL TIPS:• Use real customer reviews with third-party
validation in organic & paid social posts
• Test text posts vs. image versions of reviews – images tend to win
• Celebrate review milestones on social for internal morale-boosting & community-building among customers/advocates
• Encourage customer participation & sharing of reviews with contests, referral programs, etc.
EMAILS
EMAIL TIPS:• Test using reviews in email marketing with
strong calls-to-action – put trust signals near the primary CTA
• Target prospects/customers with review content that relates to them
• Use reviews to inspire & target your best customers with referral & advocacy email campaigns to drive return business & new customers
WEBSITE
WEBSITE TIPS:• Test reviews with third-party validation
EVERYWHERE – home page, category pages, product pages, form pages, landing pages, shopping cart (start on pages with highest bounce rate)
• Build a review page with strong SEO signals to rank for branded reputation-related terms
• Include Schema.org markup to be eligible for rich snippets in organic search
Measurement
A/B & MVT USERTESTING
DYNAMICCONTENT
• Hotjar is a tool that 3Q provides to clients
• Analyze on-site behavior and improve conversion rates
• Pre and post-conversion surveys allow businesses to determine how important trust is to their users
• Heat Maps feature allows us to analyze clicks and mouse hovers
• Conversion Funnels show typical conversion pathways and drop-off points where a display of positive reviews may be most needed
Conversion Rate Optimization (CRO)
INCREASE CONVERSIONS On-site elements including reviews and trust signals should be A/B tested in order to drive up landing page & site conversion rates.
CRO is a central component of a well-rounded digital media and growth strategy.
UXDESIGN
A BA/B & MVT USER
TESTING
DYNAMICCONTENT
A/B & MVT USERTESTING
DYNAMICCONTENT
Real-life scenarios that saw BIG results using trust signals & reviews on-site:
• The business had previously performed intercept polling and uncovered many complaints related to trust
• The business consistently saw a high volume of on-site chat interaction, with questions around product details, remaining objections, or unanswered questions
• The business’ main product is a commodity or has a low level of cognitive thinking involved (a purchase is typically completed in one session without leaving the site)
CRO Testing Results with Reviews
A/B & MVT USERTESTING
DYNAMICCONTENT
Driving Conversion Success with Reviews
Dashlane’s Results:
To-Do List
1. Proactively collect reviews from all of your customers in a central location
2. Respond & resolve ALL reviews3. Leverage your reviews to grow traffic,
increase conversion, & improve your business
- share reviews EVERYWHERE- encourage customer advocacy- mine reviews for insights
4. Test, optimize, & measure your success!
Q&A
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