digital doughnut may meet-up 2015: neil bayton, uk partner manager at trustpilot trust – the...
TRANSCRIPT
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
What is Trust?
Honesty
FairnessBelief
Risk
Power
Promise
Faith
TRUST
DutyObligation
Firm belief in the reliability, truth or ability of someone or something “relations HAVE to be built on trust”
Two Types of Trust
Simple Trust(AKA Blind Trust)
“unconsidered, unconscious trust that is
never questioned because the possibility of
betrayal is inconceivable”
*Source: Soloman and Flores (2001)
Authentic Trust“is well aware of the risks,
dangers, and liabilities of trust, but maintains the self-
confidence to trust nevertheless”
Why do we not Trust?4 reason we don’t trust
Doubt Suspicion
Anxiety Fear
All of which can be overcome by
CUSTOMER REVIEWSResult
Self Protection
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.
How Organisations Use Reviews
Website
TV Ads
Offline Promotional
Materials
Social Channels
Email Marketing
13
Evidence of Trust and Reviews
of consumers trust reviews more when they see both positive and negative feedback*
67%
Shoppers who go out of their way to read negative reviews convert 67% more than the average consumer*
of consumers suspect foul play (censorship, fake reviews) when they don’t see anything negative at all*
68%
30%
*Source: Trustpilot internal data
Boost Website Traffic
Lower Shopping Cart Abandonment
Manage Complaints Efficiently
Increase Customer Satisfaction
Boost Website Traffic
Lower Shopping Cart Abandonment
Manage Complaints Efficiently
Increase Customer Satisfaction
Boost Website Traffic
Lower Shopping Cart Abandonment
Manage Complaints Efficiently
Increase Customer Satisfaction
How does Trust Affect Your Business?