trust: the currency of tomorrow
TRANSCRIPT
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
12
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.
14
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%
15
Collect reviews effortlessly
Engage with your customers
Share your credibility
The UK’s Leading Online Review Platform
16
Thank you
Any Questions?
17
Appendix
18
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%