Online Reputation: Trust is the New Currency

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The Truth About Trust Series: Why Trust is the Only Currency of Online Retail


The Internet has shifted the balance of power

from the retailer to the consumer.

The rise of social media and review sites has put building trust at the forefront of online retail.


70% of consumers responding to a global survey said...e y trusted online reviews.


70% of consumers responding to a global survey said they trusted online reviews.


All things being equal, people will do business with, and refer business to, those people they know, like and trust.

Bob Burg, Author and Convention Speaker


Research shows that 90% of consumers have had a buying decision influenced by a positive online

review, proving that online reputation should be a key focus for your business.

90%


In the world of eCommerce, where everybody’s offering the next ‘best deal’, how do you stand tall above the competition?


TRUST! - Build trust in your brand. Take notice of what your customers are saying about you, via social media or online reviews. Learn from THEIR experience!


Why trust?


Why trust?

Nobody wants their fingers burnt

Consumers need to be able to differentiate

between the good, the bad, and the downright ugly.


Why trust?




The internet is a faceless entity. Customers value the opinions of those who’ve already had

dealings with your brand.

Buy with confidence


Why trust?




The internet is a faceless entity. Customers value the opinions of those who’ve already had

dealings with your brand.

Buy with confidence 79%

put as much trust in online reviews as

they do personal recommendations.


Online trust is earned, not bought.


Online trust is earned, not bought.Consumers place more trust in “earned media” such as:

92% Word-of-mouth



92%

92%

Word-of-mouth

Personal recommendations



92%

92%

70%

Word-of-mouth


Social media feedback



92%

92%

70%

70%

Word-of-mouth



Online reviews



... than in traditional advertising methods.

92%

92%

70%

70%

Word-of-mouth



Online reviews


63% of customers are more likely to purchase from a site that has consumer feedback.

63%


With customers trusting online reviews nearly 12 times more than manufacturer descriptions.

63%

63% of customers are more likely to purchase from a site that has consumer feedback.


There’s [...] a belief that acting unethically leads to profitability, and behaving ethically is unprofitable. In fact, the opposite is true.

Richard BeeversDirector of Customer Plus


Trust = Profit.


Building brand trust through online reviews and feedback has been shown to increase sales conversions by 58%.


When we talk about currency online, we’re not just talking about money. More and more businesses are encouraging their customers to ‘pay with an action’.



Some companies allow you to

download an eGuide in return for a tweet,

for example.





for example.

Many businesses enter consumers

into a prize draw in return for ‘Liking’ their

Facebook page.





for example.

Many businesses enter consumers

into a prize draw in return for ‘Liking’ their

Facebook page.

Online ‘trust signals’ are so important to these

businesses that they’re willing to pay for them. with real world rewards.


Takeaways:

e-Commerce is built on trust.

Online reviews are a ‘currency’ online - in the sense that they’re what customers use to either reward your company, or to ‘punish’ you by trying to decrease your sales.

In this way, online reviews can be seen as a measure of trust.

Online retailers which understand the value of trust will be the most successful over the next decade.

0102

03

04


In a networked world, trust is the most important currency.

Eric SchmidtExecutive Chairman of Google


Learn more about building brand trust online in our free eGuide: How to Sell Your Brand Through Socially Shared Reviews

Download Now!

How to Sell Your Brand

Through Socially Shared

ReviewsTake collecting reviews one step further by encouraging

social sharing.

Introduction to Reviews

business.trustpilot.co.uk

How to Sell Your Brand Through Socially Shared ReviewsTake collecting reviews one step further by encouraging

social sharing.

Introduction to Reviews

business.trustpilot.co.uk

SOURCES1. Nielsen - Global Trust in Advertising and Brand Messages2. Zendesk - The Impact of Customer Service on Customer Lifetime Value3. Search Engine Land - 2013 Local Consumer Review Survey4. Marketing Charts - Global Consumers Place Highest Trust in Earned Media5. My Commerce - Use Customer Reviews to Drive Sales6. AM Online - Aftersales Teams Must Focus on Building Trust to Increase Profits 7. Visual Website Optimizer - Customer Review Widget Increases Sales by 58.29% for an eCommerce Website

http://go.trustpilot.com/cc_socialreviews_en?utm_source=Blog&utm_medium=CTA%20banner&utm_content=Awareness%20Q1M2W1&utm_campaign=socialreviews

http://www.nielsen.com/us/en/reports/2012/global-trust-in-advertising-and-brand-messages.html

http://www.zendesk.com/resources/customer-service-and-lifetime-customer-value

http://searchengineland.com/2013-study-79-of-consumers-trust-online-reviews-as-much-as-personal-recommendations-164565

http://www.marketingcharts.com/wp/television/global-consumer-trust-highest-in-earned-media-21766/

https://www.mycommerce.com/de/blog/item/309-use-customer-reviews-to-drive-sales

http://www.am-online.com/news/2013/2/25/aftersales-teams-must-focus-on-building-trust-to-increase-profits/32424/

http://visualwebsiteoptimizer.com/split-testing-blog/ecommerce-optimization-customer-reviews-increases-sales/

Online Reputation: Trust is the New Currency

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