The way we use trust to make buying decisions has changed. The days of absorbing subconcious

1. Trust:
The Currency of Tomorrow
Neil Bayton – May 2015

2. 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”

3. 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

4. Who do we trust?
Old Trust
What is the
difference?
Government, politics,
church…
New Trust

5. 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”

6. Offline Trust
Uses Simple Trust more
Unconsciously place trust in reality
Trust by instinct and nature
People tend to use their intuition
and gut feeling

7. Online Trust
Uses Authentic Trust more
High need to assess the risk involved with the future transaction or promise
People look for affirmation or guidance
TRUST PROMISE TRUSTWORTHINESS ADVOCACY LOYALTY

8. 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

9. 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 aConcerto
Marketing Group and
Research Now survey, when
customers trust a brand, 83
percent will recommend a
trusted company to others
82%

10. Reviews are proven to build trust in the eyes of new customers.
Nielsen reports the 68% of online consumers worldwide trust
consumer opinions posted online.
Trust to Trustworthy
Gained by showing ALL your reviews: The Good, The Bad and the Ugly
95% of unhappy customers will return if an issue is resolved quickly
Turn into customer advocates  Builds loyalty
68%

11. Low Spending
Low Trust
High Spending
High Trust

12. 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.

13. 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

14. 14
Boost consumer
trust in your brand
and services
Drive more sales by
lowering your site
abandonment rate
throughout the
checkout process
Increase in
conversions and
lowered
cost/conversion
boosts overall ROI
Why use Online Reviews?

15. 15
30.81%
20.00%
14.05%
To build brand
integrity and
transparency
To generate new
business
For feedback on
products/services
Primary Motivation for soliciting Online
Reviews Add value with
Online Reviews
*Source: Trustpilot internal data
Why use Online Reviews?
+
+
+

16. 45.95%
34.05%
37.30%
Encouraging reviews from customers
Impact of negative reviews
Difficulty in proving ROI
Top 3 Challenges of Online Reviews
Challenges of Online Reviews
*Source: Trustpilot internal data

17. How does Trust Affect Your Business?

18. 18
Collect reviews
effortlessly
Engage with
your customers
Share your
credibility