The internet and social media in particular has given consumers full control. All kind of information is available and we look for social proof in the buying process. Customers will do their homework, and the best thing companies can do is to become transparent and provide the information they are looking for. Peter Mühlmann, CEO of Trustpilot will talk about social proof in the buying process and how companies can look more trustworthy in front of their customers by embracing transparency. The impact is huge – Not only within the customer service teams as this trend transforms companies and make the entire organization more customer-focused. This presentation is part of "Social Media Week" #smw which took place around the world and in Copenhagen between the 18th and the 22nd February 2013.

1. Peter Holten Mühlmann
@peter_holten
@trustpilot
Social Media Week Copenhagen – 20th February 2013 - Carlsberg

2.  Making shopping online more social
and more
 120 employees, 26 nationalities
 Offices in CPH & NYC
#smwtrust

3. #smwtrust

4.  Trust is the currency of the future
 The consumer perspective
 How to get social proof as a company
 The business case
 Dealing with the negative
 Customer focus
 #fail examples - you can’t cheat your way into trust
#smwtrust

5. #smwtrust

6. 6
 Think 2-5 years ahead. Now ask yourself these questions:
 Which consumer purchase decisions will not be based on
other customers opinions?
 In which industries will companies be unaffected by their
online reputation?
#smwtrust

7. #smwtrust

8. 1. Lots of people like this
2. People like you like this
3. Your friends like this
4. You like this
#smwtrust
http://www.getelastic.com/the-5-dimensions-of-social-proof-on-ecommerce-sites/

9. #smwtrust

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12. “75% of respondents would be deterred
from buying after reading 3 bad reviews.”
(Lightspeed Research 2008)

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15. 80% of consumers do research before buying
*Google / Ipsos Study 2012
#smwtrust

18. 1. Ask the crowd
2. Encourage conversations
3. Show off
4. Use the negative
Source: Demandforce
#smwtrust
http://www.marketingtechblog.com/social-website/

19. Everybody is writing reviews
 47% of Britons have reviewed a product online *
Sharing positive experiences is reviewers main motivation**
 74% state that they write reviews because they want to share a good
experience with other travellers
 78% state that they write reviews because they feel good about sharing useful
information with other travelers
*Econsultancy, 2011
** Tripadvisor #smwtrust

20. #smwtrust

21. Do’s
• Polite, simple, short message.
• Send invitation to review after package is received.
• Personalize & Include image of sender.
Dont’s
• Offer reward for good reviews.
• No other calls to action.
• No external links.

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27. • There can be many “right” solutions.
• Use A/B testing.
• Don’t compete with your own call to action
buttons.
• External link to reviews on all pages, except
checkout.
• Show that reviews are from a third party.

28. Version A: without reviews Version B: with reviews
Test by mogens-moeller.dk/ #smwtrust

29. Version A: without reviews Version B: with reviews
Test by mogens-moeller.dk/ #smwtrust

30. Version A: without Facebook Version B: with Facebook
Test by mogens-moeller.dk/ #smwtrust

31. Version A: without Facebook Version B: with Facebook
Test by mogens-moeller.dk/ #smwtrust

32. #smwtrust

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34. #smwtrust

35. • Most companies over-estimate the significance
of negative reviews.*
• Lack of negative reviews is perceived as
untrustworthy.*
• One negative review replied to properly is worth
10 good reviews.
* Forrester, 2010

36. • A review is read around 8.6 times in average.
• Reply in a polite & timely manner.
• Continue issue resolution in private.
• 2/3 of consumers are happy to edit their review
after issue resolution.

37.  “we found out that our Italian partner was no good”
 “we found out that our cancelation procedures needed to be
fixed”
#smwtrust

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39. #smwtrust

40.  Closed  Open
- Not Transparent - Transparent
- Excluding - Participatory
- “owned” by companies - “owned” by consumers
- Communication - Conversation
- Reputation - Consumer Advice
management
#smwtrust

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45. fToday, the rates of fake
reviews range from about 2% up
to about 6%.
Cornell University 2012
By 2014, 10% to 15% of social
media reviews will be fake and
paid for by companies.
Gartner 2012
#smwtrust

46.  Fact 1: 97% who made a purchase based on an online review
found the review to be accurate (The Kelsey Group)
 Fact 2: Anyone can write a review on an open platform. Fake
reviews happen.
#smwtrust

47.  Fact 1: 10+ Full time employees at Trustpilot works with review
quality on a daily basis
 Fact 2: Advance processes capture suspicious reviews on any
major review site.
Machine learning
Clustering Probability Models
Behaviour Patterns
Statistics
#smwtrust

48.  Fact 1: On Trustpilot reviews only get removed if they are fake
or violating guidelines
 Fact 2: Companies can pay to automatically collect reviews
from all customers
 Fact 3: Companies must follow service guidelines when
collecting reviews
#smwtrust

50.  Your consumers will talk about you whether you want it or not
 Reputation and credibility can’t be faked or bought – for long
 Markets are conversations – Engage!
 Any feedback, positive or negative, is good feedback
 Channel external feedback into your company culture
 You have a business case!
#smwtrust

51. Thank you
@peter_holten
@trustpilot #smwtrust