Trust: The Currency of Tomorrow

Neil Bayton – May 2015

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”

Who do we trust?

Old TrustWhat is the difference?

Government, politics, church…

New 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

Low Spending

Low Trust

High Spending

High Trust

What is the Impact of Trust?

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

Video Clip

https://youtu.be/9yve8HrU_-s

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?

15

A company promise alone doesn’t create

trust

Trust is based on real

customer experience

Trust is built by demonstration

not orchestration

Takeaways