Trust Pilot Competitive Analysis
Research showed that the top three competitors of Trustpilot are Yopto, Angie's List and Yelp based on their comparable market shares. Detailed information about the revenues, strengths and weaknesses of these companies have been collected in this spreadsheet, and is given below:
TrustPilot Competitive Analysis
The top three competitors of Trustpilot in USA were determined based on comparability of their market share with Trustpilot. As Trustpilot's market share is 4.73%, the following three competitors were determined to be its closest competitors:
1. Yopto with a market share of 6.91%
2. Angie's List with a market share of 6.35%
3. Yelp with a market share of 3.26%
It should be noted that Shopify Product Reviews has the greatest market share (10.66%), however it was excluded as its market share greatly exceeds that of Trustpilot.
Information about revenues, strengths and weakness about the Trustpilot, Yopto, Angie's List and Yelp was collected from Owler, annual reports, company reviews and press releases and compiled in this spreadsheet.
The revenues of these companies in 2017 are given below:
Trustpilot: $22.1 million
Yopto: $6.1 million
Angie's List: $323 million
Yelp: $846.8 million
The strengths of these companies are given below:
The platform is relatively easy-to-use, intuitive and does not have useless features thus, it does not overwhelm users or require much adjustment time. It also offers integration with several reputable apps like Hootsuite, Zendesk, and Google seller ratings. Through features like "Reviews Per Day," "Current TrustScore" and "Reviews Collected," Trustpilot shows its users updated reports on how their profile is performing.
Yotpo offers many competitive features like social integration features, review management and content management etc. Perhaps, the most promising of these features are its marketing features which allow clients to make discount coupons, run paid Google ads and AdWords campaigns to name a few. Yotpo's most distinguishing quality is that it makes it easy to collect and publish client review's and feedback through features like in-mail technology, on-site comments on reviews, Q&As etc. thus, nourishing their clients' relationship with customers.
Angie's List is designed to make home protection and maintenance less of a hassle with reliable customer reviews. This website differentiates itself by being member-driven i.e. it collects customer reviews on businesses. It thus, improves customer knowledge by hindering anonymous complaints or fake reviews by the businesses themselves. Moreover, subscribers can also avail discounts of up to 70%.
Yelp provides its customers to set their expectations by viewing past customer experiences based on customer reviews. Moreover, the paid advertising feature allows businesses greater visibility in their locality, which is a tremendous advantage to small, local businesses. It also helps generate more business by offering features like removing competitors from business profile and allowing orders to be placed directly through the Yelp website.
The weaknesses of these companies are given below:
Not only are Trustpilot's marketing and content management features not as good as their competitors, Trustpilot also doesn’t allow its clients to host user reviews on their own websites. Rather, customer reviews of their clients are hosted on Trustpilot's own website, which calls into question the credibility of these reviews.
Yotpo pricing is available only "by quote" which is a big drawback as clients might eleminate Yotpo from their list of potential options if they do not see a visible figure when visiting Yotpo's website.
Angie's List's biggest weakness is that it is a USA-based website only so businesses and users from other parts of the world will not be able to benefit from this website. Moreover, users from America must sign up for a paid account to access business directory and reviews. Not only do the features and price wildly vary between accounts, the prices also vary depending on the city the user is accessing the website from.
Not only does Yelp require businesses to sign up for a 1-year contract, it also makes it extremely difficult for users to get out of the contract before the time period has expired. Moreover, improved presence on the platform is quite expensive, which would be more than what small businesses can afford. To top it all, reviews received by businesses do not require that the business be claimed and have the potential of substantially affecting business lead generation capability.
To wrap up: market share showed Trustpilot's top three competitors to be Yotpo, Angie's List and Yelp and detailed competitive analysis can be found on this spreadsheet.