Trust Pilot Overview

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Company Overview - Trust Pilot

Trustpilot is an independent "online review community" comprised of customers and companies. Consumers log in and post reviews of companies. These reviews can then be viewed by both other consumers looking for advice and opinions about online retailers and companies who can then use the information gained to improve customer service. Founded in Denmark, Trustpilot's global team now consists of over 500 employees who represent more than 40 nationalities. Among the company's strategies are encouraging the posting of reviews that are genuine and authentic, and not censoring or reviewing reviews without just cause. While viewed favorably in some areas, such as the company's social sharing and range of analytics, Trustpilot is also viewed unfavorably in other areas such as transparency, pricing, and adhering to the policies and strategies they include on their website. Detailed information about Trustpilot has been provided below.

Findings

WHO THEY ARE AND WHAT THEY DO
Trustpilot functions as a global online review platform and community designed to help consumers make better, more informed decisions when shopping online and to help businesses both showcase themselves and improve their service when needed. Membership is free for individuals who wish to leave reviews. A free basic membership as well as different levels of paid memberships are available for individuals and businesses who choose to access, collect, and read those reviews. To date, Trustpilot's community platform has led to the inclusion of "more than 40 million reviews of 210,000 businesses" located all over the world that are viewed almost two billion times monthly.
With 500 employees from over 40 nationalities, Trustpilot is truly a global company. Currently, Trustpilot has offices located in Copenhagen, London, New York, Denver, Berlin, Melbourne and Vilnius, Lithuania. Trustpilot's leadership team consists of eight individuals including CEO and Founder Peter Mühlmann; COO David Ferguson; CFO Hanno Damm; CIO Jan Bülow; and Chief Counsel Kasper Heine.

STRATEGY AND VISION
Trustpilot doesn't have a stated strategy or vision statement. It does, however, have stated principles it uses to guide its business practices. These principles consist of "giving consumers a voice and providing a space for companies to listen," trusting reviewers to write credible reviews, leaving reviews as they are without being censored, believing in the power of community, and having a platform that is free for consumers to use when posting a review and is, therefore, open to everyone. Each principle statement that guides Trustpilot's strategy and vision are detailed below.
Giving consumers a voice and providing a space for companies to listen means encouraging consumers to share their real, authentic opinions about their interactions with businesses. These kinds of genuine reviews give consumers information that helps them make informed purchasing choices and gives businesses an insight into ways they can improve their business reputation and showcase their company.
Trusting people means trusting that the individuals posting reviews are or have been customers and that the reviews they post are genuine. To reinforce the reliability and authenticity of reviews that are posted, Trustpilot uses software specifically designed to identify fake reviews. Users of Trustpilot can also flag reviews they think are suspicious and those reviews will be investigated. Finally, Trustpilot employs a "Compliance Team" that investigates reported instances of misuse of the review process and community. The purpose of this is, primarily, to prevent businesses from posting both fake positive reviews about themselves and negative fake reviews about their competitors.
Believing in uncensored reviews means that once posted, reviews will not be censored or modified by Trustpilot in any way. Companies are also not allowed to have reviews they disagree with removed. Consumers who have posted reviews that violate Trustpilot's published User Guidelines will be asked to bring their reviews into compliance. If the reviews are not brought into compliance, they may be removed by Trustpilot at that time.
Believing in the power of community means that Trustpilot believes the community itself is the best way to ensure that reviews are genuine and authentic is to make them available to everyone which is why access to Trustpilot is free for consumers and available, along with tiered paid memberships, to businesses.

STRATEGY WEAKNESSES
A pre-compiled list or collection of Trustpilot's weaknesses regarding the company's strategy was not available. We were able to find weaknesses by searching through other sources, including online reviews of Trustpilot. The company's biggest strategy weaknesses are actions taken by the Trustpilot that directly contradict the claims made on their website. Examples of the company's weaknesses in these areas were able to be gathered by looking through other sources such as customer reviews of Trustpilot. One of Trustpilot’s biggest weaknesses regarding its strategy is that the company has, on more than one occasion, made reviewers change their review in order to favor their paying customers. They have also been instances when they have removed reviews for no reason other than a paying business customer complained. Another example is that, in spite of promoting that its service is free to all, Trustpilot will contact companies, tell them they have a negative review or two, then pressure them to buy a paid subscription so they can have "a little more control" over the reviews they receive.

MARKETING TACTIC WEAKNESSES
A precompiled list or collection of Trustpilot's weaknesses regarding the company's marketing tactics was not available. We were able to find weaknesses by searching through other sources, including online reviews of Trustpilot. The company's biggest marketing tactic weaknesses include a lack of transparency, pricing that "fluctuates wildly" and is more expensive than many competitors, and content management and marketing features that lag behind competitors such as Yotpo. The biggest weaknesses seems to be the lack of transparency which ties into pricing. Prices displayed on the website for the "Lite" and "Pro" plans are merely a starting point and not a definite one. Potential clients must contact Trustpilot to find out what the actual price will be. In head-on comparisons, Trustpilot was found the have certain features that were better than their competitors but was not found to be the best option.

Conclusion

To wrap it up, Trustpilot is an independent "online review community" comprised of customers and companies. Consumers log in and post reviews of companies which can be viewed, analyzed and used by the businesses they are about. Founded in Denmark, Trustpilot's global team now consists of over 500 employees who represent more than 40 nationalities. Trustpilot's leadership team consists of either individuals including Founder and CEO Peter Mühlmann and COO David Ferguson. Some companies strategies include encouraging the posting of reviews that are genuine and authentic, and not censoring or reviewing reviews without just cause. While viewed favorably in some areas, such as the company's social sharing and range of analytics, Trustpilot is also viewed unfavorably in other areas such as transparency, pricing, and adhering to the policies and strategies they include on their website.
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