Company Profile - Trust Pilot: Go-to-Market
Trustpilot has seen success in the United States and abroad. This has been proven by their customers located in 65 countries and a strong following in Denmark, the UK, France, Germany, the Netherlands and the United States. Trustpilot is a private company, so their GTM strategy is not fully revealed. However, some of their American-based plans are available, including information on the office in Denver that was opened in 2016. Below, there is a short overview of the company along with an explanation of their GTM strategy based on available information.
Trustpilot was started in Denmark in 2007 by Peter Muhlmann. The goal of the company was to enable customers to post reviews about products and services they have used in an online community. There are currently customers from over 65 countries. Their first US office was established in New York in 2013, where they were subsequently named one of the Best Places to Work in New York City in 2014. Trustpilot also has offices in Copenhagen, London, Melbourne, and Berlin. As of 2017, Trustpilot was receiving 70 million visitors per year, and their online reviews were being seen 1.5 billion times per month worldwide. Their success was also shown by their customer retention rate of 95%. In Canada, Trustpilot owns 2% of the market share and is in the top 10 of 65 total Online Review Management technologies in the country.
North American gtm strategies
The two main customer groups of Trustpilot are consumers and businesses. Consumers are individuals who post reviews about businesses for others to see, and businesses use Trustpilot to obtain and monitor reviews about themselves. They offer five value propositions, which are accessibility, customization, performance, risk reduction, and brand/status.
Accessibility is created by allowing consumers to post for free and businesses are to set up a free profile. Customization is done by the creation of region-specific websites for Denmark, France, Germany, the UK, and the US. Performance is demonstrated by the fact that Bing and Google's use of Trustpilot increased click-through rates by 17% on average. Another example of performance is when digital agency High Position saw sales increase by 58% once they used Trustpilot's TrustBox widgets. To reduce risk, the company creates transparency and checks for accuracy. Proof of purchase is required before a review is published to ensure authentic feedback. Brand/status is shown by the facts in the overview that reveal the company's success.
The main channel used by Trustpilot is its website, but social media is used to promote the company as well. Their only revenue stream is the subscription fee charged to businesses for access to enhanced services, but there are three specific plans. They are Lite ($599/month), Pro, and Enterprise. Pro and Enterprise pricing is based on a direct quote. Businesses from all industries are eligible to use Trustpilot, and their clients range from global enterprises to e-commerce retailers.
Investments and Future opportunities
In May 2015, Trustpilot raised $73.5 million in a Series D investment round led by private equity firm Vitruvian Partners. The money was used to fund their rapid international growth, which included the United States. They invested in more people, processes, and technology to strengthen their trust, transparency, and customer success. In the New York office, they planned to double the number of employees and have them specialize in roles other than sales, which is what the office was primarily used for. New roles included software development, accounting, and marketing.
By 2016, they were looking to establish a presence in the western United States, and they looked at Austin, TX, Seattle, WA, Salt Lake City, UT, Denver, CO, and San Francisco, CA. They eventually chose Denver due to its growing technology industry, reputation as a hub of innovation, and strong local talent pool. The office was opened on May 1, 2016, with the goal of driving customer sales in the region. They also increased their U.S. workforce by 20% in 2016. To make the Denver office more formidable, Scott Ward was hired as Vice President of Sales in the office in June 2016. His duties are to develop, execute, and oversee the internal sales processes and business development initiatives.
In conclusion, Trustpilot has attempted to create a greater presence in the United States by expanding their older office in New York and creating a new one in Denver. They have been very successful worldwide, but a breakthrough into North America would lead to a much greater revenue and attract many more customers.