Why Your Trustscore Matters
Trustscore is not just the average score of your reviews. To keep it relevant, we calculate multiple factors which are driven by the influence of the newest customer experience. And it is easy to understand why we are calculating it this way - because it is important for customers to know if businesses are actively working on improving their service.
In our recent survey, over 5,900 consumers expressed a unique trust value in Trustpilot’s Trustscore. The more reviews a company has, the more consumers are likely to buy from it. If you are keen on numbers, today, 92% of customers said they would not consider buying from 1 or 2-star rated brand.
But the surprising finding was the impact of the score change and its correlation to trust. We discovered that by improving 3-star reviews into 5-star reviews, the likelihood of consumers buying from that company increased by a staggering 198%! This translates into more sales, more revenue, better customer relationships, and better long-term value for your brand.
This can not be achieved by hoping and wishing that customers will start leaving good reviews for no specific reason. Companies who manage their reputation and work to improve their Trustscore are usually proactive in their efforts: they constantly engage with their customers, and most importantly, they try to discover when to act and how to get better.
How Staysure.co.uk maintains a Great TrustScore from 50,000 Reviews
Take the example of Staysure.co.uk, a UK-based insurance company that has collected over 50,000 reviews, most of which from happy customers. They collect over 4,000 reviews per month, which is almost impossible for any human to analyse and sort through.
That’s why they chose to start using Trustpilot’s new AI tool - Review Insights - which analyses reviews almost instantly (to date, Trustpilot’s analysed 31 million reviews from various industries to deliver the best-in-class insights).
Using the insights identified by the AI-powered tool, Staysure can now easily understand major customer concerns, and act to solve those issues before they become bigger problems.
Can an AI tool really help improve your Trustscore?
Yes and no.
Yes, because we have built Reviews Insights, a new AI-powered sentiment analysis tool that can deliver meaningful insights based on what customers are saying in their reviews.
No, because the tool delivers reliable data-driven reports, but does not deliver shortcuts for business improvements.
The best, and the only way to improve your business results is to act on customer feedback. If your customers are expressing their negative sentiment with your brand, then you should ask yourself - “Why are our customers having a bad experience?”
What Can You Learn from Review Insights?
Our sentiment analysis tool can go through every review and discover major topics for you to analyse. The goal is not necessarily to improve your Trustscore, but to improve customer experience.
If customers have a good relationship with your brand, they will happily write 5-star reviews and will therefore influence a positive change in your Trustscore.
But first and foremost, Review Insights is a tool that can help you prioritise actions. How you use the insights will determine the results you’ll get.
Review Insights as an early-warning and risk detector. The AI-powered sentiment analysis is done in real-time, which makes it a unique source of information. You should prioritise sudden negative changes to learn what has gone alarmingly wrong. But, it goes both ways. A big positive change means you are doing something great!
It can help transform bad reviews into great ones. If you understand why customers are giving you 3-star reviews, you can easily start improving your customer relationships, and maybe incentivising a positive change towards 5-star reviews. Research proves that small changes can deliver great results.
Empower your teams with meaningful and data-driven reports. Reports from Review Insights can give your teams unique insights about customer needs, and offer solutions to improve their experience.
Team performance monitoring. We have seen a customer using Review Insights as a tool for measuring the performance of their Customer Service teams. The sentiment can show customer satisfaction of your customer service, and used with tagging in reviews, can help companies understand which teams need an incentive to perform better, and which teams need training.
Validation of a new product or service. Used with tagging, companies can track what customers like or dislike about a new product, and act timely to improve it or respond to customers to manage expectations. If the feedback is positive, customer feedback can give you better ideas on how to make a good product even better.
For customers, there is nothing more powerful and telling than a company’s Trustscore. The score itself is just a result of what brands are doing in the background to maintain great relationships with their customers - a relationship built on trust, built on feedback, and sometimes helped by an AI. To improve yours, find out more about Review Insights, or sign up for a free demo below.
You can also watch our webinar recording here.
To sum up...
- Your Trustscore defines the trust customers have in your brand.
- It is useful for new customers to recognise you above the competitors.
- Research with 5,900 consumers suggests that stars are really influential.
- New AI can now help businesses increase their Trustscore by using actionable insights to improve their customer relationships.