Brand: It's not what you say it is, it's what they say it is- Peter Holton Muhlmann + Phil Cox

TL;DR

Trustpilot founder Peter Holten Mühlmann discusses the importance of online reviews, engaging with customers, and the challenges of expanding into the US market.

Transcript

good morning everyone so I thought we would start by asking you Peter just to give us a little bit of background company and how you came to form it in the first place yeah first of all thanks for having me here today I it was funny like I we were just sitting outside and there was this van driving by and had Trustpilot everywhere and I was just th... Read More

Key Insights

• 🤒 Trustpilot Founder Peter Holten Mühlmann started the company to help people like his mom make informed choices and to empower businesses to compete effectively.
• 🌍 Trust and transparency are vital in today's digital world, where online reviews significantly impact consumers' purchasing decisions.
• 🏛️ Companies should actively engage with customers through online reviews, as this helps build trust and loyalty.
• 😒 Investors often use platforms like Glassdoor and Trustpilot to assess a company's reputation before investing.
• ❓ Trustpilot believes in quality feedback and focuses on genuine customer experiences rather than sheer quantity.
• ✋ Expanding into the US market presents challenges due to its complexity and the high standards businesses must meet.
• 🍃 Trustpilot aims to combat increasing skepticism by prioritizing transparency and leaving with openness.

Questions & Answers

Q: How did Trustpilot come about and what was the initial idea behind it?

Trustpilot was formed to help individuals like Peter's mom make confident online purchases and assist businesses in competing effectively. Initially, many companies did not believe that online reviews could impact their reputation.

Q: How does Trustpilot advise companies on engaging with customers and managing online reviews?

Trustpilot encourages companies to actively engage with their clients. They should listen, learn, and address any issues raised in the reviews. Companies should view online feedback as an opportunity to improve and build trust.

Q: How does Trustpilot differentiate itself from competitors in terms of trust and verification?

Trustpilot emphasizes the importance of customer feedback and focuses on quality rather than solely relying on the number of reviews or perfect ratings. Trust and verification are central to the platform's purpose.

Q: Do investors consider online reviews as part of their due diligence process when investing in a company?

Investors often look at employee reviews on platforms like Glassdoor and customer reviews on Trustpilot to evaluate a company's reputation. They consider customer feedback an essential aspect of due diligence.

Summary & Key Takeaways

• Peter Holten Mühlmann founded Trustpilot to help consumers make informed choices and to support businesses in maintaining online reputations.

• Trust and transparency are crucial in today's world, and online reviews play a significant role in shaping customer opinions.

• Companies should actively engage with their customers and respond to reviews to build trust and address concerns.