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

TL;DR

A brand is shaped by what customers and employees say online, so companies should continually invite feedback, listen, and respond without becoming defensive. Trustpilot founder Peter Holten Mühlmann explains that investors check Glassdoor and review sites within the first 20 seconds of hearing about a company, while expansion into the enormous US market is necessary to compete globally. Read on for his practical guidance on reviews, reputation, and trust.

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: Why is a brand defined by what other people say about it?

Customers and employees publicly describe their experiences on review platforms, shaping how others perceive a company. Peter Holten Mühlmann says businesses must recognize that online opinions matter and address what is happening in the world around their brand.

Q: Why did Peter Holten Mühlmann create Trustpilot?

He wanted to help people like his mother make better choices when buying online, whether purchasing a kitchen or planning a trip to France. He also wanted to help people starting businesses compete with other companies.

Q: How should companies manage negative online reviews?

Companies should invite all employees and customers to share what they think on an ongoing basis, allowing the broader range of experiences to become visible. They should also provide a live response, but avoid escalating the exchange into an online argument.

Q: Why should companies listen to feedback that feels unfair?

A business owner may believe a critical review is unfair, but the review still reflects how someone feels. Mühlmann advises recognizing that perspective instead of dismissing it simply because the company sees the situation differently.

Q: Do investors examine online reviews during due diligence?

Yes. Mühlmann says investors conduct a form of mini due diligence by checking what employees write on Glassdoor and what customers write on Trustpilot or another review site.

Q: How quickly do investors check a company's online reputation?

According to Mühlmann, investors may look up a company on Glassdoor and review sites within the first 20 seconds of hearing about it. During investment rounds, they also want to know what the company's customers think.

Q: Does the number of reviews matter more than how feedback is collected?

Mühlmann says how a company gets reviews and customer feedback matters more than the quantity of feedback. He also indicates that the goal should not be limited to receiving only five-star ratings.

Q: Why is Trustpilot expanding into the US market?

Mühlmann says Trustpilot wants to be the global winner and believes a company must enter the US to play the big game. He also describes America as an enormously difficult and much larger market than businesses may initially realize.

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.