Findings follow 300 million review milestone, 19% YoY bookings growth (at constant currency) in the UK for trusted global platform
LONDON, Oct. 2, 2024 /PRNewswire/ -- Trustpilot, the global independent review platform, today unveiled the findings of its 2024 Total Economic ImpactTM (TEI) study. The commissioned study conducted by Forrester Consulting on behalf of Trustpilot found that organisations that deployed Trustpilot received a 401% return on investment, generating a $959K net present value, or a total value of $1.2M.
The TEI study demonstrated how investing in Trustpilot helped organisations leverage reviews, build brand equity and trust, and spur customer acquisition at scale. Forrester interviewed representatives from organisations using Trustpilot and surveyed 221 respondents across the UK, US, Italy, and Germany. The findings were combined into a composite profile of a global, industry-agnostic organisation with $200 million in annual revenue. The three-year, risk-adjusted present value (PV) quantified benefits include:
- Trustpilot improved customer acquisition worth $1M
- Trustpilot improved operational efficiencies worth $189k
- Trustpilot helped increase traffic by 35% in year 3 (25% in year 1, 30% in year 2)
One of the Trustpilot customers interviewed,Adam Lindsey VP - Global Operations at Groupon, said "The biggest risk of not working with Trustpilot is you don't know what's happening and you can have some rather viral type of comments that aren't handled."
The study revealed additional qualitative benefits of partnering with Trustpilot, including:
- Enhanced brand awareness - Trustpilot provides organisations with highly valued third-party validation. In the Forrester survey of 221 professionals, 98% agreed that reviews and ratings helped their organisation improve brand reputation.
- Improved employee experience (EX) - Study found that positive reviews lifted morale in the workplace and helped create a supportive and positive culture.
- Richer insights into customer sentiment - Trustpilot enabled organisations to gather unique and extensive customer feedback they wouldn't have been able to access otherwise, which helped them manage operations more effectively.
- Improved customer satisfaction - The platform allowed organisations to engage directly with customers and in a prompt manner. By enabling organisations to act quickly, Trustpilot helps build trust and loyalty that boosts customer satisfaction.
"Our team has always believed that connecting brands and consumers and advocating for transparency in the reviews process can help build trust and deliver business growth" said Alicia Skubick, Chief Customer Officer at Trustpilot. "We're delighted that the Forrester study reinforces this and highlights both the qualitative and quantitative results our customers have experienced by including Trustpilot in their marketing, insight gathering, and customer acquisition efforts."
Trustpilot's TEI study follows the company's most recent earnings report, revealing that bookings growth is up 19% globally, with exceptional performance in the UK, where bookings growth is up 19% at constant currency. The company also saw a 16% year-over-year growth in revenue at constant currency in the UK. Globally, the company recently achieved over 300 million reviews, including 53 million in 2023 alone.
Find out more on how Trustpilot drove growth for its customers at: https://uk.business.trustpilot.com/calculate-roi
About Trustpilot
Trustpilot began in 2007 with a simple yet powerful idea that is more relevant today than ever - to be the universal symbol of trust, bringing consumers and businesses together through reviews. Trustpilot is open, independent, and impartial - we help consumers make the right choices and businesses to build trust, grow and improve.
Today, we have more than 300 million reviews on the platform and 67 million monthly active users across the globe, with 127 billion annual Trustpilot brand impressions, and the numbers keep growing. We have more than 900 employees and we're headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.
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