Interview with Adrian Blair, CEO, Trustpilot

28 Nov Interview with Adrian Blair, CEO, Trustpilot

Trustpilot has come a long way since it started in 2007 as a host for business reviews worldwide. To begin the interview, can you give our readers an overview of the type of services Trustpilot provides and its current operations? What milestones has the company recently passed that most highlight its success?

Trustpilot can be viewed in two key dimensions. The company’s overarching mission is to establish a universal currency of trust, a concept integral to our identity. The two primary aspects of our operations are centered around consumers and businesses. Consumers leverage Trustpilot to make informed decisions about whom to trust and where to purchase. They not only read reviews on the platform but also contribute by writing reviews, with our system now hosting over 238 million reviews – a valuable resource for consumers.

The second facet involves engaging nearly a million businesses across more than 100 countries, underscoring Trustpilot’s global reach. Our clients utilize Trustpilot to achieve three main objectives. Firstly, businesses can build trust with their user base by garnering more reviews and customer feedback. Secondly, they can use Trustpilot to grow their businesses by showcasing positive reviews on various platforms, such as their websites or marketing and advertising materials. This serves as a testament to their credibility, attracting more customers.

Thirdly, businesses use Trustpilot as a tool for continuous improvement. They actively listen to their customers, extracting valuable insights from reviews and implementing changes to enhance their operations. An illustrative example involves a conversation with a significant e-commerce retailer in the UK. This retailer leveraged Trustpilot reviews to collaborate with their delivery companies, fostering improvements in service quality based on direct customer feedback.

Trustpilot plays a pivotal role for consumers seeking trustworthy information and businesses striving to build trust, grow, and improve their operations through valuable customer insights.

The company recently adopted new branding so in what way does that revamp represent a change in focus for the company? How does it define the firm’s updated growth strategy and mission?

While our mission remains unchanged – focused on creating a universal currency of trust – the recent rebranding is a visual representation of our evolution as a company. Our growth is evident as we continue to expand and thrive, recently entering the FTSE 250, with over 50 million monthly users on our website. We have transitioned from our humble beginnings as a startup in Denmark almost 18 years ago to becoming a more mature organization.

Our brand identity now reflects this maturation process. The fundamental DNA of Trustpilot, centered around the concept of trust, remains constant. However, our identity has evolved to mirror the growth and sophistication of our organization. We are committed to doing something remarkable and aim to extend this impact to an increasing number of businesses and consumers globally.

Reviews have a tangible impact on businesses. According to Forbes, negative reviews convince almost 94% of consumers to avoid certain businesses, and 90% of buyers are more likely to convert after reading positive reviews. Can you tell us about the importance of reviews in building products and businesses? How does Trustpilot differentiate from other review companies in this growing segment?

There are several key ways in which we distinguish ourselves. Firstly, we operate as an open platform, allowing anyone with a genuine experience to share their experiences with any business. You can visit Trustpilot at this moment and provide a review for a business you’ve genuinely interacted with. Importantly, businesses cannot delete or manipulate the reviews, ensuring consumers access unfiltered insights from real people. This transparency sets us apart from other review platforms that may grant companies significant control over displayed reviews, compromising the entire system’s integrity.

Secondly, we prioritize “invitation methods,” addressing how companies encourage reviews. We aim to ensure that companies invite all customers to share their feedback fairly and impartially, avoiding cherry-picking only positive reviews. In line with our mission centered around trust, we advocate for companies to automate the process of inviting reviews reaching out to all customers who have purchased, regardless of their satisfaction level. This approach fosters a more unbiased representation of customer experiences.

In October 2023, Trustpilot joined other online giants such as Amazon and Expedia to share information to fight fake reviews. Legislation has already been passed in the UK, with moves by the US government to do the same. How important is combatting counterfeit reviews for businesses, and how has Trustpilot positioned itself as a leader in ensuring consumers and businesses can maintain a healthy and transparent relationship?

It is paramount to the trust in our platform that we maintain a rigorous screening process to filter out fraudulent reviews. At Trustpilot, we have a dedicated position called the Chief Trust Officer, reporting directly to me as part of our executive team. This individual’s sole responsibility is to review integrity, a unique role in the corporate landscape. With a substantial team and significant resources devoted to this area, we prioritize identifying and removing fake reviews.

Our effectiveness in this endeavor is not only a result of our serious commitment and allocation of resources but also stems from the wealth of information at our disposal. With 238 million reviews, we have an extensive dataset that helps us discern suspicious activities. Drawing a parallel to credit card fraud, having many transactions allows for pattern recognition and identifying anomalies. With our vast repository of reviews, we can similarly identify patterns and red flags.

But now, we are taking it further by pioneering collaboration with others in the industry. Our approach involves sharing our expertise with them and, equally importantly, learning from their experiences. We aim to position Trustpilot at the forefront of the industry alongside major players like Amazon, Tripadvisor, Booking.com, and others. We believe in fostering a collaborative environment where companies can work together and share knowledge to lead the industry forward collectively.

Denmark ranked second in Europe in the 2022 European Digital Economy and Society Index and the US International Trade Administration valued the Danish ICT sector at $35 billion that same year. How significant has the digital revolution propelled the company’s ongoing success? How has Trustpilot used new digital tools in its products and operations?

Our roots are in the digital realm, given that we are a digital business at our core. Embracing innovation and staying at the forefront is integral to our ethos. Currently, we are actively engaged in harnessing the potential of AI. We explore how these extraordinary capabilities can propel us to achieve our mission more efficiently. We have a remarkable pool of software engineering talent based in Copenhagen to aid us on this journey.

Notably, both our VPs of engineering are accomplished women situated in Copenhagen, reflecting the phenomenal talent pool available in Denmark. This strategic positioning allows us to tap into cutting-edge digital tools and technologies to enhance our products and operations continuously.

The US has close ties to Denmark as its largest non-European trade partner. More than 400 American companies are currently active in the local market, and Danish businesses support more than 150,000 jobs in the US. How significant is the US market in Trustpilot’s global footprint, and how does working in the US compare with other international markets?

Currently, the US represents approximately 20% of our revenue, which is rapidly increasing. With substantial offices in New York and Denver, we employ nearly 200  individuals in the US. As our business continues its growth trajectory, we anticipate significantly expanding our presence in the US market.

We have thousands of businesses listed in the US leveraging our services, along with a substantial user base of consumers. The demand for our proposition is evident in the US market, where we deliver a valuable service. Looking ahead, we are committed to furthering our investment in the US market, building on the success we’ve achieved and continuing to provide exceptional value to businesses and consumers alike.

What are your current top priorities as the new CEO of Trustpilot, having only taken up the role in September 2023? What vision do you have for the company for 2024 and beyond and what needs to happen to achieve its potential?

Upon publicly taking on the role, I outlined three primary objectives as CEO. Firstly, to instill strategic clarity within Trustpilot, ensuring a clear internal and external understanding of the company’s direction and objectives. Secondly, to implement execution rigor, drawing from my experience as Chief Operating Officer during the global expansion of Just Eat, another successful Danish startup. This involves optimizing organizational structures and processes to enhance efficiency.

Thirdly, a key focus is on improving profitability. We have successfully transitioned to a profitable stance after some loss-making in the past. I aim to build on this momentum, making Trustpilot an increasingly profitable venture in the foreseeable future.

Through this line of questioning, is there anything you would like to add or emphasize in this feature? Are there any key points that you feel have not been addressed?

I believe it is crucial to highlight our key messages, particularly concerning the US and our three pillars of building trust, fostering business growth, and continuous improvement. In the context of the US, we want to emphasize these three aspects to businesses. Our active participation in the Coalition for Trusted Reviews is also noteworthy. As mentioned earlier, we are pioneering in these efforts, especially in ensuring the trustworthiness of reviews, aligning with the core of our mission.

The overarching message to the readers of USA Today is this: We encourage you to experience Trustpilot firsthand and witness how it effectively contributes to creating greater trust between both businesses and consumers.