Maybe you’ve heard of it, maybe you haven’t. But if you follow TransferGo closely on our social channels, you’ll likely be at least a little familiar with a Trustpilot score. However, what you may not know is what the scoring system is all about and how important it actually is.
Trustpilot is an online review community in which consumers can share their genuine experiences with businesses. They do this by rating them with a score out of 5. Now, this is where we humbly announce that last week, our TrustScore moved up a notch to a rather impressive 4.9/5. Wowzers, huh? Considering that 92% of people read reviews and 80% of shoppers trust customer feedback, this is an incredible win.
But enough about us (for now). Here’s everything you need to know about Trustpilot…
A Trustpilot score is good for both customers and businesses
Founded in 2007, TrustPilot was created with the mission to help people. It does this by helping consumers to learn about businesses so they can make more informed choices.
As a result, consumers around the world can buy from businesses with the utmost trust and confidence. Businesses can also collect and work with the feedback to improve their services, fix problems and improve their relationships with customers.
It’s open and accessible to everyone
Trustpilot is big on transparency, inviting consumers around the world to share their personal experiences about businesses. What’s more, if they wish, businesses are able to respond to any comments and feedback publicly. This further improves the relationship between the customer and the business, enhancing trust and potentially winning loyalty.
Having direct access to customers’ constructive feedback via this online community is also hugely beneficial to businesses, allowing them to further improve their products and service.
It updates itself in real-time
The TrustScore is a rating between 1 and 5, with customers also given the option to leave an accompanying comment in their review. At the time of writing, the last review count on TrustPilot was over 71 million. But it’s likely to be much, much higher than that.
Every time a new review is added, a business’ overall Trustscore recalculates itself. The calculation formula is based on three essential factors:
Timespan: In order to fairly represent a business in its current state, the TrustScore gives more weight to the most recent reviews. This is to better reflect current customer satisfaction.
Frequency: To maintain their TrustScore, businesses should collect their reviews regularly and frequently. With the latest reviews weighing the most, the more regularly reviews are collected, the more stable and reliable the TrustScore becomes.
Bayesian Average: Since smaller businesses will likely have fewer reviews, TrustPilot uses a Bayesian Average in their TrustScore calculation. Basically, if there’s only a small handful of reviews, every one of them (no matter how old) is considered. This is to ensure a more balanced TrustScore. As businesses collect more reviews, it becomes a smaller factor in the calculation.
What’s considered a good Trustpilot score?
Once a TrustScore is in place, it’s then visualised into a star rating (including half stars) with the reviews boiling down to .1. Here are the ranges and what they represent:
- 1 and 1.7: ‘Bad’
- 1.8 and 2.7: ‘Poor’
- 2.8 and 3.7: ‘Average’
- 3.8 and 4.2: ‘Great’.
- 4.3 and 4.7 (4.5 stars) and 4.8 to 5 (5 stars): ‘Excellent’.
Our TrustScore is currently stable at 4.9, meaning that we’re rated 5 stars and ‘Excellent’. Don’t mind if we are.
In fact, our rating is even more impressive given the fact that we have over 18,000 reviews at the time of writing. Remember: the more reviews you get, the more credible your high score becomes.
Why is TransferGo’s Trustpilot score so high?
Not to intentionally blow our own trumpet here, but it’s taken a lot of hard work and commitment to cement our great online reputation. Each and every one of our departments has worked tremendously hard to make TransferGo what it is today—from developing and improving our product to creating effective copy, acquiring great talent, improving user experience and providing stellar customer support (and much, much more).
We’d like to take this opportunity to thank all of our teams and individuals for their hard work. In particular, our Customer Support team deserve an extra round of applause. So many of our reviews are full of praise for our CS department. Their average response time is just 20 seconds. They really do go above and beyond in improving our service and reputation.
And last but not least, we’d like to thank you. You’ve trusted us, lent your support and shared your feedback. Ultimately, you’ve got us to where we are today. We really couldn’t do it without you.