Hello everyone, my name is Anna Korolekh, and I am a marketing manager at Promodo Company. Today I have a very special guest for our interview Dave Hyman, Chief Revenue Officer at Yotpo. Yotpo is a very popular plug-and-play review solution for ecommerce websites.
Hi, Dave! Thank you so much for joining us today for interview and my first question would be tell us about Yotpo a little bit, how does it work? What makes your project unique?
Ok, thank you for having me. Yotpo is a world leader for content generated product reviews. In other words, we are working with customers after they made a purchase. We have automated post sales process, and we reach out to customers after purchase. We get a review on the product, the solution they have purchased, and then we take their review and go ahead with their review up online, next to product. What that does, it helps other consumers who are coming online know about the product, the validity of the product, and how well the product can help them. It is a review solution.
How did you make the project popular? What was your strategy as a start-up?
The world of product review was for us a little bit flat. We wanted to jazz it up, we wanted to add a little bit of excitement. So we started to look at the value of review, we see that reviews people are receiving are actually a very strong marketing tool. So what Yotpo does is that we use reviews system as a marketing aspect, we use it for up-sell and for cross-sell. We take reviews and also move them into social, so we are able then to draw more traffic to the website and also increase the up-sell and cross- sell value.
What were your main marketing channels when the project was just starting up? How did you reach out to ecommerce website owners?
For starting off, we started to look at the world of reviews. We wanted to marketize the value of reviews. A good review system today was generally built for very large corporations to have something built in to their website. So we wanted to reach out to greater small-size business and reach out them with the option to use review tool on their website. So that was our first aspect to reach out larger population and provide the tool that many could use.
What was that moment when you realized that the project was a success? Do you remember that turning point? How did your strategy change when it already became pretty famous?
For us we now have about 5 thousand new registrants per month that are coming to Yotpo and registering for service. We feel that this number is a great number, and it always can get larger, but I think for the past about 4 to 6 months we have been reaching this strong numbers with about 5 registrations per month and about 72% adoptionary, meaning the people are definitely using the service they are signing up for. And we started off with the free service for the website.
How did you strategy change when you realized that the project is popular?
So we work into the need to support free clients giving 100% dedication. We believe very much again into providing a review system which is going to be available for everyone. I think we are seeing a major change is that there are more clients of the middle level, very serious small business companies, some enterprise companies. We want a solution that is going to be more robust, so we started to release what we call a premium package, and premium is more for more strong business need for reviews. So right now the point of moving is from process for only small business to offering for much larger scale. And that is how strategy started to change. Very exciting though.
So this is the biggest marketing challenge for you, right?
I think the biggest marketing challenge is really how we are going to continue to cater to small business the free accounts. Again, we are dedicated to small business accounts, we continue to work with them. This is also how we continue to work with small ones, but also provide great service for the larger companies as well.
Can you give a few tips to businesses targeting e-commerce business owners? How to target them better, how to start fruitful communication with them, how to gain their trust?
You know I think what worked well for us is transparency and honesty, you know we provide fantastic service to clients of all levels. That is something we have been really dedicated to. To keep wait time down for tickets to a minimum, providing expert support, thorough answers. But we are also being very transparent with the customers letting them know where our strategy might change, might switch, we continue to support them. Also you see that RCO send out a lot of correspondence that it has directly with clients, so we always want to keep a strong channel communication and just be very honest. You know when you look at the Yotpo reviews about your product or service, it is overwhelming the amount of positive support that we receive. So I think the community has very much embraced our honesty and communication level and giving this back to us they are able to share with us their positive feedback and also sometimes their criticism. And criticism we also work with. If you ask me how best engage with the new business and how they should engage with the market place, I would say that being open, communicative and very transparent.
Basically, you need to practise what you preach,
Yeah, definitely, customer service is always number one.
What in your opinion makes a good online store? Can you name top 3 things that would make you stay at an unknown before store and top 3 things that can make you leave without buying anything?
What I personally value in online store is I value the company that gives me solid explanation about the product, and if they built in reviews. Because then they are able to accept criticism and look at the strong side. I like to see a website that shows that there has been investment into the website, strong graphics, everything put into the smooth process, no wait time on the page – that gives me the feeling as a buyer that this company is investing in me as if I am walking into their store. And when I go to online store, I want to have the same feeling that I am embraced with the information but I also would like to have very smooth experience with their webstore as well. I think if information is difficult to achieve, it is difficult to find information, that is when I as a buyer become more suspicious, frustrated and look for other options.