You’ve undoubtedly seen the ubiquitous Capital One credit card ad campaign featuring celebrities like Jimmy Fallon, Jennifer Garner and Samuel L. Jackson asking . “What’s In Your Wallet?” By implication, if you don’t have a Capital One credit card in your wallet, you’re missing out on financial security, purchase power, and prosperity. In the world of enterprise peer reviews, we ask a similar question: “What’s in Your Marketing Program?” If it doesn’t include an enterprise peer review component, you are missing out on a competitive advantage and potential financial prosperity. Or in the case of an Enterprise Peer Review Program, are missing out on reputation & credibility.

As we wrote in Part 1 “Enterprise Peer Review Programs: Are Lack of Reviews Are Hurting Company’s Reputation”, if prospective customers are looking for reviews (and you know they are) and don’t find them, your credibility, and by extension your reputation, are going to take a hit. Why? Because reviews drive credibility:

• 50% of B2B buyers consider Peer Reviews to be critical to the purchasing process.
• 92% of B2B buyers are more likely to purchase a product or service if they have read a trusted review about it.
• Online reviews can increase a company’s conversion rates by as much as 270%
• User Reviews are considered More Trustworthy & Influential than the vast majority of information sources[1]
• Reviews from industry peers can validate (or conversely invalidate) features and benefits referenced in marketing and sales collateral.

As a rule of thumb, when it comes to organizations leveraging peer reviews, approaches range from none to a fully integrated differentiation strategy. In the world of foodservice equipment manufacturing and distribution we believe the vast majority of businesses are closer to the former rather than the later.

If your company lacks strategic Enterprise Peer Review (ERP), you need to ask two critical questions:

• What is our credibility (as measured by the presence or absence of online reviews) in the marketplace vs competitors?
• What do we need to do to take our program to the next level?

The answer to the first question can be found combing the web looking for online reviews about competitors’ products AND about your products. To evaluate your credibility begin by looking at reviews on third-party websites. Comb through competitors’ company media profiles to find customer reviews. Explore any product reviews published by third-party media outlets. If you discover you do not have market credibility, you should prioritize building it from scratch. The good news is if you find any, you are ahead of the curve (particularly in the foodservice equipment market). It is tremendous opportunity to be first to market (a position that can only be occupied by one organization). Your focus then should be improving your existing program.

The answer to the second question requires input from companies that specialize in assisting organizations develop enterprise peer review programs like ChefWorthy or Destrier Communications GMBH. ChefWorthy, the first peer rate & review web platform dedicated to foodservice professionals and foodservice equipment, works with foodservice equipment manufacturers and distributors in the US to help develop and execute review recruiting programs.

Destrier, based in Germany, specializes in strategic communications, reputation management, analyst relations and peer review program management. Destrier has developed a playbook (literally) titled “Enterprise Peer Reviews: A Playbook for Vendors”. Described as “packed with best practice advice for CMO’s. It provides a comprehensive guide to the reviews landscape, with an unrivaled collection of facts and figures. Running to more than 140 pages, Destrier’s Enterprise Peer Reviews: A Playbook for Vendors is a great starting point for any CMO looking to shake up their enterprise peer review play.

To learn more how you can increase your market credibility through EPR Programs, please contact ChefWorthy at mat@chefworthy.pro or Destrier

Mathew Mandeltort
Co-Founder
ChefWorthy, LLC
www.chefworthy.pro

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[1] Trust Radius, 2021 B2B Buying Disconnect