Growtion Case Study: raterAgent - where transparency is key
raterAgent - where transparency is key
raterAgent was created at the end of 2014. Across Christmas 2014 and New Year 2015, we built a Concept, Design, Brand, Website and Product that enabled consumers to leave genuine, hand-checked reviews for estate agents.
The Concept was clear: no rating website was checking every submitted review by hand. That meant that fake reviews were all over the place (we found it to be one in six of those submitted when we first started going through Facebook and LinkedIn, amongst other verifications, in our Triple-lock Checks). Genuine companies with great service levels wanted genuine reviews. Committed customers with money to spend wanted to know, and work with, the genuine companies. No site – none – worked harder to verify their reviews and generate trust.
So far, so admirable. But how on earth were we going to make any money?
Three product levels
At raterAgent we created three levels of product; BASIC, RATER and PRO.
(As an absolute aside - and to help all those with as terrible a memory as I have - consider marrying the attributes of your three products to the letters that make up their names. You can see how this helped me to focus on each product's features, during sales pitches, from the first letter of each benefit here ...)
BASIC’s Pricing was free. That’s right: Free. It meant that you could register to manage your review page and respond to any reviews, for free. That was the start-point. We optimised the website to ensure as many agent customers as possible would find us and leave a review and then were able to engage with our target audience (estate agents) on the back of the reviews that started to flood in.
Our biggest variable cost was the checking of each review. We would use all manner of online searches to identify genuine and fake reviews. We created a “Triple-lock Check” system and were ruthless in getting rid of fake reviews, to the point that we would rather not publish than run the risk of letting a “fake” slip through the net.
It was a huge undertaking. We’d write to them all, the ones that we discovered cheating, and call them out on it. Not only was it providing a valuable service to consumers, it was doing the same for great estate agents too. They could trust us.
At £45 per month, the RATER package was in the sweet-spot for most agents. Once they understood the Concept, backed by great Design, the Pricing wasn’t too much and it wasn’t too little – right in the Goldilocks Zone.
The PRO Package had some additional training and data features that pushed its price up to £75 per month. Those that took this up saw value in it but there was also value in that it “framed” the middle package (RATER) and drew people to it.
In the majority of cases – and the majority of your target market is where you want to aim – humans don’t want to be cheap. Given just two choices, 50% will drop on either side. Given three choices, however, and a majority will go for the middle one.