TrustRadius Exceeds First Half Growth Targets, Achieves Significant Enterprise Traction
TrustRadius reported exceptional growth in Q2, achieving 164% of its Q2 sales target (set pre-COVID-19) and adding a record number of customers.
TrustRadius, the most trusted customer review platform for business technology, reported exceptional growth in Q2, achieving 164% of its Q2 sales target (set pre-COVID-19) and adding a record number of customers. TrustRadius also grew traffic 2.8x year-over-year to over one million monthly sessions. Overall for the first half of 2020, TrustRadius achieved 118% of its pre-COVID sales plan with 112% net retention, as many customers expanded engagements. TrustRadius chose to not take a Payroll Protection (PPP) loan or other government assistance, yet maintained and selectively added headcount.
While changes to the business environment have created challenges, TrustRadius has seen increased demand for its services. With over a million visitors per month, 50% from large enterprises, TrustRadius has become a “must-have” influence platform. Additionally, in a world where it’s no longer possible to establish trust face to face, TrustRadius helps brands harness the voice of their customers to invoke trust, improve conversion and accelerate deals. In an environment where marketing budgets are under scrutiny, TrustRadius helps brands efficiently build awareness and engage high intent buyers.
TrustRadius’ success through challenging times has been driven by four factors: strong traffic growth; the highest quality review content in the industry; an acute focus on customer success; and strength in the enterprise. These factors have attracted a record number of customers seeking to reach and influence enterprise buyers. Six of the top twenty software companies in the world commenced or increased their investment with TrustRadius in the first half of 2020.
When Covid-19 hit the United States, CEO Vinay Bhagat, having led through two recessions, made the immediate decision to get super close with customers, listen closely to and act upon the needs of his team, ensure crystal clarity in objectives and communications, and strive for operational excellence. With an NPS of +50, strong customer engagement has always been core to TrustRadius’ DNA. In response to the challenges presented by COVID-19, the team added daily internal client success portfolio reviews to discuss adoption and outcomes, assigned executive sponsors to every customer, and proactively reached out to customers to ask how we could help. Mike Galyen, who joined as Chief Product Officer just as Covid-19 hit, initiated customer surveys and interviews to refine our product strategy and drive valuable insights. The majority of the TrustRadius management team joined those interviews.
“My goal in managing through this crisis is not only to survive but to thrive,” said TrustRadius CEO Vinay Bhagat. “Recessions aren’t just a test of fortitude. They’re an opportunity to distinguish yourself. Our customer intimacy has helped us to enhance our go-to-market approach, refine our roadmap, and realize great results. We’re grateful to our customers for believing in the power of customer voice and for investing in us,” continued Bhagat. “We look forward to continuing to drive value for them.”