Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Georgina Nelson, CEO and founder of truRating.
In 128 words or less, explain your business idea.
truRating is a mass point-of-payment rating system that gives customers a chance to have a say when they pay. By answering one simple, anonymous question via the payment terminal, customers can rate an aspect of their experience by pressing 0-9 (0 is terrible, 9 great). This could be, for example, 'Please rate the service from 0-9' or 'Please rate the product range from 0-9'.
Each consumer rating feeds two websites. Business owners are able to see their ratings over time, compare their ratings against their competitors and get detailed analytics. And consumers have access to a recommendations site they can trust, with ratings from genuine paying customers.
What strategies are you using to grow and finance your idea?
As well as carefully selecting a talented and driven team, dedicated to growing the company, we are fortunate to have brought on-board an exceptional group of investors and advisors who are equally committed to achieving the truRating vision. Their combined wealth of experience continues to guide us through our journey.
To keep the business growing at a fast speed within the traditionally slow payments industry, merchant backing has been key. An exceptional product offering teamed with unfaltering perseverance continues to help us enlist merchants to push their own payment companies with the request for truRating.
What's the biggest challenge facing your business?
truRating is going global - and fast. As a result, we're currently facing the challenge of scaling up quick enough to meet the international demand. Having only opened an office in Australia in late 2014, the interest from merchants and payment companies alike means we're already in soft launch mode here.
The USA and Canada are next, and we have the rest of the world in our sights. Hugely exciting yes, and our challenge is to meet that demand as quickly as we can with a growing world class and passionate team – although we’re certain we’ll smash it!
How do you differentiate your business from your competitors?
No other company offers consumer insight via payment terminals on such an accurate, representative and mass scale. On top of that, truRating enables customer sentiment to be linked to basket data and average transaction value.
We also believe we offer a compelling alternative to current consumer review sites. truRating.com will offer a trustworthy recommendations site with ratings from valid paying customers - and no potentially misleading consumer generated content.
What one phone, tablet or PC application could you not live without?
Peppa Pig Painting app on the iPhone. I have a two-year-old daughter who I often need to entertain herself while I handle bits of urgent work. With this I know I have a contented little girl for a good 10 minutes or so. Invaluable.
What's the best piece of business advice you've ever received?
It's been a full on couple of years - what with having a baby and doing a huge house renovation at the same time as starting truRating. So while maybe not the best business advice per se, the one comment someone said to me which has at times run through my head like a mantra is, “Plough on through and you’ll get there!”
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