The blockchain and crypto space has key differences to other more established business areas, both technically and culturally.
Technically, the challenges are scalability, interoperability, standardization, and regulatory. Culturally, the focus revolves around divulging power from central financial authorities, the nature of its immutable network, the participatory power it gives users, and the sovereign creative potential.
Here we’ve identified four key challenges that those looking to join this space often face. And we’ve laid out how navigating them with impeccable customer experience allows true leaders to separate themselves from those just looking for a slice of the action.
1. Tackle early adoption complexity head on
Blockchain is a complex topic (except for the very technically minded), especially when it comes to cryptocurrency and economic investment. For many, this complexity becomes an obstacle, causing them to retreat rather than risk getting something wrong.
This is where customer service can provide a critical business advantage. By proactively assisting, reassuring, and guiding your customers (who are likely still blockchain-timid), you position yourself as a helpful, much needed leader in an emerging field.
From ready-made explainers through to comprehensively briefed customer service staff (internally or via a business process outsource expert), a guiding hand will do wonders to attract customers and build trust with your brand.
2. Make decentralization human
Blockchain technology prioritizes decentralization: the divulgence of power from central financial authorities to the masses. These masses are made up the very thing the entire decentralization story revolves around: individual users. And since those users want their identities protected, anonymity is paramount.
But existing providers of cryptocurrency exchanges and wallets often create sterile, unwelcoming entry points for customers. These interfaces erode trust in an already complex and murky sector. The challenge for businesses operating within this space is clear: Keep the core tenants of decentralization and anonymity but make the entry points human.
The biggest winners will be those businesses who combine security, secrecy, and safeguards of blockchain with a straight talking, personable approach via exceptional customer service. This allows customers to feel like they are dealing with real people they can trust as they step into the rich, uncharted world of blockchain.
3. Check your growth speedometer
The potential for success at unprecedented speed with cryptocurrency and non-fungible tokens (NFTs) is undeniable (just ask the overnight millionaires). But it’s not all about investing—this growth potential also exists for those companies providing blockchain tools, services, and platforms. Take a look at the eye-watering market valuations of Coinbase and Binance and it’s clear to see what can be achieved.
But without a holistic approach, these stratospheric rises can come at a cost. As unrealistic profit margins are chased down and new business is made the sole priority, customer experience gets left behind and satisfaction drops.
That’s why smarter businesses take a different approach. By reinvesting in training, specialized customer service representatives and carefully implemented financial processes, such businesses can ensure they are building sustainably. Sure, it might slow growth down by a percentage or two, but retention and satisfaction will skyrocket.
4. Face negative preconceptions with transparency and assurances
The cryptocurrency space has a bad rep. Unsurprising, given that unless you’re deeply involved in it, the bad press often outnumbers the good. China’s ban on currencies, crypto exchanges vanishing without a trace, ape imagery NFTs worth hundreds of thousands of dollars getting stolen—these stories sell, so they dominate the conversation.
That means if you want customers (both individuals and companies) to trust your business above others, radical honesty and transparency in your CX is fundamental. Clear messaging that covers the key points—while addressing any uncertainty and risk—needs to sit front and center of your promotional material and educational resources. And crucially, also in the mind of every customer service representative.
- Governance and oversight: Where is it coming from and what does it mean?
- Accreditations and certifications
- Safeguards against fraud or malicious usage
- Any crypto mining efforts and the environmental offsetting taking place
- Clear and straightforward contact links
- Company history
- Case studies or statistics to show the number of customers/assets worked with to date
The payoff? Harnessing customer-centric crypto success
Investing in customer experience can propel your business ahead of those prioritizing the wrong thing or looking to make a fast buck and run. And with the astronomical potential for success, there’s every reason to ensure you stand out in this noisy, crowded space.
- Demystify complexity for prospective customers with explainers and informed customer service staff.
- Offer security with a human touch by combining safeguards of blockchain with great customer service.
- Cultivate sustainable growth by investing in customer service training and robust financial processes that keep customers satisfied as you move forward.
- Counter the negativity with crystal clear, straight-talk messaging that reduces customer anxiety and builds trust in your brand.
That’s just a snapshot of our thoughts on the importance of CX within the blockchain and specifically cryptocurrency space.
Find out more about how we help businesses get the balance right with cryptocurrency and NFTs…