With the growing adoption of cryptocurrency, more and more people have jumped into trading and investments without a full understanding of how it works. Stressful spikes and drops in the cryptocurrency market can make even seasoned investors sweat, not to mention first-timers. Constant uncertainty and volatility can take a mental toll. For crypto startups, it leads to frustrated users discouraged to use a product and attacking the support team.
My company provides customer support to other businesses, including crypto wallets and trading platforms. After communicating with thousands of customers in the industry, we gained a lot of experience in managing and preventing customers’ anxiety.
The below-mentioned recommendations proved to increase customer retention rates for crypto products as well as keep the satisfaction rates high.
Expand knowledge base
Crypto products are way past the point when they were popular exclusively among tech-savvy and financially aware people. The cryptocurrency market size is expected to grow to 2.2 billion by 2026. With the introduction of accessible tools, more people start trading without getting into details. We often support customers who don’t know what blockchain, ledger, or digital wallet are. The lack of industry knowledge leads to basic inquiries and misunderstanding. What seems obvious to experienced users, is absolutely unknown to the newcomers.
Based on our experience, 90% of inquiries are basic and could be resolved with an expanded knowledge base or a help center. Get analytics from your customer support to learn what your users actually want to know, and keep the knowledge base updated.
Build a community around the product
Cryptocurrency is a hot topic of debates and discussions, both among active users and those observing. As a relatively new and still developing industry, it changes all the time. All this makes users look for answers on social media or Reddit threads. To prevent customers from looking for advice elsewhere, be proactive and create a platform for them to exchange tips and experiences. Such an approach has multiple advantages, including:
- Engaging more customers to actively use the product;
- users get peer-to-peer support instead of reaching out to the customer service team;
- access to a single source of customer insights.
Concentrating current and potential customers on one platform allows you to monitor the behavior of your customer base and communicate updates in a centralized way.
Overexplain terms and conditions
Based on our experience, more than half of all crypto users have no previous experience in trading or investing. Hence, they are less aware of the rules that apply.
One of the most common complaints submitted to a customer support team is extra charges (commissions). It’s hard for users sometimes to calculate the final price for transactions. Additional fees might be taken by intermediaries or the execution price might change during a trading transaction. Although the crypto product itself may have nothing to do with it, its customers are affected nonetheless.
To prevent the frustration of your users, take a proactive approach in communicating and explaining the fees and conditions of all transactions and trading operations. It will decrease the number of complaints and the cost of customer service.
Proactively communicate technical problems
Every time the market swings, customers rush to cryptocurrency trading platforms that often experience delays due to the high number of transactions. If your platform goes through technical problems, don’t wait for users to overwhelm customer support: proactively publish a statement explaining the situation. Clarify the reason for the problem, explain how you are working on a solution, and provide an estimated resolution time if possible.
A proactive approach to customer service will manage users’ expectations and can increase customer retention rates by 3-5%.
The above-mentioned steps can help businesses decrease the level of stress for their customers as well as the temperature in crypto trading. They will give your business a competitive advantage and make it stand out among the growing number of crypto products.