How important are customer service and support in the crypto space? They may be an overlooked factor in wider adoption.
Cryptocurrency adoption has gradually increased owing to the recent trend in changes in technology and mode of transaction. Cryptocurrencies allow users to move away from conventional payment methods due to anonymity and decentralized transactions.
Extensive use of digital currencies can transform economies, especially in developing countries. However, experts can only determine the full potential of cryptos once they are adopted. As of 2021, Triple-A estimates an adoption rate of about 3.9%. More than 300 million individual crypto users and over 18,000 organizations are open to crypto trading and transactions.
While many factors influence mass crypto adoption, we will focus on customer service. It is one of the most undervalued factors, but why is it important? Read on to find out.
Customer satisfaction is a measure that tells how happy or content a company’s services, goods and capabilities are. It is an integral part of cryptocurrency growth because it gives marketers or organizations a metric to manage and enhance their performance. Customer satisfaction generally impacts a project positively and also increases profitability. Eventually, these crypto projects surge in value.
No matter how contemporary or competitively priced a coin is, it is challenging to retain customers who are not happy. Predictably, 45.9% of businesses surveyed stated customer service is their top priority service over the next five years.
Customer satisfaction is dependent on:
- Convenience and ease of use
- Customer expectations
- Perceived crypto value
- Complaint handling
- Effective communication
The State of Cryptocurrency Customer Service
During the last decade, customer service in the crypto world catered only to a minority group of tech-savvy users. These users did not necessarily anticipate top-tier support. Additionally, most crypto companies and start-ups mainly concentrated on advancing technology, and customer service was more of an afterthought.
Developers with great expertise and knowledge are required to design blockchain products. However, these developers do not have a similar level of expertise when it comes to interpersonal skills. Founders and developers typically implement customer support tasks themselves on the side. This negatively impacts response time and style of communication. The support tickets may be full of technical jargon without even a modest hello or good day.
Furthermore, crypto support teams at times refer to people channels or platforms that are possibly unfamiliar to their users. Referring new or novice customers to the GitHub repository may cause struggle or confusion. If a user is not yet fully invested in cryptocurrency, they may neglect the project altogether.
However, a promising aspect to remember is that most individuals operating on support teams do so out of their passion and zeal. Having more such people would significantly enhance customer support in general.
Enhancing Crypto Customer Support for the Prospects
As crypto companies struggle to acquire a supportive environment that is fast, collaborative, and accurate, modern technologies and tactics are enhancing their efforts. An AI approach to service promotes empathy and efficiency. For instance, chatbots can work together with humans. They are also very effective when aligned with a brand’s voice and applied in solving straightforward, repetitive inquiries.
Building a high-tech approach also promotes the popularization of a project beyond Gen Zs and millennials. However, developers should avoid over-automation on the front end, which is key to full inclusion.
It would also be best to consider influencers and the community around a crypto service, token, or project in general as an addition to internal customer service teams. A known YouTuber or Instagrammer can create an easy tutorial video with FAQs to help consumers understand how to trade on a particular platform or use any features.
Customer Service Challenges
When demand for user support surges, certain firms consider outsourcing these services to trusted partners. Growing the support teams can be a reliable way to enhance the customer support scale.
Additionally, education and self-service also help customers resolve their issues efficiently while lightening the ticket support burden. Customer experience members in crypto require motivation and resources to learn the basics of this world. Similarly, new customers should also be encouraged to do the same.
Importance of Good Customer Service?
Customer satisfaction is not only a “nice-to-have.” It has many benefits, including:
1. Enhanced Brand Loyalty
PWC reports that 59% of US customers who love a good or brand would abandon it after poor experiences. More concerning, about one in five customers would ditch it after only one awful experience. However, brands or crypto organizations that do everything to keep their customers happy are highly likely to retain their users in the long term.
2. Enhanced Trust
Another report points out that 81% of public consumers say that brand trust is crucial when selecting a brand they want to deal with. However, trust is not as developed in actual life. Only an estimated 34% trust the brands they depend on day-to-day.
Enhancing customer experience and satisfaction goes a long way to making a project more trustworthy. Consumer trust and satisfaction are dependent.
3. Audience and Sales Growth
Satisfied customers are considered more likely to inform their relatives or friends about your brand. For this reason, the crypto brand gets a larger audience and a possibility for expansion. What’s more, satisfied customers are likely to spend more if a brand delivers excellent service. Companies that improve the quality of customer service report an increase in revenue.
Customer surveys, monitoring social media mentions, and implementing customer feedback go a long way to improve satisfaction.
Cryptocurrency owners should make customers the center of their projects. Considering the problems that introduced them to these customers will help increase a project’s success rate. Undervaluing customer service may cost a project its success.
While the current state of customer satisfaction is not as valued as project development, we look forward to a future where the support staff will be treated as valuable as developers. Fostering a sense of partnership between users, developers, support teams, and the community, in general, will enhance the mass adoption of cryptocurrencies.
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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.