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In the rapidly evolving cryptocurrency landscape, organizations are constantly seeking innovative solutions to gain a competitive edge. On the other hand, customers are increasingly selective and only choose brands they trust. Let’s explore the role of customer experience in building trust and how providing added value can help you stand out.
The cryptocurrency industry is a battlefield with hundreds of wallet providers and exchanges competing for customer attention. Standing out is no easy task. However, research provides a clue: brands that earn customer trust gain loyalty, more sales, and positive word-of-mouth. In fact, 7 out of 10 consumers buy more from brands they trust and entirely abandon brands they do not trust. In our industry, we expect that trust plays an even bigger role in customer engagement. But the question is: how do you establish and sustain trust?
Consumers Choose Brands They Trust
Added Value: The Key to Earning Consumer Trust
Trust, particularly in the cryptocurrency industry, is incredibly delicate. We’ve witnessed how a loss of trust can lead to devastating consequences for many organizations. Trust, hence, is not an element we can afford to ignore. Instead of seeking trustless solutions, the need of the hour is to cultivate a strong relationship based on trust.
Trust in this industry has often been viewed simplistically: “if we deliver what we promise, customers will trust us.” This notion holds true to a degree — brands that offer quality products or services do succeed. However, those that provide added value can elevate their success to long-term loyalty.
One of the first brands to understand this was John Deere. In 1896, they released The Furrow, a guide that offered practical farming tips, stories, and equipment advice. Today, John Deere is a globally recognized brand, largely due to their commitment to providing additional value to their community.
Fast-forward to today, customer expectations have grown significantly. In response, brands have to be more innovative and resourceful in delivering added value. While there are myriad unique ideas you can explore, here are three key strategies that every brand should consider:
Leverage Technology for Added Services and Insights
Technological advancements enable added value in myriad ways, such as customer service chats, advanced portfolio or asset analytics, and superior trading tools.
Invest in Customer Loyalty Programs
Loyalty programs reward customers for their allegiance to your brand. These programs offer enticing benefits like discounts and free products.
Offer Educational Content
In the cryptocurrency industry, educational content is highly sought-after. Improving your customers’ knowledge and skills can foster a trustful relationship.
Supercharge Customer Trust and Engagement with On-Chain Analytics
The possibilities to add value for your customers and build trust are vast, especially in the cryptocurrency sector. We believe that in this industry, the most impactful ways have to do with providing knowledge, education, and insights. We see that the power of blockchain analytics can prove incredibly valuable in this regard.
At the core of blockchain analytics lies the ability to unravel hidden patterns within vast amounts of transactional data. These insights empower investors with a deeper understanding of behavior, market trends, and competitive landscapes. By leveraging advanced algorithms, on-chain analytics uncovers key insights that might have otherwise remained concealed. We’ve found that these insights are crucial for customers when making trading decisions, leading to better outcomes for both customers and trading platforms.These tools not only provide insights but also form a foundation of trust with your customers, giving them compelling reasons to return to your platform.
In Conclusion: Empowering Cryptocurrency Success with Trust and Value
The role of customer experience and added value in building trust is undeniable. Trusted brands reap rewards in terms of increased sales, loyalty, and positive recommendations. Trust plays an even more crucial role in the cryptocurrency industry, where consumers demand transparency and reliability. To nurture and maintain trust, organizations must do more than fulfill their promises. They must prioritize valuable insights and a customer-centric approach to stand out as leaders in the industry.
How are you planning to leverage added value to build trust with your customers? What could be your version of John Deere’s “The Furrow” in the cryptocurrency industry?
If your answer is about providing education and insights, reach out to us today to start the conversation.
Harnessing the Power of Added Value in the Cryptocurrency industry was originally published in IntoTheBlock on Medium, where people are continuing the conversation by highlighting and responding to this story.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.