Customer Service: The Key CX Tool your Cryptocurrency Exchange Needs
If you have been trading cryptocurrencies for a while, then you have probably heard of the Coinbase customer service failure.
In 2017, the company’s transaction volumes grew by the astounding 295%. Unfortunately, Coinbase did not know how to address this trend and failed to provide customers with timely feedback. Soon, the online community lit up with complaints about the company’s data transparency. Their customers even turned to SEC with the allegations of fraud.
Coinbase learned the lesson the hard way – they started improving their customer service efforts and managed to overcome the reputation damage.
That is just one of the numerous examples of how significant customer service is for your cryptocurrency exchange.
Cryptocurrency customers are sensitive to poor trading experiences. They choose companies that respect them and provide highly transparent and data-oriented feedback.
In a hypercompetitive online currency trading landscape, poor customer service may compromise your hard-earned brand image and soon squeeze you out of the market.
In this article, you will learn a few essential tips on improving customer service.
1. Offer Multilingual Customer Support
Remember that cryptocurrency is a global phenomenon. With customers located in different countries all around the world, you need to serve them with the customer support option in their native languages.
Just because English is the global business communication language does not mean your cryptocurrency customers prefer it.
Namely, 72.4% of online users claim they would be more likely to convert if the information is presented in their language.
Furthermore, Gallup interviewed online users in 23 EU countries and found that 42% of them never buy products and services in other languages.
That is why you need to focus on providing multilingual customer service. It will increase customer satisfaction, gain their trust, and establish long-term relationships. For starters, consider hiring international customer support agents and equipping them with the right translation and localization tools.
Now, if building a multilingual customer support team is too complicated for your crypto exchange, you can always outsource your customer support efforts to professionals. When choosing a customer service partner, always talk to them about the countries and languages their customer service teams cover.
2. Provide Omnichannel Customer Service
Cryptocurrency customers are tech-savvy and highly demanding. When they want to learn more about your exchange software or fix specific problems, they expect you to get back to them fast. Above all, they want your customer service agents to be available across all online and offline communication channels they use.
That is why you need to develop a comprehensive omnichannel customer service strategy.
Start with your website. Provide customers with a comprehensive contact form, where they can leave their data and ask your customer reps anything about your cryptocurrency exchange.
Combine live chat and chatbots to ensure the availability of customer service across multiple locations and time zones. Chatbots will handle any repetitive customer service inquiries, allowing live chat agents to focus on more complex aspects of their job.
To build trust with customers, strengthen your call center. As a cryptocurrency company communicating with international customers, your goal is to reduce the expenses of your call center and, at the same time, maximize the quality of customer service. That is why you should consider switching to a VoIP solution for small businesses. Online phone systems provide customers with toll-free phone calls, irrespective of their location. They improve call quality and include advanced call features that provide instant customer support, without forcing users to wait on hold.
3. Make Customer Support Available 24/7
As a cryptocurrency exchange business that caters to global customers, you need to be prepared to receive customer service inquiries 24/7. When experiencing problems, your international customers expect you to respond to their questions, irrespective of their time zone or location.
Precisely because of that, make sure your customer service agents work in shifts to provide global customers with convenient and fast customer support. Consider combining your customer support department with AI technologies, such as chatbots. The main benefit of bots lies in the fact that they can provide real-time feedback to simple customer service inquiries.
If you want to avoid the complexities of expanding your customer service team, you could always hire a third-party customer service provider. To meet the needs of your global customers, make sure your customer service partner adopts the Follow The Sun approach. The idea behind that model is simple. At the end of their shift, each customer support team hands the work over to their colleagues. That way, the customer service is provided to customers 24/7 across all time zones.
Sure, before outsourcing your customer service, make sure the company meets legal and security requirements. The safety of your cryptocurrency customers’ data is your main priority.
4. Help Cryptocurrency Customers Help Themselves
Many online users prefer self-service over speaking with your customer service representatives. To cater to their needs and help them find solutions to their problems fast, you should build a solid knowledge base.
That is a place on your website where you would publish insightful guides and articles to help customers find answers to their common questions. For example, skalex breaks its knowledge base down into several sections – General, ICO/STO, Exchange Software, and Source Code. They even offer a search box to help visitors find what they are looking for faster. Below is a detailed FAQ section, where users can find the most common questions about the company’s exchange software and straightforward answers to them.
Additionally, make sure your FAQ page and knowledge base are localized and translated into multiple languages.
5. Over to You
In the highly volatile and unpredictable cryptocurrency landscape, transparency is what sets you apart from the competition. Your goal is to build trust with cryptocurrency customers and inspire their loyalty. And, the first step you should take is delivering user-centric, immediate, and omnichannel customer support. I hope these tips will help!