Customer engagement is a gold mine of growth. Yet, paradoxically, early- and growth-stage entrepreneurs who focus on acquiring new customers often overlook it.
Customer acquisition isn’t enough. It’s about your strategy for customer engagement. Understand how you can retain your ICO backers, customers, and investors. Learn from experienced crypto leaders with proven track records.
In this edition of the Customer Engagement MasterMinds Series, we’re excited to present a panel of growth leaders from various crypto companies who share their unique insights and strategies for acquiring and retaining customers.
With the cryptocurrency community’s daily user growth in the millions and market capitalization in the hundreds of billions of dollars — there is an unprecedented opportunity for product leaders to tap into these markets.
The cryptocurrency customer base is incredibly diverse, with many values, needs, and goals. Creating well-defined customer segments is the best way to address this vast market.
“Starting in the Crypto market, defining user segments was a challenge,” says Nanda Ivens, Chief Marketing Officer- Tokocrypto
Segmenting your customer base enables you to tailor your marketing communications based on the specific needs of each group. For example, your new customers will have different questions and requirements than your high spending power customers. Answering these questions involves understanding what each customer segment seeks to achieve with cryptocurrency and how they use it.
The benefits are clear; by tailoring your content and messaging to each group, you can ensure that your solutions meet their specific needs and expectations.
With the introduction of cryptocurrency and blockchain technology, new business models and an entirely new industry have emerged.
These developments have brought a golden period for crypto growth leaders to master customer acquisition and retention. Many companies in this space will emerge as market leaders, but only those with the most robust marketing strategies and teams.
“From a market sentiment standpoint, the entire cryptocurrency market is booming with new people coming into the space and the whole industry evolving quickly,” says Shaun Heng, VP (Growth and Operations), Coin Market Cap.
Crypto growth leaders understand how to acquire and retain customers now and in the future. In other words, they know how to reach customers at scale, build a strong brand and community, generate positive word-of-mouth reviews, develop high-quality products that add value for their customers, and more. Crypto companies must be agile in acquiring and retaining customers to keep up with the expanding market.
In a nascent, largely unregulated market, it’s easy for crypto startups to get lost in the noise. You must stand out from the crowd and win over new customers to succeed.
To start crypto marketing, you need to break down the whole field into logical steps and work on them individually.
Crypto is a highly competitive industry, but the stakes are even higher for customer acquisition and retention. Crypto companies must engage customers throughout their lifecycle to build brand loyalty and drive retention.
The best way to do this is through customer engagement — building relationships with your audience, providing them with useful information, and making them want to work with you.
Customer engagement is the lifeblood of any business, but for a cryptocurrency project, it’s especially vital. While crypto has come a long way since the early days of Bitcoin, it remains a new and complex technology that requires patience and education to understand.
For crypto businesses to succeed, they must educate and engage potential customers to ensure they understand what makes cryptocurrencies different (and better) from traditional finance.
“You have to educate, engage and empower the audience to create a massive surge in user engagement,” says Ivens.
Cryptocurrency is all about giving control to the customer. One of the biggest problems with traditional currency is that it’s centralized, meaning that a small group of people can make all the decisions.
“Sticking to the fundamentals with a clear value proposition and promoting brand trust helps in driving conversion and retention of customers,” says Kushal Manupati, Director (Lifecycle and Marketing)- Binance
It’s no small feat to scale a product within this space as it requires you to navigate through complex regulations, intense competition, and an overall lack of precedence. It would help if you had a deep understanding of your customers to build products that thrive in this space.
Another thing that sets cryptocurrencies apart from other financial instruments is their decentralized nature. Cryptocurrency transactions are not controlled by one central authority, like a government or bank which controls traditional currencies such as USD or EUR. Instead, cryptocurrencies operate on a decentralized peer-to-peer (P2P) network where transactions occur between individuals without an intermediary party like banks or payment processors involved in the process.
Customer engagement is one of the most critical factors in any company’s success — whether B2B or B2C — and different engagement channels can help improve UX for customers and increase business revenue.
The most common customer engagement channels are email marketing, social media marketing, SEO (search engine optimization), and PPC (pay per click).
The best customer engagement strategies are designed to solve your customers’ particular problems or pain points. They’re designed to help them achieve their goals and make their lives easier, more enjoyable, or more efficient.
There are many different ways to engage with your customers and prospects, but what matters is that you’re doing it in a way that brings them real value.
It’s no secret that marketers and founders of tech companies constantly seek new ways to expand their reach. These days, the go-to solutions for customer acquisition and retention are customer engagement, customer loyalty programs, and social media feedback. And this is where the crypto industry thrives.
The crypto industry fosters a sense of community among its customers. The fan base is passionate, loyal, and curious about the technology that makes blockchain possible.
“The crypto sector is a game-changer. It’s all about keeping the customers informed, maintaining the user flow, and driving customer engagement, says Anmol Arora, Regional Director, MoEngage.
There are thousands of ways to grow your crypto business. The challenge is figuring out what works and doesn’t and how to build a growth engine that can deliver predictable results and scale to support your business objectives.
That’s why talking with other industry experts about their experiences is essential. Here are some of the most insightful points made by our panelists:
Testing new channels is essential because you never know where that next big opportunity will be. You might be able to find high-quality customers for half the cost on an ad platform that hasn’t been saturated yet.
Consumers don’t care about your product or service — they care about themselves. That’s why messaging about the customer first and the product second effectively drives trial, usage, conversion, and retention.
It’s harder than ever to get consumers’ attention, so you must stand out in a sea of noise and clutter by delivering highly relevant experiences at each step in their journey with you. Personalizing every interaction based on a deep understanding of what makes each customer tick can make a difference in building relationships with them.