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Activate ‘22: A Lesson From Cryptocurrency: CX in New Markets

Written by Alida

Published June 09, 2022

Customer experience (CX) development can sometimes seem like you’re doing all the same things as everyone else, just walking in the footsteps of all the brands that came before. That can be comforting because it means you’re not the only one facing challenges—but you may also find yourself feeling stifled. How can you bring something new to a conversation that has been going on for decades?

This is why it’s helpful to take a step back and see how CX is reinvented in a new market like cryptocurrency. Here’s a look at CX in crypto and how you can learn to blaze new trails in your own customer relationships!


Why focus on cryptocurrency?

Many of today’s businesses don’t have much to do with cryptocurrency (yet), so why focus on this industry?


Crypto is growing—and fast

The truth is that, as of right now, crypto adoption is unfolding faster than internet adoption in the 90s. In fact, experts predict there will be 1 billion global crypto users by 2027. That means your company has the rare opportunity to learn from a market that’s perfectly poised to become “the next big thing” in tech and finance.


Marketers are getting a fresh start

Marketers and other experts spend their days answering the same questions, and they often come to the same conclusions. When you’ve been working with these ideas for decades, your familiarity can become a roadblock, limiting your ability to see new possibilities because the current approaches are still functional.

When it comes to crypto, the questions and answers are completely different. Because it’s so new, there’s no chance of being too familiar with the topic yet; in fact, it’s rare to find someone with even two years of experience in crypto. Without long-term data, historical patterns, or experience to rely on, marketers are challenged to think in entirely new ways.


The audience is diverse

Crypto is also a great experiment in CX because it has such a diverse audience. Although many people may have preconceived notions about who the typical customer is (see “crypto bros”), actual users come from all walks of life. Here are just a few examples of crypto fans:

  • Food delivery and rideshare drivers
  • Loyalty reward program enthusiasts
  • Corporate employees who want to get paid in crypto
  • People who bank with local institutions
  • Couples registering for crypto as wedding presents
  • Retirement savers hoping to invest in crypto through their 401(K)
  • Citizens who want to pay taxes through crypto

With an audience this diversified, it’s easier to see who’s still missing. For example, experts at Bakkt, a company that helps brands leverage crypto for CX, ran studies and found that women weren’t adopting crypto as quickly as men. Bakkt researchers also identified gifting as one of the top crypto acquisition pathways. 

With these two pieces of data in mind, the Bakkt marketing experts created a Mother’s Day campaign encouraging people to “Give Mom a Bit More.” This isn’t just a clever Bitcoin pun—it’s an excellent example of how the developing needs of a new audience can shape unique, effective, and genial marketing strategies.


Crypto market research: An exercise in authenticity

Although crypto consumers represent a rich and diverse demographic, they’re not easy to study for CX purposes. That’s because even people who own crypto don’t own a lot of it, which means they’re just starting to dip their toes into the market.

However, that creates a valuable opportunity for market researchers—and a chance for you to learn something you can apply to your own CX.


A level playing field

The real magic of the crypto market is that everyone is learning together. That means researchers and study participants are on a level playing field, which, in turn, encourages authentic connections.

For example, imagine a researcher conducting a survey about a new way to use crypto. The researcher has only just heard about this development, which means they’re excited about it—but they also don’t have all the answers. This makes participants in a focus group feel more comfortable not being perfect, which allows them to provide more genuine responses and help shape a better view of potential CX improvements. There are no experts here—just people learning together.


The takeaways for brands

You don’t have to be a cryptocurrency company to benefit from what’s happening in this market. Instead, take cues from the authenticity in crypto audience interactions. Here are a few ideas to get you started:

    • Don’t make assumptions about your target audience. Instead, perform studies and surveys to find out who’s interacting with your brand and who’s left out.
    • Let your customers tell you how they’re using your products and services, not the other way around. They might surprise you!
    • Think outside the box. Challenge yourself to come up with solutions that don’t lean too heavily on historical data.
    • Level the playing field. Wherever possible, take advantage of new situations or variables to encourage honest, comfortable conversations between your brand and your audience.

If you want to bring new life to your CX, the key is authenticity. With help from Alida’s customer experience solutions, you can meet your audience where they are, create real connections, and lead to richer experiences.


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