At this point, it’s no secret that social media has transformed communication and revolutionized the way businesses interact with their customers. And as a leading brand diving into the crypto space, you’ve also recognized the potential of social media as a powerful customer experience (CX) channel.
Why, especially for crypto brands, is social media so valuable? Because part of crypto culture is connecting on these kinds of platforms to learn, talk about trends and solve problems together. The crypto community has a massive presence on platforms like Reddit, Twitter, Discord, Clubhouse and more. What does this mean for your brand? You need to meet them where they are on these platforms to connect with them, build trust and loyalty and ultimately strengthen your CX and reputation.
Below are eight ways using social media as a primary CX channel can set you apart from your competitors:
1. Enhanced customer engagement
The key to a customer’s heart nowadays is through personalized, seamless experiences (in fact, they expect it). Social platforms offer the perfect opportunity for crypto brands to engage with their customers on a personal level.
PwC research shows that a whopping two-thirds of customers feel companies have lost touch with the human element of customer experiences. So how can you humanize your brand? You need to prioritize showing empathy (96% of consumers feel that empathy is important in customer support interactions) and create a sense of community.
It’s time to get in on the conversation. By actively participating in conversations, answering queries and addressing concerns, brands can build trust and establish strong relationships. Twitter and Reddit threads and subreddits like r/CryptoCurrency, r/Bitcoin, and r/Ethereum are crawling with communities where users discuss news, trends and investment strategies related to cryptocurrencies. You can (and should) even create your own thread or space to activate and host discussions about these topics — doing this will establish your brand as an expert in the space and also connect you with your customers by being a resource for their questions. Trust us, it will mean a lot to them that you’re there and jumping in.
2. Real-time customer support
One key advantage of social media as a CX channel is the ability to offer real-time customer support. Crypto brands can and should leverage platforms like Twitter, Facebook and Telegram to promptly address customer issues, provide assistance and resolve problems. Our suggestion: start with an AI chatbot that gives automatic responses, can answer some questions and field them to where they need to go, directing customers in the right direction of communication.
With the ability to respond quickly and efficiently, brands can enhance the overall customer experience and build a reputation for excellent customer service.
3. Increased accessibility
Social media platforms provide a convenient and accessible way for customers to reach out to brands. Customers can ask questions, seek assistance, or provide feedback directly through the brand’s social media profiles, making it easier for them to engage with customer support.
4. Cost-effective support channel
Utilizing social media for customer support can be cost-effective compared to traditional support methods. It can often require fewer resources since one response can be viewed by multiple customers facing similar issues.
5. Brand monitoring and reputation management
By proactively addressing negative feedback or resolving complaints, brands can protect and manage their online reputation effectively. Social media interactions can also offer valuable insights into customer preferences, pain points, and expectations. Brands can analyze these interactions to improve their products or services and refine their customer support strategies.
6. Education and information sharing
As you’re probably aware, blockchain and crypto is confusing and constantly changing, and that’s putting it lightly. Social platforms offer a valuable space for crypto brands to educate and inform their customers about market trends, new products, and industry updates. According to a Visa survey, one of crypto consumer’s top expectations is that brands provide education. While crypto has certainly boomed in recent years, it’s still a new way of payment, and consumers are hungry to learn. Brands like Ledger are actively working to create a learning ecosystem around Web3 and crypto, for example, by creating digital classrooms and academies so users can safely navigate the space on their own terms.
By sharing educational content and hosting live webinars or Q&A sessions, brands can establish themselves as trusted sources of information. This empowers customers to make informed decisions and build confidence in the brand’s expertise.
7. Public resolution of issues
When brands address customer concerns publicly on social media, it showcases their dedication to resolving problems transparently. This can build trust with not just the customer raising the issue but also with other potential customers who witness the responsive approach. Especially in the crypto world where speed to response, transparency and honesty are key, demonstrating these values publicly can help build brand Loyalty and Advocacy. By providing excellent customer support on social media, brands can foster loyalty among their customers. Satisfied customers are more likely to become brand advocates, sharing positive experiences with their networks and attracting new customers.
8. Gathering customer feedback and insights
Social media platforms provide an excellent avenue for crypto brands to collect valuable feedback from their customers. Through surveys, polls and open discussions, brands can gain insights into customer preferences, pain points and improvement areas. This feedback can be pivotal in refining products and services, enhancing the CX and staying ahead of competitors. Additionally, brands can use social listening tools to monitor conversations and sentiment around their brand, allowing them to proactively address any emerging issues or concerns. The data collected will also come in handy to personalize experiences in the future – win-win, as 60% of all consumers expect some level of personalization as standard.
L’Oréal, for example, was able to address and support a wide variety of business areas by partnering with Foundever to build a social media care “hub”, listening to CX feedback and analyzing listening reports. Using social listening technology allowed them to define their CX strategy and identify crises in the most optimized way. The result? For 25 different L’Oréal brands supported, they gained 5K interactions per month and 96 owned social channels – putting a smile on the face of a global beauty brand.
There are multiple ways your brand should be using social media as a CX tool. By leaning on the power of engagement, real-time support, education, influencer partnerships and gathering analytics, brands can enhance the overall customer experience, foster loyalty and stay ahead in the competitive crypto landscape. Other brands that have partnered with Foundever for social media care have achieved a 57% AHT improvement, 66% reply rate improvement, 100% improvement in reply time and 200% improvement in brand sentiment – all over the course of just one year.
To learn more about what your crypto consumers want and how to give them the CX they deserve, read our newest whitepaper: Beyond transactions: Enhancing crypto value through exceptional CX.