Crypto trading and exchange apps have surged in recent years as a direct consequence of the exponential growth in the number and market capitalization of cryptocurrencies. With ever-growing press coverage and heightened visibility, the crypto ecosystem gets more and more crowded every second. This constant influx of players has clearly been beneficial, as the assets traded continue to grow. However, it has also strained the relation between a large demand base and the platforms where the transactions take place. In a rapidly growing business, where everyone wants to partake in the promise of growing an investment x-fold, not every player knows the game, and crypto apps are taking the heat — or better said — the hate.
Your app must not just educate users on how to trade: users need to be convinced your app is the only app they will ever need.
A lack of understanding of where crypto wallet and exchange users — whether old or new — are struggling puts your app in danger; in the context of high competition and lots of bad press, if your app starts getting bad reviews from the onset, reactionary measures might not suffice. It is fundamental to ease the customer experience as much as technologically possible and make sure that you do not lose a user. Why? Because a user, who already showed interest in crypto trading but is displeased with your app, will most likely keep doing business with your growing list of competitors, all the while destroying your reputation. Your efforts should not just focus on retention: you must focus on loyalty with advocacy. The Net Promoter Score® is what will tell you how loyal your users are to your product and, if they are not, how likely they are to work against you.
Net Promoter Score has been around for almost two decades now, created as a standard metric in 2003 by Bain & Company. The idea is that by asking users a single, simple question similar to “how likely are you to recommend this to a friend, on a scale of 0 to 10?”, you can group users between Promoters (those that respond 9 or 10), Passives (responses of 7 and 8), and Detractors (responses of 6 and below). Optionally, the user can be asked why they gave such a score. The NPS metric is then obtained from a formula that aggregates these responses — i.e., the percentage of responders in each group — where -100 is the lowest score possible, where all respondents are detractors, and +100 is the highest, where all are promoters.
Upon its emergence in 2003, the corporate world seemed to align behind its premise, with publications like HBR going as far as calling it “the one number you need to grow”. Fast forward to 2017, and we find authors talking about how “NPS is dead”. However, in a world that apparently had turned its back on NPS, interest for it has been growing peaking consistently in the past couple of years. Why? Well, long story short, the people originally behind the implementation of NPS in many companies failed to integrate NPS into a wider VoC strategy and to understand NPS as a building block of the customer experience, instead of just a popularity indicator. You see, NPS has the ability of indicating loyalty, but being “loyal” has a different meaning for each industry: a “good” NPS can range wildly across industries.
Not understanding the applicability of NPS for each particular industry and product is not the only missed opportunity: many implementers only trigger NPS-based surveys to users at the end of the relationship with them. Think about the times that you purchased something or concluded a call to a service provider and got asked how willing you were to recommend them. If most of your journey was highly positive but the final step was not, you are left with a bad perception, and boom! — low NPS score.
Sometimes a negative response cannot be avoided, but even when it happens, would you not love to know what happened?
One-time transactional interactions can, of course, be simple and unique enough to force NPS to be measured at the end of the customer journey. However, when your app has registered users with whom you interact way more often, do not mistake NPS for a tool that will give you insights only upon conversion: lots of information can be known well before users reach a final step. So, if you inquire about user loyalty at the end, that is the missed opportunity we mentioned above! Why should you not ask an NPS-related question more often than just at the very end?
For crypto trading and crypto wallet apps this answer could be revolutionary: imagine tapping into the opinion of your high-engagement users and know how much they enjoy trading with you while they navigate your app, instead of when they complete a withdrawal. Furthermore, you can make them feel valued, all at the same time: a user that perceives themselves and their feedback appreciated will always be more likely to recommend you. With more competition and more users willing to start exchanging cryptocurrencies, why would you not want to work toward designing an app that will not only retain users but also delight them to the point of being your ambassadors?
Applying your NPS feedback quickly and making the user and their opinions valued are essential ways of ensuring not only a seamless customer journey but also a key way of integrating VoC strategies to product development. So, it is only logical that a one-stop solution for all data-driven innovation and product analytics will provide the tools to get the most out of NPS.
Tracking NPS results through time, exploring each possible scenario that may affect it, and having the ability to share those results with other team members so that they can act upon the data to resolve issues, without ever having to leave the platform is what truly sets Countly apart.
There is no single way of going about NPS and feedback analytics in Countly: you are free to use as many tools as your industry requires. That is why, when we said above that NPS needs to be adaptable to each type of user and each product or service, we meant it:
All in all, there are many unique paths to complement NPS analysis when you have an equally-effective set of features to work with. And even though the possibilities might seem endless, most of our crypto exchange clients find the most value in NPS when following a journey in Countly as follows:
Imagine that your crypto trading app has users that have only been with you for a short term and, when sent an NPS survey, they are grouped as Promoters… but why?
Say they continue to actively trade and, 2 months later, they become Detractors… what happened?
How about certain users becoming Promoters in 3 months, while others take 9 months to praise and be advocates… why the difference?
By getting a grasp of the level of advocacy your users have at crucial touchpoints and in every opportunity instead of just at the end, you can apply the feedback into your efforts of finding pain points and reducing their resolution times before they make your user turn their back on your app. It goes almost without saying that it is much easier and cheaper to keep a user happy than to convince an unhappy user that your product is not bad — let alone, return to you.
NPS has massive potential that many crypto trading apps are failing to realize. NPS is a metric that has to be implemented as part of an outreach strategy to determine user advocacy, and such strategy can only be planned and implemented when you are confident that you have access to the right tools to capture the data you need, as well as the ability to break it down into insights that can be lifesavers for your reputation. Do not risk a bad review on the App Store or Play Store; get your users’ opinion from within your app, and act upon them to build loyalty by applying NPS the right way! Book your demo with us, reach out to our team, or visit www.count.ly to find out more ways in which your crypto exchange app can reduce churn dramatically and save money with an all-encompassing, customizable, and mega powerful product analytics and innovation platform.