Creating User-Centric Crypto Products: The Importance of Customer Feedback

In a dynamic crypto tech industry, user feedback plays a vital role in ensuring that crypto platforms meet the needs and expectations of their users. Suppose you do not focus and do not take into account user feedback. In that case, there can be a lot of negative consequences that directly affect the growth and development of the platform, reputation, profit, and, finally, overall success. Simply put, the more a crypto platform focuses on feedback from users, especially high-value customers, the more profitable and successful it will be.

1. Why Is Customer Feedback Vital for Crypto Tech Platforms?

Users help crypto platforms improve user experience. Direct feedback from users helps identify pain points of the crypto platform, such as unnecessary features, a complex interface, very slow transactions, etc. User feedback makes the work of product and product marketing managers easier, as they determine what functionality is important on the platform and what they want to see. Consequently, the main task remains to determine the priority of features and function releases that users most demand. Once users see that they have requested changes and their voices have been heard, then they are convinced that their opinions are valued and taken into account. Thus, customers start trusting more the company and showing their loyalty because they feel that this crypto platform is user-centric.

It is necessary to maintain transparency and open communication between the crypto platform and its users, as it works in both directions: customers give direct and honest feedback about the features and functions of the platform and expect that they will be heard. In return, the crypto platform refines the features and improves its user experience based on their feedback.

In addition, if satisfied users see that their feedback improves the crypto product and the features they use, then they are more likely to leave positive reviews about the crypto platform, which, of course, will directly influence the development of the reputation institution.In this article, I discuss in more detail how to build user loyalty when managing a product-focused crypto company.

Once users see that their opinions are taken into account when creating or changing features on a crypto platform, they interact more deeply with the platform and the community, creating a community. The level of satisfaction with the product and involvement in the use of features and the more detailed product is directly dependent on the willingness of users to become ambassadors of the platform, promoting it through word of mouth to their friends and social media and profile groups in messengers (YouTube, Reddit, Discord, Telegram, WhatsApp).

2. Methods of Collecting Product Feedback From Users

There are various strategies for collecting customer feedback, and all of them work effectively when properly planned and used. There are several methods for gathering product feedback from users:

1. Surveys and questionnaires. Structure questions by features, products, and use cases, and incorporate them either into email marketing or send them as needed (for example, after the launch of a new product or a major update). The main rule of thumb is not to spam users with questionnaires and surveys. Product feedback in the form of surveys should be sent once a quarter or less, at a minimum.
2. Ask product questions in the community (Discord, Telegram, WhatsApp) and interact with customers on social networks. You can even create and pin a message in the group with a feedback form (Google Form, Typeform, SurveyMonkey) so that users can leave their feedback directly in the form, so it won’t get lost in tons of other messages.
3. Create a beta testing group among loyal customers. Early-bird access to new functions and features to a select group of users to collect and analyze detailed feedback before the full launch. Instead of monetary rewards, it is better to offer customers who leave feedback exclusive access to new features or products.
4. Organize online webinars and AMA (ask-me-anything) sessions with developers, where product managers and developers can discuss pre-defined product topics with users during these sessions. During the online meeting, product managers ask customers questions to get a deeper understanding of their needs and expectations. Moreover, customer feedback helps developers stay updated on the latest product and feature trends as customers usually use several competitors in the crypto tech. This way of engagement and communication between the crypto product platform representatives and its customers helps build user trust.

Most importantly, after collecting user feedback, store it in a centralized feedback hub to prevent it from getting lost in internal communication channels. On top of that, create a Kanban board with customer feedback so that you can cluster feedback by common topics, analyze it, and address user feedback to the appropriate departments and teams by selecting and prioritizing the most important issues. By using this approach, crypto platforms may easily build accountability with their users. Providing feedback to users is crucial, as it helps build trust and loyalty among them, so inform customers about changes and improvements that the crypto product company has made so far based on their feedback.

3. Key Challenges in Gathering Customer Insights

Before launching product feedback channels, consider the following difficulties associated with collecting feedback:

1. Highlighting important feedback. Identifying relevant and key feedback that can be integrated into product changes can be challenging, especially when dealing with a wide and often conflicting range of customer feedback. However, if the crypto company implements a structured feedback system that includes triage, it will help to determine which changes should be prioritized first and which can be implemented later.
2. Customer training. Educate customers on how to properly structure their feedback and share it with the crypto platform’s managers. It’s better to spend some time training them so that in the long run, they start providing constructive and actionable feedback that is more valuable and easily applied to enhance the product, features, and functionality.
3. Maintaining customer motivation. It's difficult to keep customers motivated to provide feedback. However, if the crypto platform starts to regularly inform customers about recent updates, the importance of bug reporting, and highlighting potential improvements, customers will be more motivated to provide product feedback. By introducing non-monetary rewards and adding gamification elements (such as creating a badge on the platform ‘Feedback guru’, or inviting them to visit the office to meet and greet product teams, the crypto platform can recognize customer contributions to the product and feature improvements and changes.

Conclusion

User feedback is a key to success for any crypto product-led platform. Regular engagement with customers can significantly improve the product and stimulate innovation in cryptocurrency products and platforms. After all, the more a crypto company creates products and features that truly meet the needs and expectations of its users, the lower the churn rate and the higher the acquisition rate.