Gaining market trust is an early hurdle for any new company — gaining market trust as a new company in a new industry is an even bigger challenge. Those new to the crypto industry can be wary because they’re still learning its complexities and technologies, while those who have been in crypto for a while place a high value on transparency and community.
According to crypto leaders, combining robust customer service with transparency about their work in an ever-evolving industry helps earn the trust of customers and colleagues. Here, 11 members of Cointelegraph Innovation Circle share specifics about what they’re doing to foster trust in their unique missions and work.
Sending a message of inclusivity
As a PR and marketing firm serving crypto clients, one message that has done well this year has been “Building Web3 for everyone.” People are frustrated with rising costs, inclusivity and accessibility barriers to Web3, so this message has really resonated with our target demographic. – Amanda Whitcroft, Panda PR and marketing
Building a strong community
The one thing that has helped us to successfully build trust in the market is building and maintaining a strong community. We believe a community is one of the most important drivers for building the reputation of a project and that it is a “proof of trust” for newcomers. – Tomer Warschauer Nuni, Kryptomon
Sharing knowledge freely
We give away a lot of intellectual property and system design consulting. The Project Venkman team is obsessed with building rewards that have a 10-plus year horizon, so we coach for programs that can think long-term. – Gavin Gillas, Project Venkman
Being transparent about the work
We have been transparent with our communities about our intentions and goals, as well as the timelines for and delivery of products. Then we deliver. When you turn ideas into words and then into actions, people tend to notice. Keeping products simple and solving people’s problems are sure ways to find product-market fit as well. The equation is simple: Build MLPs — minimum loveable products — and you win. – John Wingate, BankSocial
Partnering only with trusted brands
Last year, we started from the ground up. Even as a bootstrapped company, we took a loss during our first six months because we wanted the opportunity to work with the most trusted brands. Your reputation is only the sum total of those around you, and we made a conscious effort to work with clients who wanted to make a difference — not the ones who were willing to write us the biggest check. – Dev Sharma, Blockwiz Solutions Limited
Carefully following compliance and regulation standards
One of the most important things we’ve done to build market trust in our cryptocurrency solutions is to regulate, including self-regulating in the absence of frameworks in certain countries where we operate. As the crypto space comes with evolving, complex and often unique challenges, my team and I ensure that best practices and compliance structures are optimized in every new market we enter. – Oleksandr Lutskevych, CEX.IO
Sharing experience — both good and bad
We’re candid about our tried and tested experience. We talk about the good and the bad because it is the bad that helps us grow. The NFT space is so new it is impossible not to make a mistake, but when you do, it’s OK to talk about it, accept it and, most importantly, learn from it. – Tim Mangnall, Capital Block
Being honest about expertise
Be genuine, and don’t call yourself an expert. The reality is that nobody can be an “expert” in NFTs yet. The concept of NFTs on the blockchain is still so new that it would be misleading to claim to be one. Share what you are knowledgeable about, but be honest about projects or concepts that you might not be familiar with. I’ve learned so much through these kinds of conversations with people. – Brandon Ginsberg, Palm Tree NFT
Proactively supporting users
We build trust by focusing on transparency. This transparency can be at the product or company level. We communicate early and often with the people who use our products and services, and our user support and company contact information are easily found on all of our Web properties. We take pride in the work we do and the way we interact with customers and other service providers. – Brad Spannbauer, Currency Hub
Engaging honestly with customers when things go wrong
Be willing to admit when things go wrong and connect with your customers. Engaging in real interactions when things go wrong and connecting and communicating with people is an effective way to build the relationships that are required for trust. – Rob Dawson, ConsenSys
Putting customers first
The customer comes first. Good customer service never goes out of style. If you want to build trust and improve customer retention, then you need to focus on your customer’s well-being. – David Lucatch, Liquid Avatar Technologies Inc.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Learn more about Cointelegraph Innovation Circle and see if you qualify to join.