After the supreme court overturned a decision by RBI that banned trading in cryptocurrencies, cryptocurrencies have become a part of Indian investors’ lexicon. While cryptocurrencies are a highly volatile asset class, Indians hold crypto assets worth $5.3 billion. India’s crypto tech market is expected to grow to $241 million by 2030, potentially creating 877,000 jobs by then, according to a Nasscom report. For cryptocurrency exchanges, the opportunity size is huge.
There are nearly 600 crypto exchanges worldwide and 10+ exchanges in India open for business; while more are getting ready to enter the country. With so many options available, Indian investors will only choose those exchanges that provide the best tools and services for crypto trading and security features.
This is why having strong online reputation matters!
Online Reputation Management for Crypto Exchange Platforms-The Why & What.
Why Should You Consider ORM For Cryptocurrency Exchanges?
In the age of the internet and smart devices, it is easy for disgruntled investors to vent out their dissatisfaction in the online space. These derogatory comments, negative reviews and feedback tend to get populated in the search engines and the social media space. When prospective customers come across this information, you might end up losing them to your competitors just because you are not paying attention to your online image.
An effective ORM strategy builds and maintains a positive image about your exchange and also mitigates any attempts to malign its reputation/brand image.
A good online reputation:
Increases your Customer Base: Before deciding on the best cryptocurrency exchange platform to trade in; investors will research online whether your exchange has good liquidity, secure wallets, accepts different currencies, provides multiple modes of payment, discounts on trading fees and offer a wide range of coins, currency pairs, etc. Hence, it’s important to build and sustain a strong online reputation.
Mitigates Risks: One small issue regarding your user interface, software or log in – can be blown out of proportion in ways that could cause long-term damages to your crypto exchange and put its reputation at stake.
Improves Brand Image: A good online reputation can help provide a better perspective about your exchange platform. It helps build credibility and trust among investors thus resulting in gaining an advantage over your competitors.
How Can I Manage My Crypto Exchange Platform’s Online Reputation?
Here are a few things you can do to manage your reputation:
- Use the incognito window to actively monitor your brand mentions, ratings, comments, reviews, and user-generated photos on social media platforms and across the real-time web.
- Set Google alerts for your brand mentions. Use social listening tools.
- Ensure to respond to both negative and positive comments in a fair, polite, and professional manner as this can positively affect your brand reputation.
- Choose influencers that align well with your brand values, vision, and mission so that they can convey the right image of your brand.
- Put a risk-management team in place.
Who can help?
Your business is best served while you do what you are good at, i.e., building a successful cryptocurrency exchange platform, We at AiPlex are well-positioned to take care of the Online Reputation Management requirements of your exchange. Please drop us a line to know more.