The features of blockchain that make them useful for storing and transmitting information also make them particularly vulnerable to exploitation by social engineering. As more and more technologies are created based on blockchain, the main goal of the bulk of blockchain projects is to build trust in the industry, the technology, and the brand itself. Your customer will never trust your firm and technology if you don’t believe in it yourself. Nor should you equate trust with technology validation. Trust implies something much more substantial. It is a feeling that comes with a sense of security. When businesses adopt blockchain, they must be confident in the benefits of the technology solution, they must also communicate this to their customers so that they feel secure. Trust is a crucial point for consumers that influences their decisions. Blockchain can help build that trust.
Implementing blockchain requires employee involvement. Once your team understands the technology, they can explain to customers the benefits of blockchain. Blockchain technology needs to be trusted, as well as it is able to build trust. As public blockchains are completely transparent, anyone has access to all information it has. Blockchain has a small size and it was not designed to save everything concerning transaction data, it is a suitable tool to forward necessary data to the right people.
So how do you gain the trust of potential customers?
- Make the process transparent.
Blockchain technology architecture possesses a very important feature, it is transparency. Every transaction is recorded in the public blockchain, which makes it visible to everyone in the network. Fear of the unknown arises from a lack of trust because those people don’t even know how the technology works. As many governments around the world continue to refuse to learn and implement this technology, this makes the level of skepticism rise. Unchecked security measures can destroy a company’s credibility and affect profits; building trust and transparency in technologies such as blockchain could save a lot of money in the future. Trust in today’s technology landscape is both an expensive currency and a good business practice. Thus, blockchain projects should take the right approach to transparency on their way to building their credibility. By being fully transparent about their processes, blockchain projects can hope to establish trust with their customers. Such customers are more likely to leave good reviews about blockchain, and the technology you use will gain more trust from the public.
- Work with the media.
To get the audience’s and investors’ attention you need to have a well-thought-out strategy of PR in the media. The more positive media mentions a blockchain startup receives, the more customers can learn about it before they even visit the company’s website. You can reach out to journalists to submit relevant news articles, other press materials such as interviews, or the inclusion of your project in a product review or article by a blockchain industry influencer. Given that new blockchain startups have been popping up with constant frequency over the past few years, they must stand out in terms of credibility in a market that could potentially become oversaturated.
- Talk about the benefits to users.
Make sure that any technology you use benefits end users. Emphasize the value proposition that blockchain provides to end-users. Provide case studies, testimonials, and other examples to highlight this value. Demonstrate how the core functions of certain industries are more suited to blockchain-based solutions. Show the applicability of blockchain to end-users to build trust in it as a solution.
- Read customer feedback, create better products based on it.
With blockchain, executives can extract unique information from call center support messages, online reviews, to track how a product reaches its customer. Incorporate this information into your designs, using it to adjust specific parts of your service. This allows companies to revisit their relationships, even with specific employees, to get additional context about what might be causing problems and how to find solutions.
- The strategy of the soft rollout.
If your service is just launching, a tactful way to gain customer confidence in the industry is to gradually introduce the service through pilot programs. By selecting certain user groups and offering the service to them first, you can get an idea of which audience to target. Once you get the results, analyze them and apply them to your current strategy. This also allows you to gain a certain level of credibility before you introduce your services to the mass market. If your tests show that your services are important to customers, customers will be able to see the value of blockchain in their own business, making them more inclined to invest. The more you can prove that their convenience is central to your blockchain strategy, the more likely they are to believe in it.
- Educate your customer.
More than 20% of those surveyed in the Global Blockchain Survey said that a barrier to their investment in the blockchain industry is a lack of understanding of the technology and, therefore, the skills to operate it. If customers can’t understand how the technology works, then blockchain projects can’t build their credibility in the industry. That’s why it’s important for blockchain startups to break down their language into simple terms to make their services more user-friendly and, therefore, more attractive to customers. Provide resources that introduce your customers and users to the technology. This will not only ease the transition but also dispel any misconceptions people may have about blockchain. By continuing to educate your customers and clients about blockchain, they will be more comfortable with its use as a solution for their business.
Final words
To sum everything up, as blockchain technology becomes an increasingly important priority for businesses around the world, there has never been a better time for blockchain projects to focus on the project goal of building trust in the industry. Combined with the enterprise resource planning software needed to capture asset data on transactions, the vendor will have the necessary real-time information to resolve problems on time. Increased trust and understanding will not only facilitate a PR campaign for your product but will also open up new markets and customer bases whose full potential has yet to be unlocked.