Why crypto companies should care about conversions
If you’re building in the fast-moving world of crypto, conversions matter. Here’s how to improve your conversions and help create a better user experience in the process.
By Bud Hennekes
Over the last decade, countless amazing crypto and blockchain companies have been started with the goal of changing the world. But many of them have struggled with one very important thing: conversions.
Common in marketing and business speak, a conversion is when a user of an app or website takes a specific action. They’re especially important in crypto for the simple reason that the industry can be complex and confusing even to the savviest users.
“As with most new technologies, cryptocurrency must first overcome barriers to entry to reach its audience,” writes Tony Scherba, President and Founding Partner of software development firm Yeti LLC. “Right now, you must have a good amount of technical expertise just to be in the market. While cryptocurrency’s promise is that it’s accessible and decentralized, its complexity is restricting its user base to a narrow, homogeneous set of early adopters.”
In the world of crypto, examples of a conversion include getting users to:
Purchase an NFT
Sign up for an email list
Download an app
These tips will help you improve your conversions and ultimately deliver a better experience for your users.
Meet your users where they are
In getting your users to buy and sell crypto, the more payment options you allow the better. Accepting Apple Pay, Google Pay, and credit cards, for example, increases the amount of people who can onboard into the crypto economy.
If you only accept a few payment options, or options not common in the areas you serve, you’re going to see significantly reduced conversions.
That’s why here at MoonPay we place a lot of emphasis on building infrastructure for as many payment options as possible.
Keep it simple
Ultimately one of the biggest challenges to improving conversions in crypto comes down to the complexity of using these cutting edge technologies.
In the case of purchasing non-fungible-tokens (NFTs) for example, here’s how many steps the process usually takes:
That’s a lot of steps for new users, which can be especially challenging for those just learning about NFTs and crypto.
With many things in crypto taking half a dozen steps or more, it’s no wonder so many users get frustrated or confused. There’s a reason why one click purchase took off with Amazon—users want things to be easy!
From your messaging to your product, always work to keep things as simple as possible. What may be intuitive to crypto native users might read like a foreign language to others. The less complexity in your product, the easier it is for users to reach their desired goal.
Educate your users during onboarding
While building an intuitive and easy-to-use product goes a long way, quality onboarding can be the difference between a life-long user and one that leaves your site. Many of those new to cryptocurrency don’t know what to do once they’ve received it. Where do they store it? What should they do next?
The more you can educate your users, the higher the chance they will convert. Whether that’s making GIFs, videos, or demos, a little hand-holding can go a long way.
If you’re an exchange, what can you teach users about how to get started on their crypto journey? If you’re a wallet, what can you do to educate your users on how to protect their assets?
While there will always be a learning curve when entering the crypto economy, it’s on you to ensure your users have the best possible experience.
MoonPay is leading the way
We know how important it is to make buying and selling crypto as easy as possible for users. As an industry, it’s imperative that we continue to build products and services that serve everyone who wish to be part of the crypto economy.
Using a solution like MoonPay allows your users to buy and sell crypto with ease, which in turn will significantly improve your conversions. To learn more about our integrations, feel free to get in touch. We’d love to hear from you!