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Five Incredible Ways to Manage a Social Crypto Trading Community
A social crypto trading community is an online ecosystem of crypto investors that allows sharing and discussing trading ideas. The trend of taking the crypto community by storm could significantly transform crypto trading. As a result, many cryptocurrency trading platforms contemplate adding a social trading feature to their systems.
Managing the social trading community is currently the most powerful challenge social trading platforms face. Due to poor management, many platforms failed a few days after launching social trading systems. But what does it take to manage a geographically scattered community in a decentralized environment? Let’s find out:
Know Your Customer
Information is power! Having the necessary details about your clients goes a long way in solving disputes among the community members. Also, details like the customer’s level of expertise will help link beginners to the right Experts. Such information can be included in the signup forms as requirements before joining a trading community.
On the other hand, the most important thing is letting your customer know you. The project’s purpose, vision, mission, and roadmap should be captured in the whitepaper. For instance, consider how the Ethereum community came to be the strongest: Clear whitepaper!
Terms of Use
Terms of Use (ToS) are legally binding agreements between a service provider and a client. They are useful in social crypto trading as a disclaimer to help traders understand community rules and the consequences of not following them.
To avoid conflicts, you must be written in a language understood by all members. In addition, every member must agree to abide by the terms of social trading before being allowed into the community.
Technical management
Platform development is a big part of managing the social crypto trading community. Software project management skills must ensure the process from requirements elicitation, system design, implementation, and maintenance runs efficiently. Technical management involves providing the following:
- Functionality: System implementation captures everything in the design, from the user interface tabs and buttons.
- Secure: The platform must ensure all member’s funds are safe from hackers and malicious attackers.
- Efficient: An efficient system loads faster and instantly processes transactions, posts, and community comments.
Incentives and Customer Engagement
One of the most effective ways to manage a community is to keep it active. The best way to keep the community hyped is by giving contingent motivators. There are many ways to do this in social crypto trading; affiliate programs, virtual contests, competitions, rewarded online tasks, airdrops, giveaways, etc.
Customer support is another excellent management strategy. How quickly questions are answered, the relevance of the answers given, live chats, and self-service are the new gauge for a well-managed platform. According to a recent study by Hubspot, “88% of service professionals agree customers have higher expectations than ten years ago. 76% agree customers are smarter and more informed now than ever. 89% agree that customers are more likely to share positive or negative experiences now than in the past.”
Professional Online Community Managers
There are currently online community managers available online for hire. Community managers have the expertise and tools required to: Grow the community through different social media channels and promotions, Act as first-line support for non-technical specific queries, and Organize promotion events and competitions through channels like Twitter or Telegram.
Online community managers also work closely with other departments, such as developers, marketing, sales, and customer service, for enhanced customer experience.
Final Thought
Social crypto trading is a unique strategy to minimize the risks involved in crypto trading. However, managing social crypto trading communities is a significant undertaking that helps build a platform’s reputation and the crypto industry. As discussed in the above paragraphs, there are many ways to manage a social crypto trading platform.
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However, the implementation of the above strategies is a challenging task.
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