Tracking Every Customer Request Has CoinTracker Tracking $1B in Assets
With Chandan Lodha, Co-founder
Posted March 17, 2020
With Chandan Lodha, Co-founder
Posted March 17, 2020
CoinTracker is the most accurate portfolio tracker and tax software for cryptocurrency. CoinTacker was part of Y Combinator's Winter 2018 batch and has raised $1.6M in seed funding. They are now tracking over one billion dollars in crypto assets on their platform and have served over 10,000 paying users.
The team at CoinTracker is 10 people, with their HQ in San Francisco. But they also have team members distributed throughout the world.
Chandan Lodha is co-founder of CoinTracker. I recently met with Chandan to understand how tracking every customer request has helped CoinTracker track $1B in assets.
My co-founder Jon Lerner and I used to work together at Google. We were interested in fintech and realized that unlike other industries, finance was largely the same as it had always been and certainly hadn't fully taken advantage of the economies of scale and low marginal distribution costs that the internet provides. That, plus working on fintech development rails and seeing how slow and expensive it was to move money was really eye-opening. My first automated ACH transfer from my own checking account to my own savings account took 11 days to settle and I was charged a $1 fee on a $5 transfer.
We also had cryptocurrency portfolios of our own and the push of fintech developer frustrations + pull of the cryptocurrency market got us to spend a lot more time focusing there. Specifically, we saw a large number of low hanging fruit to improve the user experience of cryptocurrency, but strong fundamentals in sound money like bitcoin. We went down the proverbial cryptocurrency rabbit hole, joined Y Combinator, and were off to the races to help increase the economic stability and prosperity of the world.
Social Media (Telegram, Reddit, Twitter)
Phone (premium support only)
Customer Support / Success
We can easily get over a hundred messages per day during tax season.
We ingest all feedback from users and incorporate that into our task tracking tool, Asana. We track every single request from every single user, including their contact information. When that work is completed, we can then follow up with the users and tell them, 'hey the work that you requested is now live'.
Listening to users is what has led us to our successes thus far—it's one of the most critical elements of our company culture.
We triage every single request against existing help center articles and common issues. If those don't apply, we get the details of a new request and put them into our Asana thread for future product development or of a bug for fixing. We request permission to debug user accounts if needed and collect the user's account email to follow-up with them as soon as we have an update on their inquiry. We target a 1-business day response time for all paying users and 2-business day response time for all other users.
It is critical for us to keep the entire team connected to user feedback. If we don't listen to our users, we won't end up building a valuable company. We ingest all feedback from users and incorporate that into our task tracking tool, Asana. We track every single request from every single user, including their contact information. When that work is completed, we can then follow up with the users and tell them, 'hey the work that you requested is now live'.
Let's say Alice comes in over Intercom support and says, "can you add support for crypto currency taxes in South Africa?" It's not a country we support yet, so we'll inform Alice that we will look into it. On the backend, we'll take down Alice's email and add it to Asana for the "Crypto currency support for South Africa" issue. Eventually, the engineering team will build that feature. Someone from our team will email Alice and say "Hey, we've now built support for crypto currency taxes in South Africa and here's the link to a demo."
It's a lot of work to track all these requests but it pays huge dividends because people have an immense amount of loyalty if they are being listened to and heard. It's not common for a faceless company to do what you tell them to do.
We get really really positive feedback when we do this: "Oh my god, I can't believe you actually built this feature, thank you very much". This helps us build very high customer satisfaction and retention.
It depends—especially if it's a small feature, but we've seen churned customers come back.
We use 3 distinct types of surveys at CoinTracker. All of these surveys are valuable and help our team learn.
We use a NPS survey that is sent out two days after a user buys our product. Our product cycle is annual, so generally, users will get surveyed once a year. This helps us understand who are the promoters of our service. It also helps us figure out how to change our neutrals to promoters and our detractors to neutrals.
We also automatically send a personalized email and survey a few days after they signup. This survey helps us understand how to improve our product. Amongst other things, it helps us figure out what features would help them convert free users to paid users.
We also did a one-off in-depth survey to improving our product pricing. We wanted to get a minimum of 50 responses and 1% response rate to get statistical significance. We got 2% response rate and were happy with the results. The average response time was like 8.5 minutes so it was fairly in-depth and asked a lot of questions like: what are you using the product for? what do you like to see added? what tier of service were you using? what is the fair price for the service? A key reason for the survey was to improve our pricing. Our methodology was to ask the user the following questions:
What would be a bargain price for CoinTracker's cryptocurrency tax service?
What would be an expensive price for CoinTracker's cryptocurrency tax service?
What price would be so expensive that it would make you switch to another service?
What price would be so low that it would make you question the quality of the product?
We used the answers to figure out our new pricing strategy.
We setup OKRs every two months and directly incorporate the most common user requests/complaints in our major engineering and product updates in each cycle. We also work to enhance our users' favorite part of the product in upcoming features and to fix their most frustrating experiences.
One area where we could further improve is having a faster SLA for high worth customers.
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