Factors to Consider When Opening a Bitcoin ATM Business Part 3

Factors to Consider When Opening a Bitcoin ATM Business Part 3

Operational availability of your cryptocurrency ATM

 

Yet another factor that will determine the profits of you cryptocurrency ATM business is the operational availability of your cryptocurrency ATM.

This means that if your ATM is available 24/7, you will get more customers than if it is only available during regular business hours and closed on weekends. Because a cryptocurrency ATM needs an Internet connection, the reliability of the connection matters a lot. In the early days of Facebook, Mark Zuckerberg made the availability of the website his top priority. He knew that the website needed to work all the time without glitches, load quickly and be available all the time, otherwise a person would check Facebook out and if there was a problem, decide that the website didn’t work. Because cryptocurrency ATMs are relatively new, the availability is as important.

The availability doesn’t just mean a reliable Internet connection. It also includes the machine operating properly without glitches, having cash to disperse and/or cryptocurrency available for purchase.

The scenario you want to avoid is the one where you install a cryptocurrency ATM, and people want to try using it but can’t do so because of the unavailability of the machine.

In the book Word of Mouth Marketing, Jerry Wilson talked about the rule of 3-33. The rule states that people don’t discuss ordinary experiences. If a person has an idea in mind about how things should work and the things work exactly this way, then there is nothing really to talk about. This means that if you want your clients to talk about your cryptocurrency ATM to their friends, you need to surpass their expectations.

For example, you do not start talking to your friends about getting gas at a gas station or milk at the grocery store when things go as planned because these are mundane ordinary events and there’s nothing to talk about. The same is true for your clients and their experiences. When experience matches expectation, there is nothing to discuss.

However, when the experience is above or below the expectation, people start telling others almost right away.

You have probably stood in line in a store a few times when the store didn’t have enough checkout lines. In such an instance, all you would want to talk to another person in line or a friend of yours is that fact that the store is not doing a good enough of a job to satisfy the customers.

Most businesses, including modern high-tech businesses, do not go into demise because of competition. More often, what happens is slow death because of self-inflicted wounds and neglect of the needs of customers.

Frequently, such businesses do not realize what is happening. At first, the transaction volume and the number of customers start to decline. By the time a business figures out what is really happening, getting customers back is almost impossible.

Today, having a business such as a cryptocurrency ATM function flawlessly is critical because most of your customers will be on social media. With some other business, at least a percentage of customers may or may not be online. But with cryptocurrencies, which in essence are software that can’t exist without the Internet, you know that your clients are going to be more computer literate than the average person.

Like it or not, they will be talking about what you are doing to each other in person and online. Some of their conversations will be positive, but the human nature is such that people talk much more about negative events than they do about positive events. You can’t ignore the conversations, but it is critical that you do your best to prevent the negative ones and the best way to do so is to provide great customer service.

With a business such as cryptocurrency ATMs, you don’t even have to start with talking to your customers in person. You can start with reading reviews and forums and see what your clients or prospects are saying about you and about other cryptocurrency ATMs. It is a good idea to read reviews for ATMs in other areas of the country and see what people there like and what they don’t like.