How Mercado Bitcoin Drove Customer-Centric Growth with 80% reduction in time spent on data analysis
Company overview
As the trusted leader in the dynamic cryptocurrency market, Mercado Bitcoin has established itself as a pioneer in introducing Latin America to the crypto world, with more than US$15 billion in trading since its foundation. Its brand promise is centered around customer experience, and its growth trajectory is intricately linked to aligning its offerings with customer preferences.
With a staggering user base of more than 4 million, a portfolio of more than 220 digital assets, and a rapidly growing and competitive market, listening to customers, distilling key insights, and aligning all internal teams toward potential improvements to keep up with competition has become a formidable challenge.
Challenges with the existing Voice of the Customer (VoC) Program
To stay relevant to this growing audience, Mercado Bitcoin’s executive team realized the importance of capturing the authentic “voice of the customer” and using these insights to drive strategic initiatives for sustainable growth. They adopted a data-driven approach to expedite their product roadmap, enhance operational efficiency, and improve customer satisfaction, aiming to increase user retention, satisfaction, and transaction volume.
Despite a well-structured approach to customer feedback, the crypto unicorn faced issues that growing and large organizations usually face with their VoC programs.
When the Birdie team sat down with Jailon Giacomelli, the Director of Customer Experience & Operations at Mercado Bitcoin, he talked about how his team was mostly busy with data gathering, organization, and reporting rather than with planning and working on initiatives to make processes and product improvements based on customer data. Their time was mostly spent trying to create that single source of truth that would flow across CX, Product, Design, Support, and other teams. However, the data was everywhere; support tickets in Zendesk, NPS, and CSAT were maintained in spreadsheets, and social media and Reclame Aqui (Brazilian platform similar to BBB or Yelp) data were difficult to access.
Even with a team effort to bring it all into a Google Looker Studio for centralized data visualization and their discipline in running monthly VoC committees with Product, Design, Marketing, and other executive leadership, Jailon and his team were struggling with the Product team’s engagement: they claimed the reports had inconclusive, anecdotical, or not deep enough insights, it was difficult to estimate the size of a problem, there was no way to explore data in Looker for better problem understanding, and quantifying the impact a customer initiative could have on business was nearly impossible. Combined, all of that made it difficult for them to align CX efforts with Product and the business, driving to low engagement and low actionability from these stakeholders, which is what the whole VoC program wanted to establish.
“Although the Voice of the Customer (VoC) process was in progress, it was hard to access, segment, and work the data, making it nearly impossible to delve into customer pain points in a timely manner and correlate their impact in business metrics. In discussions with the Product and Business teams, it was challenging to defend the importance of solving customer issues without clear evidence of their impact on the KPIs that the executive leadership was interested – NPS, contact rate, and transaction rate.” – Jailon.
Things needed to change. Jailon wanted a solution that went beyond being a single source of truth for all things Customer Feedback: he needed help with taking their VoC Program to a more strategic level by going beyond operational metrics and showing the impact of customer experience issues in business growth. That is when Birdie’s team got in touch with him. After conducting an initial pilot program for the Mercado Bitcoin team, during which we demonstrated the proof of concept, they decided to bring Birdie on board.
Solution
To address the challenges mentioned, the Birdie team worked closely with MB’s CX team to implement Birdie’s CX Intelligence Platform and seamlessly integrate it into the company’s existing VoC process, all according to Birdie’s unique methodology that helps place the customer at the center of decision-making.
The implementation involved enabling PII anonymization, centralizing all feedback sources into Birdie, and mapping Mercado Bitcoin’s main customer journeys to provide a unified view of all customer feedback per user journeys, profiles, and segments, allowing any of Mercado Bitcoin’s employees to get immersed in feedback and understand problems – and their impact in users – as they happened.
With automated reports on key metrics like NPS, contact rate, cost-to-serve and net sentiment, categorized by product, feature, journey, or customer segment, Birdie enabled detailed and precise data analysis across all feedback sources.
Additionally, Birdie’s AI-powered solution started to automatically identify, quantify, track, and associate customer pain points along their journey, making it easy for MB’s team to quickly see not only the most relevant issues – and their impact on the business -, but also new and emerging ones, all in seconds. This integrated approach solved the challenge of consistently categorizing and quantifying customer insights, freeing up time from both CX, Product, and Design teams.
With features designed not only to uncover problems but also to support initiative prioritization and results tracking, Birdie empowered all Mercado Bitcoin teams to align their strategies more effectively with customer needs and expectations. This consolidated methodology strengthened a customer-centric roadmap prioritization, improved the tracking and confirmation of results, and supported the organization’s growth and innovation by bridging the gap between the voice of the customer and product teams, ensuring that customer feedback remains at the heart of decision-making.
Results & Metrics
- Data Consolidation and Centralization – Birdie consolidated all Voice of Customer (VoC) data into a single source. Jailon and his team could now have a comprehensive view of customer feedback and its impact across various metrics without switching to multiple platforms and understanding the context.
- Efficiency and Time Savings—With Birdie, there was automated data aggregation and analysis, which helped teams do more across other important business aspects. There was an 80% reduction in data analysis and tabulation time, 20% faster problem discovery for prioritization, and, on a more strategic level, meetings now focused on actions rather than data preparation.
- Improved Decision Making and Prioritization – Birdie provided clear evidence of impact on both customer support costs and customer experience. This resulted in:
- Four long-standing priority customer themes finally remained prioritized and to be actioned
- 50% reduction in contact rate for prioritized issues (expected across next quarter)
- Ability to present potential impact in terms of ticket reduction and customer satisfaction
- Customer-Centric Approach – Birdie provided visibility into the impact of various customer feedback channels, strengthened the client-centricity drive at Mercado Bitcoin’s culture.
- Cross-Functional Alignment – Birdie made insights accessible to all Product Owners and facilitated closer collaboration between the Product, Design, and CX teams. Teams could now autonomously track opportunities and results related to their products.
“Birdie elevated CX to a strategic level in the organization. Implementing the solution helped us bring the customer back to the center of our executive discussions and work on issues we were overlooking due to the inability to tie them to our growth and operational efficiency metrics. We went from a static metrics dashboard to an interactive VoC cockpit that anyone can explore and understand, in seconds, our customer problems, their impact in the organization, and whether we’re already working to fix that or not.”
Jailon Giacomelli
Director of Customer Experience & Operations
Way Forward
Now that Birdie is established as a go-to source for all things Customer feedback and insights, Jailon and the Mercado Bitcoin team are aiming to double down on improving the leading and lagging indicators across Support tickets, NPS, App reviews, Reclame Aqui, and social media by examining the prospective changes that customer feedback suggests via Birdie. They’re also working closely with Birdie to integrate Birdie to Jira, making collaboration between CX and Product even more streamlined.