The Forex business has about 5000 forex brokers with new ones popping up every month tending to an overall client base of about 80 million traders. Your Forex brokerage may face stiff competition from other similar brokers offering more or less the same products at the same prices. To attract traders to open a trading account with your brokerage, your business must stand out from the crowd. How can you make your Forex broker business stand out from hordes of similar brokers and win the attention of prospective clients?
The answer lies in an effective marketing strategy. Marketing takes your product or service to the masses, informs them about it and prompts to take an action, to buy or utilize a product or service, which in this case is to open a trading account and make an initial deposit.
In any business, marketing is crucial at three stages:
Lead generation is the process of identifying and cultivating people who may potentially be interested in your product or service. Today, there are multiple ways to generate leads but most of it revolves around digital and social media marketing.
Let's take a look at some popular marketing strategies for generating leads.
Today, Google has become synonymous with the word ‘search engine’, so much that to look up for something on the internet is popularly referred as “to Google". From trivial stuff like looking up our own name to expert advice on the best currency pair to trade, don't we rely on google for it all? Marketers capitalize on this trend and develop strategies like PPC marketing and SEO to market their offerings.PPC
Pay Per Click (PPC) is paid search marketing used to gain website traffic by buying ads on search engines. Search Engine Optimization (SEO) is a strategy used to improve the visibility of your web page in a search engine's organic search results. Display marketing is another strategy where your advertisement will be shown on a destination web page.
Social media has evolved from a mere entertainment portal to an aggressive marketing portal which business owners use to attract and engage an audience. Through various social media platforms like Facebook, Instagram and Twitter you can develop and publish content, pull in influencers to expand the reach through affiliate marketing and generate leads. Because of its wider reach and comparatively low cost, social media marketing is one of the most effective strategies for Forex businesses.
Once you have the contact details of your existing as well as potential customers, you can nurture them with personalized content for further engagement with your brand. It is important to develop personalized content suited to the trading history or interests of customers or your mails will end up in the spam box.
Other means of marketing like the traditional advertisements on TV, radio, newspapers, etc. also work effectively. Your marketing campaign need not target Forex traders alone as you can find potential customers from other investors like equity, futures investors. Networking with other industries like trading, betting and investment banking industry will help to generate leads.
So you have identified and implemented the best marketing strategies for your broker business and the leads have started rolling in. Do you think your marketing efforts end there? No, that is a mistake most start-up businesses do. Marketing does not end with just generating leads, it goes on to improve the efficiency of sales by increasing the conversion rate and yield per client. By extending your marketing efforts to already generated leads you can boost your accounts and deposits without shelling out much in expenses
Marketing has 4 main fundamental ingredients, the 4P’s of Marketing- Product, Price, Place and Promotions. While the aspect of Place is dealt with in the stage of generating leads (where you attract traders from- online and offline platforms), the other 3 P’s come into play in the stage of Sales.
To convert your marketing leads into sales you need to offer the best quality of trading environment and service. In the Forex business, to offer the best service you have to provide a wider choice of trading platforms, currency symbols and other trading conditions like low spread/commission, better leverage, faster execution and margin plays a important role as well. Though desktop trading platforms have been traditionally used by Forex traders, mobile and web-based trading platforms are taking over the scene as they facilitate on the go trading. Wide array of products combined with faster execution and better liquidity will help to attract more traders to open a trading account and make the deposit with you.
Best prices in the form of competitive spreads and lower commission per trade work on their own to effectively pull in customers. Promotions play a great role in marketing as it helps to grab the attention of your potential customers. Special offers and deals like high leverage, welcome bonus, tradable bonus, withdrawal bonus, insurance on deposit, trading contests and competitions,etc., are also effective ways to convert your marketing leads into customers.
This is most important for Forex brokers as the traders will continue to invest more once they feel safe and comfortable with your broker service. Making the trader to invest more and trade larger volume in a long term basis is made through retention strategies and customer support.
Retention is mostly achieved by closely following the trading activity of the traders and provide them with technical and fundamental analysis report, trading tips and signals, forex indicators, automated trading softwares, offering them profitable fund managers, etc. To build and appreciate your customer loyalty you can offer affinity and reward programs that will encourage the customer to stay with your brand. It is very important to get feedback and implement some sort of customer satisfaction policy through customer support to resolve any issues.
These marketing strategies will help you to win a sizeable share of the market and also to sustain it in a business where traders are constantly looking for better opportunities as the field is competitive. These have helped build Forex brokerages that have served traders for well over decades. Put these strategies in place and you'll see how effortless it is to market your Forex broker business.