New forex brokers face a range of challenges that any other young business faces. This is not only about technical support and the functionality of the trading platform, but also its promotion in an oversaturated market. Let us talk about what a promising marketing strategy for modern brokerage companies might look like.
Decide on positioning
The turnover of the Forex market is estimated at 6.6 trillion dollars. About 9.5 million people worldwide trade online. This means that approximately one in seven hundred of all people living on our planet can become your client. Sounds tempting, but the problem is that the total number of Forex brokers, both large and small, is more than hundreds. And it is your task to launch an effective forex SEO strategy to promote your website in the Google search and manage to stand out from the competition. You can visit https://forexseo.com/ to find out more about an SEO promotion from a professional company in the industry.
You need to show how your company differs from others, and this is what you need to tell potential clients about yourself. The strategy for increasing brand awareness depends on the specifics of each specific forex business and its target audience.
It looks like the Forex market is saturated with players, and they offer all the same:
- competitive spreads,
- leverage,
- trading on ECN accounts, and so on.
And it will be quite challenging to differentiate your offer. Therefore, the main key to success here is brand awareness. Your target audience must understand what you offer as an FX broker, in addition to the standard benefits, for instance:
- best spreads,
- 24/7 support,
- and a variety of trading instruments.
The strategy for increasing brand awareness depends on the specifics of each particular Forex business and its target audience. As a classic example of this industry, one can sponsor various projects or events, promote affiliate forex websites, or form a wide partner network.
Optimise your digital marketing model
In the case of projects that operate and promote online, a successful strategy for forex brokers almost always includes some form of paid advertising. However, you should remember to manage your advertising budget wisely and regularly measure the effectiveness of paid advertising campaigns, comparing them with a business plan.
Paid search (also known as pay-per-click, or PPC) is a great tool for driving targeted traffic to your website. But for your PPC strategy to be effective, don’t forget to segment your traffic and users, and make sure you’re really targeting the right customer segment. Be sure to test paid search campaigns at every stage and adapt them if necessary. The correct approach to Forex advertising is not to focus on only paid search. Use an omnichannel approach that includes multiple channels, including social media, email, content marketing, and anything else that will help build your brand awareness.
Use content effectively
In a marketer’s arsenal, content is probably the most versatile and one of the most effective resources if properly tailored to the target audience. Your marketing team should create consistent content that can be used effectively for a website home page, blog post, email campaign, and more. The role of content in the promotion of any project will only increase, so you must make sure that each material works as efficiently as possible in various channels.
In addition, quality content is a way to build a network of influencers, as interesting posts and articles always generate discussions. Unlike paid, overtly promotional publications, useful user-focused content will increase your expertise and create a positive image.
It is worth saying here that in the production of content, it is necessary to follow the principles of consistency to differ from other brokers and to ensure that each published piece is in line with the overall marketing strategy. A brand book, or corporate identity guide, can be a great help in achieving this goal. Using a brand book ensures that your content will look and feel the same, even if its elements are created by different people or departments.
Invest in traders’ education
Regardless of which category of traders your company is focused on, any forex business model involves training clients in one form or another. The field of trading is not the easiest to master, and every trading platform includes solutions that take time to master. Even if you are sure that 90% of your clients are highly experienced in trading, creating webinars and useful media content based on educational materials will help build trust and loyalty to your brand.
Balance email marketing campaigns
In terms of marketing costs, it’s usually cheaper for a company to retain an existing customer than to acquire a new one. Therefore, it is important to use regular mailings to make sure that you are at the center of the professional attention of your clients. Email marketing can help you build trust and long-term relationships with existing customers and, if done right, help you attract new ones. If the company’s CRM service allows, you can automate and customize emails and newsletters for different categories of customers.
The materials you send out mustn’t be perceived as spam. The content of emails should be relevant to your customer base. But even useful content can be intrusive if sent too often. Determine the content and format for different types of emails, as well as the frequency of sending appropriate emails for each category of customers. Gradually implement an email marketing strategy, checking out the performance and making the necessary changes at each stage.
Don’t ignore SMM
It’s not a good idea to completely exclude social media from your marketing toolbox these days, even if you don’t intend to actively engage with customers through that channel. The mere fact of having a social media profile increases user confidence and is a great way to connect with your customers.
Increase user engagement
Contests, as well as bonus and reward systems, not only help to attract new customers but also allow existing users of the trading platform to look at the functionality or philosophy of the broker from a new perspective.
PAMM accounts are also a great way to attract a new category of investors who are passionate about the Forex market, but due to lack of time or opportunity, are not involved in trading. There are always the right ways to generate customer interest, and virtually every FX business has the resources and technology to leverage them.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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