Retaining clients is just as critical as attracting new ones. Social trading emerges as a powerful tool to prevent clients from leaving. It’s a solution where clients can find new trading experiences, eliminating the need for active trading strategies, with approved providers, and bonuses as primary retention strategies.
To understand how to retain clients, let’s highlight reasons, why would they want to leave:
- They don’t have enough time to trade actively;
- They are not skilled enough and often lose money;
- They are enticed with bonuses and conditions provided by other companies;
- They are bored with the trading routine.
Start covering these desires brokers may with the implementation of these 3 simple steps below.
Step 1: Offer clients a new trading experience
The conventional approach to retaining clients often revolves around motivating them to adopt active trading strategies. However, this approach doesn’t resonate with everyone. Many clients are drawn to the financial markets but prefer a more passive role. Social trading is the bridge between these passive clients and the world of trading.
With social trading, clients don’t have to be active traders to stay engaged and satisfied. A client may select an experienced trader–signal provider and subscribe to copy their trades. Good social trading solutions provide different copying modes, including proportional ones, and a variety of automated risk-management tools. This hands-free approach allows clients to stay in the game without the stress and commitment of active trading. The simplicity of social trading is an unobtrusive way to retain clients by offering them an alternative path to success.
Step 2: Build a trustable relationships
Trust is the foundation of client retention. Social trading simplifies this by offering approved providers who have undergone rigorous vetting processes. Clients don’t need to search for trustworthy signal providers or perform their due diligence. These approved signal providers come with the broker’s seal of trust.
Brokers may assess the skills and trustworthiness of signal providers through the implementation of KYC policies. This involves analyzing their trading accounts on previous platforms and examining their presence in the media and client feedback. The assessment often starts with an in-depth analysis of the provider’s trading history, evaluating their track record for consistency, risk management, and profitability. Additionally, the provider’s ability to demonstrate their skills through trading on demo accounts offers an essential aspect of their evaluation, showcasing their aptitude and strategy without actual financial risk.
Clients feel secure knowing they are following the strategies of signal providers who have been officially approved. This trust in the signal providers fosters a sense of reliability within the platform, making clients less likely to leave in search of more secure options.
Step 3: Add bonuses
Traditional client retention often relies on enticing bonuses, from registration bonuses to cashbacks. Adding some bonus programs as a last argument may help to retain some categories of clients. Bonuses can take various forms, including registration bonuses, deposit bonuses, rebates, and cashback based on account deposit sizes. By offering favorable conditions, brokers can captivate the attention of clients.
As for the other clients who consider leaving because of the monotony of the trading routine. To retain such clients, social trading offers a dual solution. The first is to liberate them from repetitive trading operations by introducing automatic copying and risk management. With this approach, clients no longer need to actively engage in trading; instead, they can effortlessly follow the strategies of experienced traders. This shift from routine trading to automated copying provides a fresh and engaging trading experience.
The second approach entails empowering successful traders to explore a new role within the platform. By approving them as signal providers, brokers open up the opportunity for these traders to share their strategies with others. This shift from being an active trader to a signal provider not only adds variety to their trading journey but also opens up a source of potential income. It’s a win-win scenario: clients get to diversify their experience, and brokers strengthen their community by nurturing new signal providers. These dual strategies address the boredom factor and create a more engaging and dynamic trading environment, enhancing client retention in the process.
