Top 5 marketing strategies for forex brokers in 2020
These marketing strategies will bring you new clients in 2020 and will stay relevant years beyond.
The forex market has experienced drastic development in recent years. With stronger competition and new markets, there are a growing number of new measures and regulations. While these changes will bring transparency and trust in the long run, they also pose several challenges to FX brokers in the short term. It has become much more difficult to promote forex services with declining organic reach and several advertising bans imposed by major social networks and search engines. Therefore, it is crucial to focus your marketing and business development strategies on more traditional yet stable marketing concepts.
Presenting our top five marketing strategies that rely heavily on your current customers and word of mouth to acquire new customers rather than on third-party advertising platforms.
- Loyalty programmes and bonuses
- Money management services
- Social trading systems
- Forex education
- Digital marketing for forex brokers
The main idea behind these strategies is rather straightforward and can be put in simple words as “listen to your customers – provide diverse and complete services”. In the era of Web 2.0 and rising social media communications, modern financial companies simply have to adjust and humanize their services.
Loyalty programmes and bonus systems
A loyal clientele is the success of every business as they are eager to know about new products and services, write positive reviews, give constructive feedback and defend your company on public forums. Moreover, they can become brand advocates to bring in new customers. For brand advocacy, companies can use existing functionality of the MetaTrader platform, which assigns bonuses to successful traders and distributing agents.
The best thing about the bonus system is that you can be creative and develop complex tier-based fees and commission schemes that seamlessly complement your advertising campaigns. Despite ESMA measures that impose limitations on advertising of CFDs and binary options, bonuses can still be used in email campaigns for existing clients. What kind of bonuses can be introduced to your brokerage services? Start from inbuilt agent field on the trader’s account in MetaTrader. Extend the functionality to an unlimited chain of agents through additional plugins, and finally, wrap it up with remunerations for traded volume and new deposits.
Learn more about different types of loyalty programmes forex business in “Loyalty Programs: Marketing for FX Brokers in the Age of Advertising Bans”.
Money Management Services
PAM, MAM, LMAM and many other similar looking abbreviations are basically different money management strategies or models. Percent Allocation Management (PAM) model revolves around the distribution of earned profits between investors based on their share in the total portfolio. Multi-Account Management (MAM) method provides money managers with an opportunity to control several trading accounts, where trades will be copied with some difference based on the overall trading strategy. Lot Allocation Management Module (LAMM) allows managers to control risks by assigning different amounts of lots to several accounts.
Since money management requires both managers – experienced traders and investors as well as newcomers to the forex market – expanding your brokerage services with money management will enable your business growth. In most cases, successful money managers already have several faithful followers and their own promotion channels to attract new investors. From a forex brokerage standpoint, readjusting your lead generation campaigns to bring in managers might be a clever expansion of your marketing strategy.
Learn more about money management services, technology, and demand in “Marketing for forex brokers: MT4/MT5 PAMM and MAM Software”.
Social Trading Services
After gaining exceptional popularity in 2016, social trading services have become one of the popular financial products with an increasing audience in emerging forex markets, such as India, Thailand, Malaysia and other growing markets. The concept of social trading is quite simple: a mature trader shares his strategy with other traders and receives a performance fee or a subscription fee as in MetaTrader Signals or eToro social trading system.
Social trading community goes side-by-side with traditional forex trading; however, it is in your power to intertwine both audiences and attract your customers. There are several ways how your forex brokerage may implement social trading services, including:
- Third-party social trading platform, such as eToro
- Turn-key solution by forex technology providers, such as Brokeree Social Trading Solution
- Develop your own system
Of course, each implementation is different and will require a closer look to understand the most optimal method for your business and clients. If you want to get a grasp of how social trading services might aid your brokerage, read “Marketing for FX brokerage: Social Trading Software”, or schedule a brief call with our team via firstname.lastname@example.org to learn more about social trading technology.
FX Trading Education
Educational materials, forecasts and trading signals will always be in demand since they cover such a vast segment of traders – from newbies to experienced sharks of the industry. However, we still occasionally come across outdated, or frankly, dull presentations and articles on how to trade, how to choose a forex broker, etc. Nowadays, customers require intricate tutorials that provide answers to specific questions. And this opens a great opportunity to ramp up your content marketing by narrowing the topics.
Here are a few ideas to start planning your content marketing strategy around forex education.
- Webinars and online courses continue to provide marketers with a flow of leads. Record a 3-5 hours course or a couple 30-45 minutes webinars and promote those separately from your core services. Hint! Instagram Live is booming right now, you should start paying more attention.
- Once the webinar is finished and the special offer is promoted, invite everybody to an open/closed learning group on Facebook and continue your conversion funnel from there. Read more about webinars here.
- Social Media Education – make educational content or create a forex learning group open for everybody to generate new leads. Separately, start a closed group to drive conversations between your existing customers. Promote your closed community in the open group to let your customers influence your potential leads.
- Now you have emails, a Facebook group with warm leads and active Instagram profile. The rest depends upon finding the right approach and the perfect offer to convert those leads into customers. Get some ideas in the above sections.
Digital Marketing for Forex Brokers
Digital Marketing will assist your brokerage in promoting new services. However, this year the financial industry has seen several bans and reinforced regulations that have affected online advertisement and promotion. Major social networks have banned cryptocurrency advertising and search engines have prohibited almost all mentions of trading services and instruments. Nevertheless, there are still a variety of ways to integrate digital marketing practices.
Search Engine Optimization (SEO)
Several years ago, people would build websites for machines and robots to beat their indexing algorithms. Nowadays, those algorithms have become rather sophisticated, forcing people to start thinking about a person browsing the website.
1) Use keywords that your customers actually use.
Identify the right keywords by installing Keywords Anywhere extension for Chrome and Safari, or if you are using Google Adwords you will be able to see Search Terms – what people typed on Google as they see your advertising. Search Console is another service by Google, where you can see for what keywords your webpages rank.
2) Make navigation clear and test different call-to-actions.
3) Produce original content and add the keywords organically.
4) Check SEO basics like meta-description, Rel and Alt tags, etc. For more information about SEO, check Moz blog.
Blogging and Influencer Marketing
Trying to find an informative and engaging piece of content about forex trading might be a difficult task as there are numerous bloggers who “made it” without telling you anything. If you have any experience with actual trading, you can instantly know that the relevant information hasn’t been provided. That’s why using your authority as a legitimate brokerage and collaborating with trust-worthy bloggers will increase your credibility, brand awareness, and attract new traders.
Chats and messengers
Fewer people are browsing news feeds in social networks as they are switching to messengers, where they can receive content, buy plane tickets, or simply contact their service provider to get a timely consultation. Successful
businesses are leveraging the convenience of chat communication to bring new clients.
Forums and social media monitoring
Forums can be very insightful in providing you with real feedback from active traders. Active communication with customers on online forums and social media networks will show that you care, and ultimately, increase transparency.
1) Check weekly mentions of your company brand and respond to every comment, whether it is positive or negative.
2) Interact with customers on forums, such as Reddit and other industry-related social media networks.
3) Share your content and news with the online audience to get feedback and more ideas.
Despite seeming difficulties of limited advertising budget to get paid clicks, the leads you will generate via the above-mentioned strategies and its quality will be much higher. Not only are these leads generated via a recommendation, but they also go through a comprehensive conversion funnel that is built around education and seamless introduction to the world of online trading.
If you would like to receive a presentation for any of the products mentioned above, kindly contact email@example.com
If you are a marketing manager of forex brokerage and would like to discuss more promotion opportunities for your company, connect with Anton Sokolov at LinkedIn, or simply contact via an email firstname.lastname@example.org