Make Your Forex/CFD Brokerage Stand Out In 2021
If 2020 has taught us anything, it’s that retail trading is back in a big way. Brokerages across the board have seen their volumes soaring, as well as a huge influx of new traders. So, as we close the books for 2020 and usher in a new year, we thought we’d share some top tips to help your brokerage business pop in 2021!
Begin with Branding
Everyone pays lip service to the idea of branding, but not many companies do it well. The purpose of good branding is to associate your brokerage in the minds of traders with certain key characteristics. These can be anything from trustworthiness and reputability, to fun and excitement. The brand identity you choose for your brokerage should be present in every aspect of your marketing materials, from the colours of your logo, to your chosen fonts and the tone you address your clients with.
You have to get it right from the beginning and it’s often a task best outsourced to professionals. It’s important to understand that the most successful companies have a consistent narrative that’s conveyed in everything they do. This is something you must devote time and energy into creating, and then run with it. It’s not something you should be constantly changing, so choose carefully.
Content is King
The most successful brokerages all understand that their job isn’t just to provide access to markets, it’s also about explaining what’s so exciting about them and making them interesting to prospective traders. This is why the best companies in the industry are also big content creators. If your brokerage is only concerned with executing trades, then all you’ll have access to is a small percentage of existing traders.
In our experience, the brands that are more oriented towards content creation tend to attract stickier clients with a higher lifetime value. Try to provide a constant stream of quality content that creates a buzz around market events and a sense of community and common purpose among your traders. This is what differentiates the top brands.
Part of your content drive should be geared towards education. Trading is so huge a subject, it leaves most people completely lost. Even those with an interest in markets can lose faith and give up because the learning curve seems so steep. It’s your job to provide a signal in all that noise, and there’s never a shortage of subjects to cover.
Also, whatever content strategy you settle on, be aware that you need to do more than just publish blog posts if you really want to get your message across. A chunk of your target audience prefers to consume video content, and you’ll have to cater to them. Whether by developing your own in-house video content, or outsourcing it. Finally, it goes without saying that whatever you choose to create, should also be part of a consistent social media strategy.
So far, we’ve focused on the creative side of your marketing department. However, your marketing approach should be part art, part science. In order for all that great content that you’ve developed to find an audience, you’ll need to improve your website’s ranking and get eyeballs on it.
This involves a combination of Search Engine Optimisation (SEO) to generate organic traffic, and a well-constructed PPC (pay-per-click) digital advertising strategy to pull the paid traffic that’s most likely to convert to your homepage. This will require a team that’s competent both in SEO and the top digital advertising platforms like AdWords, Bing and Yandex. With the right CRM and marketing software supporting all this activity, your team will be able to ensure that each incoming trader gets the attention they deserve.
We also recommend that you think carefully about how you’re going to greet incoming traffic. When the traders turn up, you need to be able to leave a good impression. Automated chat has come a long way in recent years, as have people’s appetites for using it. With the right chatbot meeting and greeting your prospects, you can ensure that your customer service agents are free to serve the highest priority callers without neglecting the rest.
Finally, we get to the actual services you making available to your traders. As you may have noticed, most FX/CFD brokerages have the same basic offering. Anything you can do to differentiate your business in this area will be enormously beneficial. Aim to offer a variety of different trading platforms, desktop, mobile and web-based. Ensure that you have a solution appropriate for beginners, as well as fully-featured versions for experienced traders. The social element is also key, a good social trading solution will allow you to cater for completely inexperienced traders, while also motivating your experienced ones to offer their services as leaders.
As always, if you’d like assistance with your marketing efforts, PandaTS is here to help. Get in touch and one of our success managers will be happy to answer your questions. See you next time!
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