Working Marketing Strategy for New Forex Startups
Originally published on finextra
At UpTrader, we often come across forex brokers who struggle with stagnant sales growth. To address this challenge, they may try various approaches such as improving their software, adding new assets, changing their workforce, or seeking out new Forex CRM systems. While all of these strategies have their merit, let's explore some marketing advice that can be helpful beyond software solutions.
Stop chasing all the clients!
One of the initial steps to take is to assess whether you are segmenting your customers and tailoring your approaches to them accordingly. Establishing a precise understanding of your target audience will serve as the bedrock of your marketing strategy and sales team. It's plausible that your business solely focuses on one type of client, such as significant clients from Asia, managed PAMM account investments, or products and services for traders, investors, and clients with any deposit amount. Depending on your answer, your sales funnel may take on different forms - one funnel for each customer type or a single one. These funnels may differ significantly in tone, content of emails, products offered, services launched, marketing promotions, trading conditions, and sales methods. If your brokerage offers multiple products, you should classify clients into different categories, identify primary target audiences, and develop strategies for each group. Neglecting to segment customers can lead to indistinct advertising, ambiguous offers, and an excessive amount of website traffic. As a result, the client does not find anything for themselves and gravitates towards a competitor with a clearer offer. Separate funnels for different segments help increase the conversion of leads into customers and keep the customer with the
Narrow Your Target Market, then Expand
The following point builds upon the previous one. There is nothing inherently wrong with narrowing down your target market. In fact, doing so allows you to focus on what your team does best. By honing in on a specific audience, you can better understand their needs and tailor your products and services to meet their demands. This targeted approach requires effort and attention to detail, but it often results in a more efficient and effective marketing strategy.
Once you have successfully established a strong presence in your chosen market, you can then consider expanding to new regions or broadening your audience. This can involve developing new products or services that cater to a different demographic, or simply applying the knowledge and experience you have gained from working with your initial audience to a new market. By taking a measured and strategic approach to expansion, you can ensure that your business continues to grow while maintaining the high standards and personalized service that set you apart in the first place.
Choose a flagship product
This point is in line with the previous two and serves as a complement to them. When a customer selects your company over others, your main product should be apparent to them. What is your best product, and why is it your number one? From our experience, many brokers overlook highlighting their primary product, which is the showcase of their company. Instead, they offer an array of options, assuming that more options equate to better choices. While having several choices is advantageous, a potential client may become overwhelmed with the number of options and become indecisive. To make the decision-making process easier for the client, you should make the initial choice for them. After they select you, you can offer them much more. If you attract experienced traders who can make their own choices, ensure that you have a license because professionals are well aware of the consequences of non-compliance.
Conclusions: As a Forex CRM Provider, UpTrader constantly observes brokers struggling with building their marketing strategy. The most successful ones are those who follow the simple rules that have been described above. We believe that good marketing can make both companies and clients happier.
