How does a Forex broker increase their sales?
Elena Berestovaya, CMO UpTrader
In UpTrader we often see forex brokers that struggle with sales growth stoppage. In their efforts they often try to improve soft, add new assets, change employes or find new Forex CRM. All of these things make sence, but let’s talk about marketing tools that can help beyond Forex CRM and other software forex solutions.
Every Forex broker has probably faced a situation where the sales growth plateaued and did not want to budge. Some of them encounter it soon after the company's launch, while others face it already when the sales are at a solid volume. To understand what will launch your company’s growth again, you need to analyse your own business model to look at the situation as a whole: the region, product, sales department, reputation, licence, marketing strategy, how to deposit and withdraw funds. Everything is important. We will consider a few marketing techniques you should start with and see what ready-made products you can add to your business to increase sales.
The very first thing to start with is probably to understand whether you are dividing your customers into segments and whether your methods of working with them are different. A clear definition of who your customer is will be the foundation of your marketing strategy and sales team.Your company could very well be only focused on one client type: for example, you might only work with large clients from Asia, or you only offer investments in managed PAMM accounts, or maybe you are a broker offering products to traders, investors, and clients with any deposit amount. Your sales funnel depends on the answer to this question. It will define whether you will have one funnel or several, one for each type of client. Funnels could differ dramatically from one another in tone and content of your emails, products you sell, services you plan to launch, marketing promotions, trading conditions, and sales methods. If you are a multi-product broker, you should categorise customers into different groups, identify key audiences, and build tactics to work with each. Many companies do not segment customers, which leads to blurred advertising, unclear offers, and too much traffic on the website. 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 company, thereby increasing sales.
Narrowing or expanding the audience
This point flows seamlessly from the previous one. There is nothing wrong with narrowing your audience. It allows you to focus on what your team does best. It helps you get to know your client well, understand their needs, and not be spread out over everyone looking for ways to make money in the Forex market. Narrowing down the audience, sharpening your communication with it, fine-tuning the product is a painstaking job. However, if this job is well done once, and with good results, it can be scaled to new regions. You can then add new products and new target audiences, expanding your business.
Choosing a flagship product
This point also complements the previous two. When a customer chooses you from a variety of other companies, your offer should be obvious to them. What do you consider your number one product, why do you have the best product? In our experience, a common mistake that brokers make is not emphasising their main product, the showpiece of the company. They offer everything at once, thinking that a variety of options is better than having no choice. Indeed, the variety of options is very good. Nevertheless, if a potential client visits the website and sees a bit of everything, they might enter a state of procrastination, not knowing what to choose. It will be easier for the client if you make the initial choice for them. And then, when they choose you, you can offer them so much more. If you attract experienced traders and expect them to make their own choice, make sure you have a licence, because professionals are well aware of the cost of non-compliance.
Copy Trading platform
Many novice brokers are wondering: is there a magic service which easily allows you to increase the sales volume? Yes, there is. One simple and popular way to activate beginners or hesitant audiences is to offer them the copying trading platform with experienced traders. Many traders who are new to the market are understandably anxious over the potential to lose their deposits and struggle to understand how to trade in general. A procrastinating client equals a lost client. Sometimes, copy trading can help them make their first step. A clear rating system, transparent terms of copying, risk limitation, and instant deposit of profit to the account make the service attractive enough for the customer to start earning in your company. The only problem to be solved is attracting traders to the service. Good trading conditions, a user-friendly interface, and good rewards can help.
Market Analytics in your Forex CRM
A fairly inexpensive, but an extremely useful sales tool is daily trading recommendations. It can be used for both marketing and sales. This is a great way to interest your audience and stir up their greed by showing forecasts for the market and the potential profit. Nothing motivates better than numbers. One of UpTrader's clients who sends analytics to their customers through it’s Forex CRM allowed me to analyse their trading account data for 2021. It turned out that customers who read analytics deposited on average 15% more per customer compared to those who did not use this tool. The median bill was 25% higher. At the same time, their trading volume increased by 230%!
Bonuses/Promotions: are they effective?
This is a tricky question. No two bonuses are alike. Welcome bonuses, popular in the Forex market, work great for lead generation. But do you need clients who come for freebies? Do you know how to work with such clients? Will the sales team be able to sell these customers something beyond free bonuses? Are you willing to spend the resources of your customer support team to help the clients to understand the bonus allocation and bonus withdrawal rules, burden your staff with dealing with complaints from clients who believe that they have been unfairly written off a bonus, etc.? We believe that bonuses can be used, but they should be distributed carefully. They must not become the primary source for lead generation, because they attract an audience that you might not need. Bonuses for the deposit and accrual of interest on the account balance have proven their value. In general, all clients like bonuses and promotions, the key here is to use them in moderation. In UpTrader Forex CRM for instance we have all kinds of bonuses, but they are not really popular among our clients. Copy trading platform is more popular.
In this article, we went over some strategies to increase sales. If you are currently considering what you would like to improve in your brokerage business or if you are thinking about starting your own firm from scratch, contact the UpTrader team. We will help, guide, and consult you.
For online companies, business has long stopped being about providing a local service for clients from a particular city or country. A successfully launched business cannot stay locked in one region for long, and if the owner thinks globally, they will act the same way. The main task of an international online business is to accept local payments. For example, in Indonesia, Help2Pay or Fasapay are popular payment systems, while in Namibia, only banks transfers are in use and they need banks details much more than they need payment systems. The more systems are integrated into your CRM, the more clients from different countries will be able to buy your service.
There are some companies on the market which provide payment management systems for CRMs. All you have to do is pay for a subscription, and the payment management module will be fully integrated into your CRM. The fee, however, may be quite high. UpTrader also provides this module, and it is already integrated into our CRM along with ready-to-use payment systems. We do not charge separately for it.
We have already integrated more than 50 payment systems into our CRM, and new ones are being added all the time.
UpTrader Pay settings
The module was tailored to the demands of Forex brokers, so it has a wide range of options. So, for your clients’ convenience, you can:
1. Set a country filter.
For example, you work with clients from Indonesia, South Africa, and Germany. You have more than 50 payment systems. Not all of them work for these clients. To avoid confusion, you can only show them options available in their country. UpTrader Pay lets you change the visibility settings to only show certain payment systems for customers registered in a particular country.
2. Set a rule for new and old clients.
For example, you work with payment systems that require meeting certain criteria for clients, such as successful KYC. Therefore you can set such a rule to show new clients certain payment systems that accept new clients but charge high commissions. As well you can show another bunch of payment systems for old clients with lower commicions.
3. Visa and Mastercard.
Only show Visa and Mastercard and automatically substitute payment systems depending on the country.
4. Set a filter by registration date.
For some companies, client registration date is important. For example, you would like to give a bonus to new clients, a commission refund or a deposit bonus when depositing through a certain payment system. You can set up this payment system to be visible only to clients with a certain registration date.
UpTrader Payment Management Value-adds
- No monthly fee
- More than 50 payment systems already integrated
- New payment system integration in 2 weeks
- Free integration of one payment system per month
- Country, deposit, registration date settings
- Fully integrated into UpTrader CRM
- User-friendly interface
We won't say much about why bonuses are so popular. The interest in them never fades. Every new broker launches some kind of a bonus system.
In UpTrader CRM, there are four types of ready-to-use bonuses: % on deposit, welcome bonus, % on balance, or monthly interest, and manual bonus. The settings for each of them allow you the flexibility to make them work for you.
There are 4 bonus types you can set up right away in UpTrader Forex CRM:
% on deposit
Deposit bonus is the most popular bonus type, since it is designed to encourage those who deposit the account. Everybody wins: the client does because they receive more benefits and trading opportunities, and the broker wins because they land a client who is truly ready to trade. Usually, the broker settles on the conditions and the bonus amount, for example, +50% to the deposit amount when depositing from $50 to $10,000. In the “conversion” field, the broker can specify the conditions under which the bonus funds can be converted to cash and become available for withdrawal.
A monthly interest bonus has also gained popularity because it helps build loyalty and encourages clients to stay with the broker longer and to keep more money in their accounts since it becomes more profitable to do that. For example, a broker can set a required minimum account balance for a certain day of the month. If the requirement is met, a client receives a bonus on the balance. The conditions for cashing the bonus are also set in the CRM.
The main rule for this bonus is that a client can only receive it once.A welcome bonus is a popular way to generate traffic. The best way to attract a lot of cheap traffic is to offer free money. But can you turn that traffic into clients? That remains to be seen.
The superpower of a manual bonus means that you can give it just like that. If a manager wants to give out a bonus, they can do it without setting any conditions. This is a very handy sales tool which often helps in the moment.
For each bonus, you can specify description and condition fields. Create your own conditions for bonus programs using our settings!
If any questions talk to our expert in live chat or emal us [email protected]
The main disadvantage of accepting payments in cryptocurrency is the lack of familiar interface. When paying by card or through a popular EPS (electronic payment systems), no special skills are required to transfer money, all the fields are familiar, processes are automated, crediting is predictable. Cryptocurrency payment is not a mass method yet, and often such payments are made manually, which is inconvenient both for clients and for the company.
The manual way of accepting cryptocurrency payments from brokers’ clients looks something like this:
1) A broker manually creates a payment system in the CRM and specifies in the description an address to which cryptocurrency needs to be transferred.
2) Before transferring money to the broker's wallet, clients need to create a request through this payment system in the CRM.
3) To process these requests, the broker needs to manually open their crypto wallet, check which of these requests are paid and for what amount, because clients can create a request for one amount but actually transfer another one. If the amounts are incorrect, the broker needs to correct them in the requests and then mark the requests as processed or failed (if the money was not transferred).
There are two problems with such a process: manual work and difficulty identifying payments. If a broker has a lot of clients, there can easily be a situation where, say, 2 clients created a $1,000 request around the same time, and only one $1,000 payment came in. It is impossible to identify which client sent that amount, you would have to contact the client to find out.
Manual control inevitably leads to human error, and more often than not such errors amount to more than one thousand dollars. On top of that, as we know, cryptocurrency transactions cannot be undone or disputed.
UpTrader offers its clients to automate cryptocurrency payment acceptance with a crypto gateway. Crypto gateway is a civilised automated way of making cryptopayments with a user-friendly interface that eliminates human error, simplifies the finance department’s work and client transfers.
How UpTrader's crypto gateway works:
1) UpTrader’s crypto gateway has a simple API and easily integrates into any CRM.
2) A unique wallet is created for and associated with each CRM client who requests a crypto deposit. That is, only this client gets this wallet, and the wallet remains the same between different requests, so that the client does not get confused.
3) After that, our crypto gateway traces when money arrives to this wallet and sends data about incoming payments to the CRM which automatically processes requests and corrects amounts.
If cryptocurrency payments happen from time to time in your company and you anticipate an increase in them, take care of automation in advance in order not to run into problems in the future.
To get more information, mail us to: [email protected] or write us in online chat.
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