COMPETITION FOR FOREX LEADS:
The number of foreign exchange companies is growing extensively every year, but not as much as the number of forex traders. So, how these companies can compete in such a hectic market environment? This is exactly what we cover in this blog post to help forex and binary brokers target the right traders and find their market share.
THE FOREX MARKETING STRATEGY
7marketz team would like to share with you one simple strategy that your company can apply to effectively and efficiently target forex traders in 7 simple steps: finding your niche, studying the buyer persona, launching your forex campaign, qualifying the leads, following up, analyzing the results, and managing the take-aways for the next round of campaigns.
STEP 1: CHOOSE THE RIGHT AUDIENCE
Every second company's target is novice traders and professional traders, but this persona is simply not clear enough. To succeed, you must find a persona that will best fit your business model strategy and describe it "from top to bottom" in order to bring results from your targeting campaign. For example, consider the following sample checklist:
- Name your persona (e.g. Bill)
- Occupation (e.g. Professional Forex Trader and Technical Analyst)
- Demographics (e.g. male, 40-55 years old, British, English as a first language, lives in Liverpool)
- Interests (e.g. Expert Advisors, Auto Trading, VPS, Indicators, Football, London Stock Exchange, Blogging)
- Behaviour (e.g. Trades with several forex brokers, occasionally does hedging, trades high volume positions, reads forex blogs, leaves reviews on Forex Peace Army, participates in discussions on Forex Factory, active on Twitter)
- Challenges (e.g. losing trust in forex brokerage due to regulator warnings, negative balance protection security concerns)
You can use the above list as a starting point to building your first buyer persona. Most of this information can be formed from Google Analytics audit, direct communication with the clients or conducting a survey.
STEP 2: ANALYZE THE TARGET
Once you defined who your target audience is, it's time to move onto the tactics you can use to empower your marketing campaign and to efficiently attract the right client. Taking Bill as an example, we can draw the following map.
These are just 8 initiatives you could consider based on the above buyer persona description. Now, let's move forward...
STEP 3: SHOOT YOUR CAMPAIGN
To launch a full scale campaign you should start from defining the campaign variables: target keyword (s), start and end dates, key performance indicators (KPIs), goals, budget, and tools to be able to measure the campaign performance. You can consider the following channels for your forex marketing campaign:
- Articles: support your campaign with 3-5 articles published on your website or partner sites targeting your keyword and linking call to action (CTA) to the landing page.
- Landing page: ensure to apply a catchy tagline, at least 1 visual to support the tagline, description of an offer, a form, trust elements and A/B testing.
- Text ads: prepare 10-20 text ad variations for your search engine marketing (SEM) campaign to test and optimize for best results. SEM campaigns show to be one of the most efficient among all the other ads for forex industry. (TIP: CHOOSE YOUR KEYWORDS & BIDS WISELY)
- Banners: prepare 3-5 variations of the banners to rund across Google Display, AdRoll retargeting, social media channels, media buying and programmatic.
- Emails: set up a marketing newsletter to be sent to your non-converted leads, arrange external blasts through partners, affiliates, introducers and set up a workflow for those completing the forms on your landing page(s).
STEP 4: NURTURE THE LEADS
Once you've got the leads registered in your CRM, set up an automated workflow to qualify them to convert into clients. This can be done by offering a welcome bonus, onboarding consultation, a webinar with an experienced trader or other. You can easily set up a workflow and segment it by landing page, buyer persona type, website pages visits, etc by using marketing automation tools such as HubSpot or Marketo.
STEP 5: FOLLOW UP
Ensure that your Sales and Marketing departments are informed about the campaign progress and can ensure timely follow up with everyone who registered within 48 hours. You can analyze the content that has been viewed by the lead and analyze person's interests to prepare a custom introduction to increase your success rate. Steps 6 and 7 are vital for every business to fully analyze the results of the campaign, do's and don'ts, key take-away and thigs to repeat and to avoid in the next campaign set-up.
TO SUM UP: This short introduction into forex marketing should give you a jumpstart necessary to efficiently generate the forex leads for your brokerage. Simply follow the steps and you should remain in the positive ROI status.
What experiences did you face in your marketing lead generation campaigns? Share your thoughts with us in the comments section below!