With so many players in the Forex industry, it is often times hard for new companies to stand out in this crowded market. What marketing strategy should you approach? Which channels should you choose? Which campaigns to run? What resources do you need? We answer your questions in this blog post!
Fundamentals: who is your target audience?
Before jumping into the details, it is important to define WHO is it that you CAN & WANT to reach? The CAN part is vital, as there are regulatory restrictions for the country of residence, prior trading experience of investors, and even marketing channels, based on your Forex brokerage license. And this is just the tip of the iceberg, so before drafting your marketing strategy, make sure to speak to your compliance team and clarify all the details.
What is your value proposition?
We all heard of the popular MT4 platform, 24/5 customer support, attractive leverage, fixed spread and Neteller payments. But what is it that your Forex broker can offer traders and investors that others do not?
Cryptocurrency trading is becoming very popular among the traditional foreign exchange investors, and instead of letting them go to another exchange, why not to offer this as a part of your own services?
⚠️ Like the idea? Hold your horses! Check your regulatory requirements and required licenses before adding the product to your list of trading instruments ⚖️
Copy trading is another great feature that many (especially novice) traders are actively engaging with. While there are big market players like eToro, you can still offer some good benefits to attract copy traders and experienced investors to your program. For example, Share4you is a small niche player doing it well.
Bonus programs have become less popular as regulators are getting tight with their restrictions. However, there are still some minor social, educational and via-partner campaigns you can run. Also, depending on your license and regulation, you might be able to offer even more traditional bonus campaigns to certain countries.
Webinars have always been producing good CPL results for forex brokers of all sizes. Consider setting up your educational set (for beginner and intermediate traders) and market analysis sessions (for all investor levels) to convert and retain your customers.
Educational seminars is another tactic you can use to attract and meet your target audience in-person. Common practice is to co-host local events with partners in your target geographies, and provide education driven content with opportunity for traders to open an account with your brokerage on spot.
Hint: You can even run a short trading competition
Demo contests are getting slowly out of the game, as (once again) regulators have applied a number of limitations.But, check with you compliance team to see what you can still do with your license, and in your target markets.
Live competitions, on the other hand, are still in the game. You can offer them on a weekly or monthly basis to keep the consistency and apply creative branding concept to reactivate or retain your customer base.
What resources do you need?
Ideas are great, but you need to be able to actually execute them. Who is going to do it and with what $$$ ? Below is a sketch of a sample international marketing department outlining various roles you should consider hiring (or outsourcing).
Start with looking for a Marketing Director/Executive. He or she will overlook your marketing team, can help with hiring the right team members or finding outsourced solutions.
Then the team will be split in about 3 divisions: Marketing Communications (MARCOM), Creative and Digital. You will eventually need people taking care of your Content & Copywriting, Social Media, PR, Events, Design, Media Buying, PPC, Website, SEO, Email and Analytics.
So basically, you will need people who are experts in various marketing channels. You might not need the whole stack though. If your strategy does not involve events and PPC ads, then you might skip hiring for those roles.
Below is a good overview example of various marketing channels a Forex broker might consider:
Setting aside budget for your marketing activities is just as important, but that will very much depend on the rest of your marketing strategy, target countries and other business priorities. You can speak to one of our consultants, if you need help with setting up a marketing strategy and budget for your forex brokerage.
There are many other elements to a Forex marketing strategy, but these are a good starting point for you to consider. If you need further information, consider hiring an agency to help you get off the ground with your marketing campaigns. Here's also a quick overview on