5 Effective Marketing Strategies For Your FX Start-up Brokerage
Although attractive in many ways, starting an FX brokerage from scratch can be intimidating, time-consuming and costly. Each year, there is a large increase in start-up brokers entering this industry making it an extremely competitive market.
This is where having a solid marketing strategy can differentiate you and help drive profitable business. Below is a list of 5 effective marketing strategies that you should consider when launching an FX brokerage:
1. Target the right people, at the right time, with the right content
Your audience should be the foundation of any marketing strategy. Learning as much as you can about your potential customers will allow you to target the right people, at the right time, with the right content. Even though it can seem like a big task, it will save you money and time in the long run and should be understood in as much depth as possible before implementing any marketing activity.
If you do not understand your potential customers then how do you expect to target them effectively? This is especially prevalent in the retail FX industry, with many small and large brokers that target a very similar type of customer. Therefore, having a clear idea of who these people are, investing time into segmentation and conducting granular research will give you a competitive edge.
An easy and widely recognised way of doing this is to create an audience profile or persona. In the form of a one-pager, it succinctly showcases your target audience acting as a point of reference for all future marketing activity.
Consumers buying behaviours and patterns are much more complex with the introduction of the digital eco-system. Over the past 10 years, there has been a switch from segmenting an audience based predominantly on their demographics to delving deeper in their psychographics, attitudes and digital behaviours. Therefore, including this type of information is ideal if you want a realistic and holistic target audience profile.
What to include in your target audience profiling:
- Demographics (Age, Gender, Marital Status, Income, Geographic location, Language etc)
- Psychographics (Personality, Lifestyle, Social Status)
- Challenges & Painpoints
- Goals & Values
- Online & Offline Behaviours
2. Never under-estimate the power of your brand
Once you have a clear idea who your target audience is, next on your list is to create your brand. Brand-building is becoming increasingly important in industries such as FX and getting it right from the get-go will give you an edge whilst enabling you to become recognisable. Focusing on building a trustworthy and relatable brand appeal not only to your potential customers, but it can also build loyalty and prevent your existing customers from leaving.
Having a unique logo and name is important, although it must be reflected across your entire marketing collateral eco-system.
3. DIGITAL, DIGITAL AND MORE DIGITAL
Creating a digital marketing strategy will no doubt be one of the most effective ways to reach, connect and convert customers. At the beginning of your start-up journey, the most important investment is creating a website that works, looks visually appealing but mainly has a great user experience.
Consider using a CMS (Content Management System) to create your website, and ensure that it is optimised for SEO (search engine optimisation) from the beginning. Thinking about these simple elements and organising them will give your customers an attractive base to congregate at each stage of the customer journey.
Other key things to consider when creating your digital marketing strategy is your digital marketing mix - in other words, what are the most effective forms of paid and owned/organic channels to focus time and budget on. Examples of each have been listed below:
Paid channels include social media advertising, PPC (Pay-per-click) and affiliate marketing including influencers.
Owned channels include your website, SEO, organic social media channels and a blog.
4. Knowledge is power
The FX market is complicated, even the basics can be difficult and take time to learn. You may find that your target customer could be detracted from signing up with you not because they aren't interested in FX, but because they do not have the knowledge that gives them the confidence to take that first step. Having a location on your website or dedicating your social media channels to provide forex education as part of your content marketing strategy will only work in your favour, helping to promote your brokerage as one of the educators in the industry.
“Great content is the best sales tool in the world.” — Marcus Sheridan
From an outbound perspective, email is a great channel to distribute education content. Setting up email campaigns daily or weekly with tips and tricks will help give your customers more confidence, whilst providing valuable customer support will help to build upon the relationship.
5. Invest in sustainable strategies
What is the point in focusing a lot of time and money on the above if it will only work for you in the short-term?
Thinking about your holistic marketing efforts from a sustainable standpoint is easily done by executing various relationship marketing strategies.
In marketing communications, there has been a growing tendency for short-term activity and KPI's to be chosen over the long-term brand building campaigns that can have dangerous implications for the long-term success of your brokerage.
"The most successful rounded approach is to develop highly creative fame campaigns supported by powerful activation to drive short-term sales whilst the brand effect gains momentum." - Les Binet
This, however, doesn't just apply to advertising. Sustainable marketing practices and techniques should be considered when creating your overall marketing strategy.
There is no doubt that if you want to launch a brokerage in the FX industry, you need to have a substantial and thought-through Marketing strategy to be competitive, attract traders and become profitable. But, it’s difficult to know where to start.
This blog can be used as a starting point in creating a marketing strategy that is effective and is one that works in the long-term. Researching into your target audience, creating a powerful brand, being digitally present and providing top-quality educational content are good areas to get right from the outset to thrive.