Every year around the world hundreds of startups enter the FX industry with their own brokerages, thus increasing the competition both for existing businesses as well as new ones. If you are looking to market your forex brokerage in 2021 and gain an edge over your competitors, not only will you need to rethink your approach towards marketing, but also constantly adapt to the changing times to keep up with the pace of the industry.
Thus, in today’s article, we will share with you 5 effective ways marketing strategies you can implement in your forex business in 2021 to gain more customers and take your business to new heights. Let’s get started.
1. Create an Audience Persona
One of the biggest mistakes we witness in the FX industry in terms of marketing is targeting the same customer segment by firms of all sizes. Be it an established business with several years of experience, or a firm which has just opened its doors to the public, everyone is targeting the same audience segment and increasing the overall competition.
However, if you want to see your marketing efforts bear fruit in 2021, this should not be your approach moving forward.
A tried and tested alternative to this is to create an audience persona for your brand at the very beginning. In simple terms, an audience persona is a document that outlines how your audience looks and includes verticals such as their age, likes, dislikes, geographical location, age, gender and more. Creating a detailed audience persona for your business will not only help you identify your target audience better, but will also help you deliver custom ads to your target audience, which have better engagement and potential for converting an engaged audience into a loyal customer base.
2. Understand the Power of Your Brand
If you want to succeed in your FX marketing efforts for 2021, one of the most important and crucial aspects you need to address is the power of your brand. Creating and fostering a strong brand for your business right from the start will not only help you get your foot in the door in terms of signing up new customers, but it will also contribute to fostering an engaged and loyal customer base further down the line.
In order to create and nurture a powerful brand for your FX business, make sure you have a logo that stands out and clearly communicates your brand message along with a strong presence on social media websites, as these are avenues where you can find the most number of customers for your business.
3. Invest in Digital Marketing
Gone are the days when you could just rely on word of mouth to get customers for your business. As people get more and more connected through the power of internet, every business around the world is going digital, and so should you. If you have just started your business, and you are considering where to invest to get the maximum ROI (Return on Investment), we will strongly recommend that it be to create an appealing website for your business.
Having a website that not only looks and feels good but is also immensely functional will go a long way in establishing your brand’s presence in the market. Along with this, make sure that your website is SEO (Search Engine Optimization) optimized from day one, such that customers can find you on the web, the moment they search for something related to your business.
4. Create a Knowledge Bank
A recent survey conducted among customers who actively seek out FX brokerages on a regular basis indicated that the number one reason, as to why they are wary of working with a FX brokerage is their lack of understanding when it comes to technical terminology.
As the founder of a forex brokerage, it might be easy for you to understand all the complicated terms which are involved in the business, but if you just shift your perspective and look at the situation from the standpoint of a customer, you will quickly realize the problem.
An effective solution to this which can act as a great marketing tactic as well, is to create a heavily researched knowledge base for your potential customers to learn from. In this section, you can cover the various intricacies of your industry, and by further SEO optimizing them, you can rank on SERP.
The visitors are more likely to come in touch with you when your website has quality information about the market and placement of orders.
5. Invest for the Long Term
When you are planning to market your forex brokerage and make it big in the industry, then investing for the short term with an eye to witness overnight success should not be on your mind. Over the years, several market reports have indicated that creating a long term marketing strategy and sticking by it with patience and consistency can not only help you nurture an impeccable brand identity for your customers but also tune your footsteps on the pathway to success.
Develop a Simple and Updated Website
You must keep all information published on your business website up to date. You can make effective use of your Laptop by updating your website information. For making simple edits, you will not need to hire a coder
Be it about changing description or a date, a few clicks of the mouse is all you need. You can invest your savings over redesigning or acquiring big projects. Don’t give your customers a chance to point out flaws on your site
When you are just starting out in the forex business, marketing it effectively can seem like a daunting task, but if you plan wisely and you effectively implement the steps we shared above in this article, we are sure that your marketing and brand building strategies for your forex business will be a huge success in the long term.
All the best!