Social media is the most powerful tool of communication. People can keep in touch with friends and family on social media. But marketers have found an entirely new usage for these handles.
Did you know that 34% of purchases are made on social media? This gives us all the more reasons to be online and among our buyers! Many Millenials trust social media websites more than traditional websites and are happy to conduct payments on them.
However, the purpose of social media is not just to get more purchases. It is to build client-business relationships. In this article, we will talk about how forex brokers can use social media handles to their advantage.
The best way to use social media for forex brokerage is to make sure that you have incorporated all many social media handles in your marketing strategy. Instead of only using social media ads, you need to make use of organic posters as well and vice versa.
Social media marketing is a very strong means for brokers to expand their business and develop new marketing strategies. Here are 5 ways to build your customer base on social media:
1. Networking
The truth is, if you are not on social media you don’t exist. This is not a joke anymore because a social media presence allows you to occupy a small place in the Forex brokerage industry.
Social media accounts allow you to reach out to new people, partake in hot discussions, and resolve queries among novice traders.
Twitter is perhaps one of the best platforms to network and finds new clients. You don’t need followers to be visible and if you tweet many times a day using the right hashtags you will become noticeable. Your Tweets will be valued.
Since it is so inexpensive to use Twitter, many spammers have found a way to trick traders on Twitter.
The only way to fight spammers is to authenticate yourself as a forex broker. Link your website with all your social media accounts and vice versa. Provide genuine advice and give a chance for traders to get to know your business.
Of course, it’s not easy to create a genuine image but if you are consistent on social media, you will become recognized among Forex Traders.
2. Attract Novice Traders
Once a trader finds a brokerage whose platform brought them a lot of success, they are more likely to stick to that broker. We want to be that winning broker for novice traders.
Many people are interested in Foreign exchange but don’t have enough knowledge. You can be that source of information. Blog content, video content, social media discussions, live chats – all of these can help you secure a new client.
Many millennial traders prefer to communicate with forex broker firms on social media. So, having a strong social media presence can attract and retain younger forex traders.
3. Social Media Ads
Apart from organic content, you can also invest in social media ads. Facebook ads are perfect to introduce a new Ferox instrument, a new commodity, or propose an offer that is irresistible for novice traders (like low service tax, free training, and consultancy for the first month, etc).
Before starting the ads you need to conduct thorough research on the places within your jurisdiction that respond well to advertisements. If we want to get the best out of all our ads we must target it towards the places that bring a maximum response.
Lastly, since advertisements redirect customers to your website, it is crucial that you have a fast landing page. We live in an era where everything is fast. We are accustomed to seeing perfection all the time that a slow landing page can easily put us off. If your service does not match up to the ad, potential customers are likely to leave and never come back.
4. Content On Social Media
We have briefly touched on this topic in the earlier sections. Content is a very important aspect of building a social media presence. At the end of the day, we want to help traders reach their potential set of customers.
The best way to do it is to share blog content and video content on social media handles. If you are new and unable to invest in original content, we suggest you share information, from other sources. But as time progresses, it is ideal to build your own content and share them on social media handles. This will increase visibility and secure your position as an authentic broker in the forex industry.
Check the kind of content your competitors are spreading online. Facebook and Twitter allow you to keep a close eye on your competitors without their knowledge. Use it to your advantage and take inspiration from blog posts and posters that have faired well on competitor platforms.
5. Social Media Surveys
Lastly, social media content should be a mixture of what works well and what your customers want. The best thing about social media handles is that if you ask your followers, they would be very happy to tell you what they want!
Polls and surveys allow you to interact with followers, particularly those who are not very vocal about their requirements.
Instagram stories, Facebook, and Twitter are very effective in generating an instant response from your surveys. If done well, you can use this method to understand what your customers want. It can create enough incentive to answer the most frequently asked questions on your blog and youtube channel.
When customers see you conduct surveys and respond to the results they will feel more connected to you and want to stay with you for the long haul.
So, here are some simple social media strategies for Forex brokers. Every customer is unique. You may initially follow trends set by other competitors but as you start posting and interacting with your followers you will find your own voice. That’s when you will become a successful forex broker on social media!
