In an intensely competitive landscape, how do you set yourself apart and attract the attention of potential clients? A forex marketing strategy that effectively generates forex leads needs to first take into account who your target audience is. Today, 50% of retail traders belong to the millennial generation, while another 16% belong to Generation Z. The average age of today’s trader is 35.
Now, these generations are very different from their predecessors. Firstly, more than 50% of millennials do their research online before choosing a business, while 40% check online reviews before making a buying decision. Secondly, if you’re wondering where you can connect with these prospects, you should know that 90.4% of them are active on social media. In fact, 70% of millennials and Gen Zers follow influencers on social media. They trust their peers more than they trust advertisements.
So, if you’re looking to generate financial leads for your forex brokerage, the marketing tactics you’ve been using for Gen X or baby boomers won’t work. Here’s a look at the strategies that should be a part of your marketing plan.
Social media is the most popular source of news and information for millennials. They spend an average of 2 hours and 27 minutes on social platforms every single day. So, reaching out to them on Twitter, Facebook, Instagram and LinkedIn can be a powerful way to connect. But don’t just sell yourself on these networks. Offer valuable information, education, market news and anything else that establishes you as an industry expert. This will build trust and earn you followers. And don’t forget to make your posts interesting and engaging. Invite comments and respond to them.
Millennials and Gen Zers are keen to learn and take charge of their financial future. They have grown up through very uncertain times, with the financial crisis of 2008 and, more recently, the pandemic-led economic uncertainty. They value brands that offer them the knowledge that helps them make informed decisions. But remember that these digital natives have short attention spans, and they prefer watching videos to reading text. So, create educational videos and tutorials. Keep them short, fun and informative. You can also share the videos on social media and invite them to learn more on your website. Forex webinars and podcasts also work well for lead generation for financial services.
Just like you, your competitors are offering powerful trading platforms as well as all the most popular forex pairs and then some. The way to stay ahead of the curve is to highlight the technology tools you offer to ease trading. For example, investing in a forex CRM that makes your customer support incredibly prompt and responsive, while ensuring seamless customer and partner management could be a gamechanger. It can also support your sales team by helping them track the contact information of each lead, the stage of the sales funnel they are in, the channel that the forex leads came from, and much more. Also, consider integrating widgets, such as daily market research and analysis, which are powerful tools for informed trading.
Surveys show that 72% of millennials want their favourite brands to offer loyalty programmes. Bonus and reward programmes have proven effective in attracting and converting financial leads. You could even drive re-deposits with a deposit bonus or by rewarding traders for trading. You could offer rewards based on trading volumes, deposit amount or referrals.
Affiliates and IBs can be invaluable in helping you generate forex leads. They can help multiply your online exposure manifold, while also increasing your geographic reach. If you’re looking to offer localised services across different nations, local affiliates can help you connect with prospects in their own language. You can also ask your existing clients to join your referral programme and earn rewards.
Don’t forget to include email marketing in your mix. With more than 4 billion email users worldwide and an average email open rate of 21.33% across industries, this is definitely one marketing strategy you cannot ignore. But remember that the most effective ones are automated email campaigns that ensure customer segmentation and message personalisation. A powerful white label platform could help you strategise and implement marketing campaigns seamlessly. Learn more about white label solutions for forex brokers.