Having explained that looking at things from the perspective of the white label forex solution provider has led to building the preposition that the long-term survival of such firms would entail a shift in both how they perceive themselves and how their existing or future white label partners perceive them, we return to the topic to shed further light on notions and thoughts that merit further exploration.
As already discussed, the obvious Achilles heel of any white label solution, which is especially true in the field on online forex brokerages as well, is that effectively rebranding, and adequately differentiating what is essentially the same offering, in order to make it attractive and enable it to gain clients in the long term, is a difficult process and the iteration of this process by many competing “players” at the same time, renders the task, at least for most, plainly impossible.
The situation is further exacerbated if the aspiring broker that resorts to a white label service provider is unaccustomed to the fiercely competitive environment of the online retail forex trading and unaware of how the game is played in the world of e-commerce and digital marketing. If these factors co-exist then they make up the perfect recipe for disaster and failure.
So, with all this in mind, it is only natural that when searching for the right white label forex brokerage service provider, aspiring brokers should and do ask several questions and have many considerations, especially as to what support they should expect to be getting in terms of their marketing efforts.
More specifically, those interested in acquiring a white label forex brokerage technology solution want to know in advance what marketing tools their provider will put at their disposal if any and whether specific marketing support is available. Moreover, they also need to clarify whether such marketing support is part of the package they acquire or whether it comes at an extra cost, and if so what this cost is.
Another aspect that concerns them is whether their white label forex brokerage service provider will be a visible, vocal partner or an anonymous, invisible one. In other words, they want to know if their provider will announce their partnership and mention it on its own webpages, also mentioning the site of the white labeller, or whether they can count on the support of their provider when it comes to participating in expositions or other events in order to attract customers.
Moreover, there should be a clear definition of roles, and a common understanding of who does what and who is expecting what from whom, especially in terms of the design and production of the marketing materials that could be used to effectively promote the new brokerage, be they brochures, banners or any other such material.
"54% of people would like to see more video content from brands they use." -- (HubSpot)
The white labeller needs to know if they can count on their provider for the marketing materials, or whether they need to outsource the need or hire in- house staff to handle it. Some providers are already offering an extensive array of marketing and additional marketing materials to their white labellers. One such example, that is very useful and popular, is the production of educational videos that are either single branded or co-branded (i.e. they carry not only the brand of the provider but the brand of the brokerage as well), thus gaining it exposure and visibility.
"Presenting a brand consistently across all platforms can increase revenue by up to 23%." -- (Forbes)
Other examples, include the provision on behalf of the white label provider of reports and market forecasts and analyses, including, but not limited to, daily or weekly economic calendars. And because videos are proven to be a very effective tool in terms of digital marketing, some providers, such as for example Dukascopy Bank via its Dukascopy TV, are even offering white-label branded tv feed!
"45% of consumers will unfollow a brand on social media if their platform is dominated by self-promotion." -- (BuzzStream)
In addition, the wannabe brokerage needs to have a clear picture and understanding of the distance, the length and breadth that their white label service provider will be willing to cover for them. In other words, if they can expect to be receiving tangible help in building their own forex community or access to that already following their service provider. They need to know if they will get help in creating and gaining clients’ engagement and support in their effort to retain it, once captured, and capitalize on it by sealing the deal. Such tangible support could, for example, by manifested by the provider’s willingness to create a demo contest for prospective clients, as the prospect of winning a prize always excites people and makes them more open to participate and try out something new.
To sum-up, prospective buyers of a white label retail forex brokerage solution need to know if their partnership with their provider will be a true marriage made in heaven, if it will be a true partnership, if they will have support on their side to depend on or whether they would be left alone to fight against the waves.
As also mentioned in our previous post, if left completely alone, especially in terms of marketing, then many face the high risk of failure. Which leads us again to the discussion of what can be done and how this should happen, from the part of the white label solution provider to avert this. The concept of a strategic white label forex solution provider will be discussed in our upcoming post, along with further thoughts and suggestions on effective marketing strategies for new forex brokerages. Stay tuned …
This post is part of the Redefining the Rules of Starting Your Own Brokerage Series, which analyzes what people who want to Start their Own Forex Brokerage, should look for in a partner and advice on what they should do to succeed and what loopholes they ought to avoid.
Part 1: Starting Your Own Brokerage: The perspective of the provider
Part 2: The need to differentiate Your Brand
Part 3: Starting Your Own Brokerage: The Need of a Strategic Partner
Part 4: Starting Your Own Brokerage: Shaping the future of trading
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