Few will disagree that the forex landscape is both costly and fiercely competitive making survival, especially for new entrants, a very dangerous and often almost impossible endeavour. The acquisition and retaining of trader/customers is a sport only for the fit and excelling in it is not for the faint-hearted.
Through numerous of our past posts, we have discussed how white labelling offers a fast route for entry into the online forex brokerage market and one that is proven to be effective and cost efficient. Building on this rationale, in our more recent series of posts we have introduced the notion of a strategic white label forex brokerage service provider, proposing that having such a partner by their site, will enable new forex brokerages to reach much further, much faster and more effectively.
This is true, because a strategic white label provider brings into the equation a vast experience on an entire suite of services, including, but not limited to, the full menu of available digital marketing services and it is thus able to provide to each broker assistance and expertise in every aspect of their promotional campaigns. Moreover, and being much more than mere single-product solution providers, strategic white label forex solution providers do offer a complete and comprehensive solution for their white labellers and their clients.
With such a strategic provider on their side, new forex brokerages will be able to be much more effective in their overall marketing plans and efforts, be they digital or traditional ways of advertising. For example, they will be able to implement smart strategies that will bring about tangible results. One tool would be through content marketing, a paradigm that we have already touched upon in our previous post.
By relying on content written by the strategic solution provider’s experts, forex brokers will have superior quality material in their blog posts, in the form of content that is tailor-made, clear, easily comprehensible and more effective in conveying the right messages to the desired target readers. Moreover, coming from experts, such content will also be SEO optimized, taking into account the most popular, relevant keywords and follow all SEO rules in terms of structure and organisation, thus making it more attractive not only for search engines, but for readers and users as well. In addition, such content will have a good links structure, linking to older content and helping to increase use engagement and eventually successful conversion and acquisition.
Another obvious advantage that a strategic white label provider would be able to offer its white labeller partners, is the provision of content that is lead-oriented. In the fiercely competitive backdrop, merely reproducing content that is accurate is not enough. The content also needs to be attractive and appealing, and having the backing of a strategic provider will automatically mean more of the good stuff that usually acts as traffic boosters, in the form of infographics, videos, webinars and quizzes.
Quizzes, as well as forex contests are well known methods through which a broker can build its community and they are proven to arouse the interest of potential customers, thus acting as lead nurturers. This happens because people always get excited in the prospect of winning a prize of any sort. Furthermore, organizing contests also allows a brokerage to create a buzz around its name and attract more publicity by holding a glam event for awarding the winners with their prizes. The increased brand awareness that would result from such an event can do wonders in terms of increasing the conversion of leads. A strategic forex white label service provider may undertake to organize such contests, offer prizes and awards or organize the glam winners’ ceremony, or alternative assist and support their partner brokerages to do it themselves.
The strategic forex white label provider could also move to the next level the promotion efforts of its white labellers in the various social media channels, especially when it comes to using the power and influence of influencers, which the strategic provider can further leverage. This is a very effective method of marketing since 49% of people say they rely on recommendations from influencers before taking their purchasing decisions, perhaps because people consider third-party recommendations as being more trustworthy and unbiased. Also, the strategic provider could help out in terms of social meta tags that could boost popularity and increase their audience.
Being able to provide their trader-clients with learning opportunities to help them become better traders is another tool that white label brokerages could use to attract new and retain their existing customers. This could be achieved either through online courses, in the form of an academy or via offline meetings in the setting of a traders’ club. Having the assistance and expertise of a strategic white label forex provider behind them, white label brokerages would be better prepared and equipped to make use of such methods in order to attract more customers.
In a nutshell, each and every marketing and promotion effort that a white label brokerage undertakes can be done better and more effectively and efficiently if the white labeller has partnered up with a strategic forex white label provider, rather than a mere white service provider. Such a strategic partner will not only help in achieving higher conversion rates, but will also be in the unique position to enable the brokerage to expand and enhance their offering, since they are the creators of the original “product/service” to begin with.
This last points leads us neatly to the conclusion that white label brokerages absolutely need to be able to effectively and sufficiently differentiate their offering, otherwise they will get lost in the crowd and fade away. Effective differentiation however, also entails a constant enrichment of the trading solutions and opportunities on offer, in attempt to meet, exceed and sometimes even predict customer needs, wishes, desires, whims, even dreams.
And as Martin Luther King eloquently urged us "If you can't fly then run, if you can't run then walk, if you can't walk then crawl, but whatever you do you have to keep moving forward." This is also true if the field of online forex brokerages and constant motion and evolution happens at its best when supported by a strategic white label forex brokerage total solution provider.
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