Foreign exchange trading is often regarded as one of the largest financial markets in the world, and that’s for a good reason. With trillions changing hands every day, the FX market provides traders with a wide variety of different investment opportunities and the potential for massive profits. Moreover, forex trading is a relatively young field because, according to recent statistics, only approximately 40% of all traders are millennials and 15% are over 45 years old.
At the same time, FX trading seems to be one of the most competitive fields because of the large number of players in the online retail forex area, including both established and novice participants. For this reason, it should come as no surprise that business promotion in this dynamic and ever-evolving industry is challenging.
Hence, for those looking to break into this lucrative market, implementing a digital marketing strategy can be incredibly advantageous and make a huge difference when it comes to success.
Difficulties in Marketing Forex Business
Before we look at three of the most effective ways to promote a forex business, it is important to talk about some of the problems that can come up in FX marketing. Currently, hundreds, if not thousands, of platforms provide opportunities for online trading. Promotion on the forex market turns out to be even more troublesome, as most of them offer almost identical services and focus on reaching an approximately similar pool of potential customers.
Also, once the business is officially registered and regulated, it has to follow a large number of rules and restrictions. All of this leads to a lessening in available efforts to acquire new clients while also competing with rivals.
Forex marketers need to make great efforts to help FX platforms earn audience trust, bring in serious traders, and keep standing out against a competitive backdrop. That is because offering fair commission rates and providing an excellent product in this industry isn’t enough to gain success. Therefore, let’s dive deeper into the three most common barriers to a thriving FX business.
Apart from the high level of competition, there is one more factor influencing the quality of traffic to the site. Most FX traders are not successful in their endeavors. Moreover, practically everyone who starts out ultimately quits within a few years. Considering that, it is crucial for FX companies to hire a professional agency like https://forexseo.com/ that knows the ins and outs of attracting quality forex leads.
Companies operating in the forex market can find it challenging to reach clients because many social media put limits on running advertising. A bright example is the 2018 ban on crypto ads by popular platforms like Facebook and Twitter. It resulted in a widespread uproar and lawsuits filed by industry associations in some countries. The restrictions were then relaxed; however, many platforms still forbid placing forex ads.
Dealing with Restrictions
Additionally, it should be mentioned that there are also some strict requirements of particular networks regarding forex ads. Each ad must include a clear terms and conditions part along with a particular disclaimer. Hence, it is more difficult to create engaging and uncluttered advertisements. Furthermore, these frightening “warnings” can push away potential investors.
Strategy #1: Search Engine Optimization
Search engine optimization is aimed at helping your trading platform reach better positions in the SERPs. This marketing strategy can ultimately define how far your business can go in terms of expansion and growth. Coming up higher in search results leads to attracting organic traffic to the forex site, which in its turn improves the number of conversions and further deals and sales.
FX platform traffic and its ranking position can get an advantage from SEO if this strategy is thoroughly developed and implemented step by step. It implies maintaining regular audits, building a strong link profile using both internal and external linking methods, conducting keyword research, and constantly increasing the volume and quality of produced content.
Strategy #2: Email Marketing
Email marketing’s importance for business promotion in the foreign exchange market cannot be overstated. This approach is beneficial in terms of getting new clients and retaining regular ones. Email marketing is considered a relatively affordable and simultaneously time-effective way of converting potential clients.
To be specific, forex lead generation can be improved using emails. The most effective way of writing them is by breaking down the email structure into major sections and separately dealing with each one. To ensure the recipient gets the right message, try to keep the text in your emails straightforward and brief. That way, they will be much easier and quicker to read, increasing the chance that the conveyed message will be properly understood.
If you add some relevant images, place them near the text’s main point in the email body. It is advised to use a friendly tone when talking to the reader while highlighting the advantages a customer can potentially gain from working with the brokerage instead of simply listing the company’s offers. Additionally, when you use the recipient’s first name when reaching them in an email, the letter looks like one sent by a real person and not automatically.
Strategy #3: Social Media Platforms
Currently, social media platforms are considered powerful traffic generators. Employing this marketing strategy helps boost sales, build an excellent brand image for your forex business, and significantly improve its awareness.
Social media is valuable for forex brokers because they provide the opportunity to interact directly with their target audience. Furthermore, placing blog posts about your company requires no costs but helps potential clients to learn more about your business while you can earn their trust.
This strategy should not be overlooked, even if your company is not specifically aimed at gaining leads on social media. That is because most clients feel more comfortable doing business with your brand if it has a social media presence. Apart from that, forex companies can use social media to be aware of their current reputation. Determining where your target audience is based on social media may assist you in looking for unique approaches to reach out to them.
Summing all this up, it is safe to say that running a forex business requires focusing on promotion efforts as much as feasible. When promoting your FX services, use strategies that will bring you the maximum exposure for your investment. Try to put as many different promotional tactics, concepts, and methods to the test as you can so that you can identify the one that works best for your business and helps it develop and thrive.