As we know, the Forex Brokerage industry has always been highly competitive. There are several service providers in the market, so the client or trader will have the slightest interest in sticking with a single broker for a long time unless the service he is getting is extraordinary. With increasing demands from traders regarding tighter spreads and lower fees, brokerages must be very efficient and quick in providing services to retain clients. It saves money if the broker keeps the maximum number of existing clients with him instead of spending more to attract a new client.
If a broker is not able to retain the client, he has to understand why traders are leaving him easily. Every client lost reduces the brokerage's cost and, as a result, revenue. Client acquisition and retention may be challenging, but if done correctly, your efforts will definitely bring financial advantages.
Here we bring to your notice some of the essential strategies that you can follow to retain your clients:
Highlight the client testimonials in terms of success stories:
It would be best if you announced your client's journey through social media platforms and websites, like how he started with you and earned more money with your trading platform. This will keep your other clients motivated. You can also share the same story or interviews with your successful client via email.
Provide some educational videos or webinars:
You can either have your own forex training sessions or webinars or dedicate a page on your website where you can list free, ready-made educational resources. This way, you can not only help your existing clients but also promote these tools and get new clients on board. Providing such educational information through webinars and other resources will create a positive image with your new and existing clients and show them that you are concerned about their trading journey.
High-Tech trading tools are the backbone of a brokerage:
As a Forex Broker, you need to finalize on a Trading Platform that offers access to a wide range of tools like charting software, technical indicators, trader's journals, etc. You should also be up for changing or adding more platforms to your brokerage so that the clients will be prevented from thinking about another broker.
Using a Customer Relationship Management (CRM) Tool will be a blessing:
To provide personalized customer service and attention to each and every client, you need to use only efficient CRM software. The CRM will keep track of your communication with each client separately and will help you approach them with a solution suitable for that particular client. The Best Forex CRM will not only help you keep track of your clients' activities but will also increase client retention.
Providing quick support using proper documentation and a dedicated support module:
Whenever a client has queries or issues using your software, he expects you to answer and help him. If you have provided all the documentation on the functioning of your software, which guides a trader on how to use it for his activities, then he will not have to contact your representative each time. Also, by reading the documents, he will get the solution from the support team by providing a support module where he can raise a ticket for some issues he cannot solve.
If, after implementing all of these strategies, you still believe you are losing clients, you must determine the precise reason for the client's departure. Once you've identified the most common client complaints, you can work on resolving them. Sometimes the clients would leave you if they got a better solution from another broker. You have to know your firm's strengths and highlight them on every platform to make the client stay with you longer.