Trader retention with a retail forex CRM, using social media
The Bank for International Settlements (BIS)’s latest triennial report says that nearly $5.1 Trillion are traded in the forex market every day – Yes EVERYDAY! So, you can imagine how huge this market is. There are thousands of forex traders all over the world and this number is constantly growing. People are looking for a good forex trading platform, there is a huge demand in the industry. And this is the precise reason why many people are starting their own forex broking platform or white label brokerage firms everywhere. But this is situation also gives traders so many platforms to try-out and choose from. So, for a forex broker, it raises one very important question – How to retain forex traders on a trading platform? In this blog, we will discuss the ways to use social media for retaining forex traders.
What is the role of CRM in retaining traders?
A Customer Relationship Management (CRM) software is a very useful tool for any forex broking business. CRM helps you in managing the relationships with existing and potential traders. It equips your sales and support teams with so many amazing functionalities which allows them to manage multiple traders at the same time and boosts their productivity. CRM helps you collect data, analyse it and create a report on the usage patterns of the existing users. You can use these statistics to predict certain type of behaviour by certain tradersin certain situations. You can use the findings from these reports to selectively manage and strengthen the relationship traders, using social media platforms.
How to use Social Media for retaining traders?
1. Share information and updates
regarding the latest things in the forex trading market. Educating the traders is a welcome step because if your knowledge can help someone in their trading tasks, they are more likely to stay put on your platform.
2. Write blogs and share it using the social media platforms
This is one step ahead from just giving the traders updates. Through blogs you can give in-depth knowledge to the traders. This helps in building reputation for your forex broking platform and helps in retaining the traders.
3. Connect and converse with people
Nowadays, social media has become the place where people can directly connect with you and start a conversation. You can also stay connected with the traders and keep the relationship alive with regular interactions. It helps in giving your business a more humanly personality rather than being just a web portal.
4. Share promotional materials on social media
People might say otherwise but sharing content on social media helps you leverage the word of mouth publicity effectively. The traders also use social media and they will appreciate your efforts for sure.
5. Ask for feedback and ratings on social media
It is of course helpful in getting more traders on board but it also helps in understanding the issues faced by the traders and resolving them faster. You can launch a satisfaction survey and based on the responses you get; you can design your way forward.
6. Analyse your activities on social media
There are so many social media management platforms available such as Hootsuite and Zoho, which can help you manage the social media profiles effectively and obtain certain analysis reports which can help you define your strategy in a better way, and retain more traders.
7. Engage in forums and discussions
Forums and discussions, either in the comments sections or social media groups, are the best way to reach out to new people as well as building bonhomie with the existing traders. Everyone likes a response; this is the mantra of social media.
8. Launch promotional campaigns on social media
This is a very important step for acquiring new traders as well as retaining the existing traders on your platform. You can selectively offer rewards to certain eligible traders; you can offer certain benefits and retain your existing traders.
There are so many ways in which you can retain the traders on your forex trading platform. Social media is the one platform which can give you an advantage over your competitors and their strategies. You can use the social media to create strong relationships with the traders and give them a good trading experience. Cloud forex CRM is one of the best CRM system you can get. Cloud Forex CRM helps the brokers manage their relationships with the traders, without any hassles. Also, it helps you create and execute a comprehensive strategy to acquire and retain the traders on your trading platform, using the social media. You can ask for a free demo or you can make a Skype call to understand the features of Cloud Forex CRM, anytime.