What is Forex CRM? How does it work?
For any business, the customer is at the center. The growth of your business depends on your communications, interactions, and relations with your customers. The same happens with Forex Brokerage. As Forex being a large domain, without proper management of data, analysis of records, keeping track of data it is almost impossible to grow in this field. Here a CRM comes into the picture. CRM comes with an assurance of building your brand’s trustworthiness and strong relationship with your customers. When you have such a great data management strategy, there is no doubt that you increase your profits in business.
What is a Forex CRM?
As the name suggests it is a Customer Relationship Management (CRM) software designed particularly for Forex Brokerages. It helps Brokers to manage customer relationships with the best automation of workflows. Being a broker, you may contact the customers for the purpose of providing service, getting new business, marketing new products, or sales, but the Forex CRM can be a great help for any of these activities. Moreover, your sales team has complete dominance and control over this automated sales engine. With a customized and specifically created Forex CRM, any broker can find new clients and gather as much as a possible number of leads from around the world. Also, it helps to keep in touch with the existing clients and in turn brings customer retention.
How does a Forex CRM work?
Forex CRM can create magic with its automation and latest technology design. Here is a list of things a CRM does for us:
Identify and sort the leads based on various categories
Like any other CRM, Forex CRM’s main aim is sales. The brokers find new deals through marketing, promotions, advertising, organic presence on social media, references, etc. A Forex CRM gathers all these ways and makes it possible for us to manage as many leads as we require all together. Without Forex CRM classification and categorizing of each lead individually is a way difficult task.
Maintain relationships with Individual Brokers (IBs)
Being a Forex Broker, you must know the importance of IB in the market. It is very important to manage a relationship with IB same as your relationships with regular traders. As IBs hold a great stake in the market, they can bring the best deals for your Forex Brokerage. With a Forex CRM, let your relationships with individual brokers and another traders blossom.
Reduce the cost of Operation
When you have traditional methods of Forex Broking without any automation, you obviously have a great cost for the proper functioning of your organization. Also, you need more employees to manage the whole operations. On the contradictory, with Forex CRM you can manage multiple functions and tasks with a comparatively smaller and more efficient sales team. Also, here you reduce your chances of errors.
Offer the best customer support
Now gone are those days when you needed to set up a whole call center to support your customers. With the help of Forex CRM, we are able to reduce direct human interaction. Most businesses offer automated chatbots to resolve regular queries of their clients. Forex CRM can support clients and resolve their issues in real-time and at the same time offer 24x7 support. This ultimately reduces the costs and improves the productivity of your firm.
Analyze a great amount of data
Forex CRM helps scrutinize and adaptation of all the available data for your organization. This task earlier was not possible without the help of a large group of employees. Thanks to Forex CRM, even if you are a small brokerage organization, you can manage vast data in minutes.