How to succeed as a Forex Introducing Broker?
Starting a forex brokerage on your own is a complicated process, that’s why many people choose to start out as a forex introducing broker at first. An introducing broker (IB) means you will set up and run the front office, while a larger company is taking care of all customer transactions and other back office operations. The revenue in this case would be shared with the larger partner, but starting out as an introducing broker still worth it as it helps you significantly reduce startup expenses while acquiring first customers. The key to success as an introducing broker is to have something to grab customers attention.
How to offer best value to customers without cutting on spreads
Having a big marketing budget will definitely help, but you can save a lot on advertising and significantly improve conversion rates by offering an incentive to your customers. For example, you can convert more visitors into customers and at the same time improve customer retention by offering copy trading services. However, starting a copy trading platform from scratch is a complicated, slow and expensive process, that’s why only largest brokers have their own copy trading or social trading network. There is an easier way to add extra value to your brokerage: consider connecting existing copy trading platform to your website. Jivestor has a white label program for aspiring forex introducing brokers. Because social trading is on the edge of popularity and will remain there for a long time, this solution will help you get ahead of competitors, attract more clients and encourage your existing clients deposit more money.
Learning how to invest through social trading is easier then earning how to trade independently, that’s why many traders make deposits more eagerly – they perceive this service as a risk reduction. You can also add value for your existing and potential clients by adding valuable content: high quality market analysis, economic calendar, contests and bonuses. But the truth is that those extras are far more common than professional social trading solutions. Indeed, it’s hard to find a forex broker without economic calendars and news, bonuses or some form of customer loyalty program. In a market, where everyone promises reliable service, fast execution and 24/7 customer support, you need to base your marketing campaign on different, more valuable keystones and copy trading is a good one for the next 3 to 5 years.
Marketing forex introducing broker with copy trading
There are many ways to reach potential forex traders, but only few people would trust their money to a broker they have never heard about before. So earning trust and loyalty has to be your first goal. This can be done through a variety of channels, from social media to offline networking. One of the most effective methods is a webinar. If you don’t just promise, but show people how to make money and how to do it without leaving their jobs, you will earn their respect. The key to a successful webinar marketing is to spend time and make it as useful as possible, so at the end your viewers don’t regret about wasting their time. A sale should not be your primary goal at this stage, while building relationships should. Creating a webinar requires a lot of efforts at the beginning, for example, you may not feel comfortable hosting it yourself or may not have enough skills to design good images and/or a landing page. However, these problems can be easily solved with the help of freelancers. If you don’t feel comfortable speaking to your virtual audience, make sure you have a really good speaker, as the enthusiasm and knowledge of that person will determine your webinar’s success or failure. How to make a good webinar:
- Pay attention to your content. Make sure you offer a solution to specific problem(s) your target audience is faced with (How to make money on forex while working full time? or Why was I successful on a demo account, but not on a real-money one? etc.). Make sure you or your speaker know the subject very well and are ready to answer questions.
- Create a good advertising text. Specify in your text for whom this webinar is, which problems you will address, and what benefits will your subscribers receive at the end. There is no need to create a long description, nobody likes to read these days, keep it short and try to be specific and avoid generic descriptions with no value.
- Have well designed images in place. You can’t create a good landing page without images. The pictures must be clear, relevant and attractive for your target audience. Research shows that you only have 3 seconds to grab someones attention, so it’s good to add a short title or another attention grabber on the image.
Once you have a good product (webinar) with a well-though description, it’s time to tell people about it. Remember, that people don’t want to trust their money to strangers and the goal of your webinar is to convert strangers to friends and than friends to customers. That’s why it is easier to market a forex introducing broker through webinars rather than through simple advertising of your website. Most modern and most effective ways to promote anything today are through blogs and social media channels.
How to market forex introducing broker service through blogs
With blogs you need to find bloggers your target audience follows and either pay them to review your webinar or offer them an interesting non-commercial article or a video that will be posted under your name with the link back to your webinar’s landing page. If you have enough resources to create valuable content, the latter may be more effective, as you will start building trust with your audience even before they read your webinar’s description. However guest posting is time consuming and in order for it to work, you need to generate really good content and convince popular blogs to publish it (some of them would still ask money for advertising your services).
Marketing through blogs is also good for your SEO – those links will eventually add credibility to your website and improve ranking in search engines. Reviews of your forex introducing broker by other bloggers will also help create your reputation. When someone googles your IB company name, those articles will pop-up as a proof that trustworthy bloggers endorse your company.
How to market forex introducing broker through social media
It is important to invest in social media and have attractive social media accounts with a good number of followers. The number of followers shows others how many people are interested in your company or tried your services. While quality content on your social media pages gives people a reason to follow you and proves your expertise in the field. Building a good social media account is a long journey, so you may choose to start with just two social networks and make your profiles look active, and than gradually add more channels. Even if you don’t have attractive social profiles yet, you can still market your webinar through social media. Consider looking for popular profiles on social media and asking their owners to recommend your webinar (don’t expect this to be free, though). Medium-sized bloggers with highly engaged followers may be the best bet for someone trying to save money on advertising. You can also market a webinar effectively for free through Facebook groups, Pinterest joint boards and Google+ Communities. Facebook is especially useful for this, but make sure to follow group’s advertising rules in order to avoid being banned, and as always try to bring value, not just promote yourself. Bonging value may be time-consuming, so consider outsourcing it to a social media manager and remember that this method has proven to give the best ROI.
How to convert webinar visitors to forex introducing broker clients
If people enjoyed watching the webinar, they will be loyal to the speaker by the end of it. However, most of them need to think about the information and are not ready to open their wallets straight after. At this stage your goal is to retain their attention. Offer a new incentive for those who open a trading account within a week. For example, this can be access to more advanced trading tips and tutorial or a one-on-one coaching session with your team member. Set up you email marketing software to send a couple email reminders during that week.
2 elements to get more clients faster
If you want to get more clients to your forex introducing broker, pay attention to tracking and experimenting. Check every step of your marketing campaign to see what brings you the best results, determine your winning strategies and scale them up. One great benefit of the webinar marketing, as once you have designed a good webinar and a sales funnel, you can use it over and over again, for example run the same webinar once or twice a week for as long as it converts. Overtime your rates will improve as through webinar you will get to know your target audience better. So if you want to start a successful forex introducing broker, you need to offer good value (can be done through adding white label copy trading platform to your website) and to have a strong sales funnel (can be done through webinar marketing). These methods will put your forex introducing broker ahead of the competition.