Where are your Forex brokerage clients coming from
As a broker, you don’t have to call your trader in order to know all this. You can find out all that out by yourself. There are a few points in a traders “life” with the broker, in which the broker can collect valuable information about his trader. It is up to the broker to collect the data at these points, and if you don’t, you may not get a second chance, and it could prove more cumbersome to try.
The first and most important point is when the trader registers for an account with you. At this point, not only do you receive the trader’s basic data but you can also find out how the trader made his way to you. This is where “tags” come in handy.
CRM usage for Forex brokers
Forex Brokers that use Leverate’s CRM, LXCRM, enjoy a customer relationship management software designed specifically for the Forex industry—and marketing is an integral part of it. When you create a campaign, be it email, website banner or affiliation, you can attach campaign tags that will “stick themselves” to any trader that clicks on the banner or link and arrives at your site. I can’t stress enough the ramifications of this sort of data collection. Not only can you check on how effective a campaign is in driving traffic to your website, but as some this traffic will end up signing up and opening trading accounts with you, you will also actually be able to measure your conversion, and from that your ROI.
Imagine this: A broker creates a banner campaign in a Forex news website that runs for one week. He has a banner on the homepage of the news website. In this banner he shows he’s latest Social trading competition, laced in the banner are tags that attach themselves to anyone who clicks it. After the week is over the broker checks and discovers that 250 new accounts were created in that week and that of these 250 new accounts – 140 of them have a tag on them that identifies them as having clicked the banner. In addition, using Google Doubleclick and Google Analytics, the broker is able to tell how many views the banner got and how many times it was clicked. The broker will learn a few things from this:
- How good his banner was by dividing banner clicks by banner views.
- How good his campaign was by dividing new accounts created by banner (140) with banner clicks.
- How much he spent on new account acquisition by dividing the cost of running the banner by new accounts created.
- Once the new accounts start trading, he can start working his ROI (return on investment) – how much revenue did each account create for him, with ROI being the total revenue created.
And all this because he placed a tag in his campaign. Simple; yet, priceless.
When did you last ask your marketing manager how he is measuring the effectiveness of the budget you give him? When did your Marketing Manager last contact your Leverate Account manager to see what tags he can use in your campaigns?
We’re waiting and ready to help.