Whenever we talk to the owners of new forex brokerage firms and bring up email marketing, we almost always see a look of confusion on their faces—as if we were suggesting they use a traditional telegraph or fax machine. In fact, most of them view themselves as customers and automatically associate email marketing with spam.
The main reason this happens is that the owners of these brokerage firms automatically imagine themselves receiving such an email and would certainly delete it immediately and mark the sender as a spammer. While this line of thinking is understandable, it is mistaken because it causes them to lose potential customer leads for the following reasons:
Three Common Misconceptions Among Forex Broker Owners
The first mistake these brokers make is projecting their personal experiences onto their clients. In reality, the two have almost nothing in common . Business owners and those working in marketing and sales are typically accustomed to receiving large volumes of emails, so they usually have their own methods for automatically filtering out spam—such as based on the sender’s identity and the email subject line.In fact, many traders are not accustomed to quickly sifting through large volumes of emails, so they are actually more likely to read messages that professionals would typically ignore automatically.
The second mistake is overlooking permission-based email. They forget that most effective email campaigns are based on people who have proactively provided their contact information and expressed a desire to be contacted . Unlike brokerage owners, customers provide their contact information because they are interested in the brokerage’s products, and they are also waiting for the brokerage to reach out to them.Of course, this only happens when your email contacts have visited one of your landing pages or clicked on one of your ads and then provided their information. If you’re obtaining lead information from a third party, it’s more likely that the assumption of disinterest holds true.
The third mistake is assuming that every email you send is a call to action. Smart email marketing campaigns need to provide added value to potential customers—they should be able to access your product or service without any commitment, payment, or strings attached.If you send an email to someone interested in forex trading and provide them with useful trading advice, they are more likely to respond to your email. By the time you send them a call to action—or when your sales representative calls them—a certain level of trust has already been established between the two parties.
How to Use Email Marketing Effectively?
Following the arguments that email marketing is ineffective or even harmful, let’s take a look at how to improve email marketing to achieve the best results.
- First and foremost, you need to make sure your email content isn’t strictly advertising. People love and want free gifts, so give them what they want!
- Second, keep your email list up to date and regularly filter out unnecessary email addresses. If a contact hasn’t opened the last five emails you sent them, they’re unlikely to open the sixth one either, since they’re probably not interested in your content. That’s okay, because there will always be some non-target customers who accidentally leave their contact information behind.Don’t take this personally; instead, focus your attention on those who have responded positively to your previous emails.
- Third, keep in mind that email is also a way to stay in touch with existing customers—not just a means of recruiting new ones. This means that email is also a great way to improve customer retention, a fact that is often overlooked or forgotten.
In summary, although many business owners intuitively dismiss the effectiveness of email marketing campaigns, when used properly, email marketing can be a very useful tool. If you haven’t yet implemented email marketing, we strongly recommend that you incorporate it into your forex brokerage’s marketing efforts.
