You may be an experienced salesperson who has achieved remarkable results selling a wide range of products, such as cars and medications, but that doesn’t mean you’re also good at selling foreign exchange.The reason is that forex sales differ significantly from the sales of cars, televisions, medications, or even airline tickets, because forex is not a tangible product that offers immediate satisfaction or returns.
Selling products that customers can take home right away and start using immediately isn’t the hardest sales task in the world—especially when the product you’re promoting is actually good. Often, the product itself helps you sell it, because you can clearly point out its advantages and even let customers begin experiencing and enjoying the pleasure it brings before they even leave the store.
Forex is a very unique product that requires highly specialized salespeople to market it. In my experience, forex salespeople need to be more professional and charismatic than salespeople in any other field. This is because, although forex is one of the products that can help customers actually make money, it is a virtual product sold over the phone, and it takes some time to see the returns.
This means that forex salespeople must be more articulate than salespeople in other industries; they must not only be sales masters but also psychological experts who can help clients accept and enjoy using the forex products you’re promoting. So, how can you help your salespeople achieve this level of professionalism?
Forex Broker Salesperson Training Guide—Basic Professional Skills
NLP Techniques: First, your forex salespeople need to learn and apply a technique called NLP, or Neuro-Linguistic Programming. The basic concept behind this technique is to use artificial intelligence to quickly and effectively process, understand, and apply large volumes of words, phrases, or imagery found in human language. Originally used in psychotherapy, this technique has since proven to be highly effective in sales as well.
Demo Software: Furthermore, we strongly recommend that every member of your sales team use demo software as much as possible to practice trading and promote your forex products. Although many brokerage firms require their salespeople to be thoroughly familiar with their trading platforms and how to use them for trading, they often do not require them to use demo software for sales purposes.The fact is that by conducting their own trading demonstrations (limited to demo accounts), sales representatives can gain firsthand knowledge and understanding of the user experience, enabling them to describe the trading platform in a more vivid and concrete manner during sales calls.Although in actual forex trading, profits do not appear in the account until the next day, salespeople guiding potential clients and helping them earn “simulated funds” in real time on demo accounts has proven to be an effective way to increase forex sales conversion rates.
Language Compatibility: Finally, in foreign exchange sales, the degree of language compatibility between the salesperson and the client is also particularly important. Ideally, sales presentations should be conducted in the client’s native language; however, in reality, most foreign exchange sales take place in English, even though the majority of your potential clients are not native English speakers.If your client is not proficient in English but you still use complex grammar to pitch to them, it will obviously make them feel very uncomfortable and may even anger them. On the other hand, if you are communicating with a client who is fluent in English (or even a native English speaker),and your English proficiency is lower than theirs, they will perceive you as unprofessional, untrained, and untrustworthy. After all, in their view, professionals in the financial industry are expected to possess a high level of education and strong verbal communication skills.
Of course, when selling foreign exchange products, there are many other factors that can significantly impact sales results, but the points mentioned above form the foundation for all other sales techniques.There are many videos and articles online for salespeople to learn NLP and verbal communication, but we recommend that you focus on training your sales team based on the three points mentioned above. We are confident that you will see excellent results.
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