How to Generate Leads Outside of the Box?
Lead generation is usually an integral component of every broker’s marketing budget, as it is a major concern for all brokers, rookie and veteran alike. And it’s easy to see why – while new brokerages obviously need clients, seasoned ones are looking for new opportunities.
As a broker, after using up all the digital marketing techniques in your arsenal, you’re left with the usual conversion-retention cycle, which quickly becomes exhausting for your teams. Conversion is getting harder every day, and traders’ LTV gradually drops. Pretty soon you come to the realization that your systems need fresh blood.
But acquiring new leads is not as easy as it used to be. The trading crowd might be expanding, but sometimes it feels like most traders have already been tapped in one way or another. Today’s traders have become weary of the same old targeted advertisements, and they are much more inquisitive before they leave their details, let alone make an investment.
“Initiating trader interest is harder these days”, says Maya Kenner-Fitoussi, Head of Marketing at Leverate, a leading technology and services provider for brokers. “The internet is jam-packed with banners and ads, and the usual trader’s attention span is shorter. It forces us to think of new ways to reach and communicate with our audience”.
Well, fortunately for brokers, with the evolution of digital marketing new windows are opening in this field as well. Here are some exciting new options available on the market.
While not really new in relative terms, affiliate marketing is still not utilized enough in the forex market as a means to increase exposure and reach new audiences. For those who are less familiar with it, affiliate marketing involves taking a company’s product and using a third party to promote it online.
The company increases its visibility and receives the support of the affiliate network. In turn, the affiliate gets a commission which is based on the company’s earnings from the promotion, also known as CPA (Cost per Acquisition), or on the generation of leads, known as CPL (Cost per Lead).
Affiliate marketing is available in multiple channels and can provide a good ROI for many different businesses. In best case scenarios, it brings an enormous increase in online traffic to the broker’s site, which leads to a boost in customer acquisition and to a growth in total revenue. To put it simply: it should be on any broker’s to-do list.
“Affiliation is crucial to any business”, says Danny Stevens, Affiliate and MarComm Manager in Leverate. “As a services provider, we identified the need for quality traffic generation, and developed a dedicated one-click solution that helps our clients track and manage their affiliates”.
The Leverate Affiliate Tracking System combines fast tracking with publisher integration, registration and reporting to one package, in order to save time and effort for the broker. Additional custom-built services are also offered on demand.
“We are currently linked with over 25 publishers who provide all forms of live traffic from all native geo locations”, says Danny. “it’s an opportunity for brokers to expand their exposure to places they would never otherwise reach. It’s important to know, however, that it’s not a magic solution – the client needs to know his target market in terms of demographics, languages and geo locations, and always be on the ball to see that his marketing message goes through”.
Tapping New Crowds
Other than different geo locations, there are also parallel worlds where your next leads might be currently hiding. An obvious one is the world of online gaming.
“The Forex and gaming crowds overlap in many places”, says Maya Kenner-Fitoussi. “Although Forex is not as risky as gaming, the thrill of the game is quite the same. We see it all the time – people who happily engage in betting apps, turn later to focus on Forex trading”.
A unique new solution that is meant to capitalize on this similarity, is StarGen by Leverate. It is a trading game application, available on iOS and Android, that can be custom-designed by the broker and offered under his brand in app stores.
It practically gives the broker his own marketing and communication channel with casual gamers, where he can promote his brand, present exclusive ads and deals, and track the performance of his marketing on a live and engaged crowd.
“We’ve created a highly engaging trading game app that can attract casual gamers everywhere, and pique their first interest in trading or betting”, says Maya. “It is a wonderful opportunity for brokers to tap into that crowd – all they need to do is put their brand on it, and they get an exclusive marketing channel, while leaving the entire technical and maintenance job to us”.
The Next Generation of Traders
Another promising pool of leads that brokers set their eyes on is future-traders, or “traders to-be”. Forex trading has become widespread, but at the same time, the average web surfer might find this activity intimidating and hard to decipher. For this purpose, trading education websites exist – but why not create your own education channel to benefit your brokerage?
“Our trading education solution was developed by veteran traders with the mission to make trading interesting, relevant, and fun for the next generation”, says Danny Stevens. “The user goes through five courses which consist of entertaining videos and quizzes, and is also introduced to complementary material in our blog. The beauty of a trading education channel is that you get your leads hot and ready for action”.
But that is just part of the potential. As a broker, you can get the user’s details the minute he agrees to hand them over to you, in accordance with GDPR laws obviously. It can be when he completes the course, but it can also happen at any point earlier during his journey. And that’s where this solution really becomes interesting.
“The broker can get leads while they’re still in their learning phase, making their first steps in the trade, and then follow their growth”, says Danny. “The conversion team can accompany that user in his trading education journey – answer questions, recommend other material, and encourage him to keep learning and get better at it. When the lead is finally ready to start trading, he is already deeply familiar with your brand and your people”.
In conclusion, there is no shortage of new, innovative ways to bring leads. In the hands of the right marketing people, finding your next pool of clients is just a matter of time.