As the market for trading accounts continues to grow around the world, so does competition among online brokers. To stand out, brokers must adopt innovative growth marketing tactics that not only attract new customers but also retain and convert them into loyal traders.
Here are three effective strategies that can drive growth for online brokers:
Acquire and retain customers
Convert more active traders
Grow your revenue per trader
1. Acquire and retain customers
One of the foundational elements of growth marketing is delivering an exceptional customer experience, and a critical component of this is ensuring your website’s speed is optimised. In a world where users expect instant gratification, slow loading times can be a significant deterrent, especially for traders who operate through mobile devices with varying connection speeds.
The importance of speed
Fast page loading times are crucial for maintaining customer satisfaction and loyalty. When a website loads quickly, it enhances the user experience, encouraging existing customers to return. Moreover, it aids in acquiring new customers by improving your website’s visibility in Google’s organic search results. Google has increasingly emphasised site speed as a ranking factor, meaning a faster site can significantly boost your search engine rankings.
Is your website too slow?
Before you take action, why not measure your website’s page loading times with Google’s PageSpeed Insight tool? It will score your website’s performance on devices of different screen sizes, and generate personalised recommendations. For example, it could suggest removing unused files, consolidating existing ones, or optimising large images. Check your score for updates and further recommendations after implementing changes.
How to achieve faster speeds
If website speed is a concern, consider partnering with a reliable hosting provider, or hosting your service on the public cloud. Additionally, you could implement quick fixes like compressing large JavaScript and CSS files, or loading images only when they’re in view. These optimizations can lead to noticeable improvements in loading times, creating an all-round smoother and more efficient user experience.
2. Convert more active traders
Conversion is a key metric for any online business, and for online brokers, turning prospective customers into active traders is one of the paths to success. Social proof is one one of the most cost-effective ways to enhance conversion rates.
The power of social proof
Social proof, such as word-of-mouth recommendations and user testimonials, can significantly influence potential customers. Studies have shown that people are more likely to trust and engage with a service that has positive reviews from other users.
They’ve also shown that even a small number of positive reviews can help. In the context of online trading, testimonials from successful traders can provide the assurance and confidence that new customers need to get started.
Build customer reviews
To harness the power of social proof, consider creating a profile for your business on Brokerpedia.com, a review service dedicated to online brokers. Their platform allows you to collect, manage, and display user reviews for your brokerage easily.
Having a presence on Brokerpedia.com can both enhance your credibility and attract more prospective traders. In addition, their entry-level plan is free, making it an accessible option for online brokers of all sizes.
3. Grow revenue per trader
In a competitive market, expanding your product offering is a strategic way to grow revenue per trader. Diversification not only attracts a broader audience but also caters to the varied needs of existing traders, including experienced ones.
Support automated trading strategies
Did you know that traders who use automated strategies and trading robots generate significantly more fees than those who trade manually? This is because robots can trade the financial markets on a 24/7 basis, making buying and selling decisions automatically when certain criteria are met. The MetaTrader 4, 5 and cTrader trading platforms support automated trading strategies. However, you’ll also need to ensure that your systems can cope with this level of service.
Launch a Forex VPS service
A Forex VPS (Virtual Private Server) is a practical way for brokers to appeal to traders who use automated strategies. Traders typically use these servers to host their MetaTrader 4 and 5 trading robots, ensuring they can trade round-the-clock without interruption.
You could offer this service for a low monthly fee or make it complementary for traders who meet certain monthly trading volumes, and/or deposit requirements. Some brokers run their VPS offering in-house, but most partner with third party providers.
Conclusion
In the dynamic and competitive world of online trading, brokers need to adopt innovative growth marketing tactics to thrive. These recommendations can help in more ways than one, by providing faster page loading times, or by expanding your product offering. You could also leverage social proof through platforms like Brokerpedia.com. Together, these strategies will not only improve your bottom line but also position your brokerage as a leader in the market.
