How To Retain “Fickle” Forex Traders
The cost of acquiring new customers is ballooning, and churn is a major issue for all forex trading platforms. That's why we need more focus on existing traders, as we’ve already gone through the process of getting them on board. Here are three effective strategies to help you make the most of them and keep them around
We want to make retention marketing a priority. So where to start?
Providing top-notch customer service is a must these days, to keep traders happy, engaged, and active, where traders have high expectations, low levels of patience, and infinite options.
Offering bonuses is all well and good, but we all know there are problematic traders who will take the bonus and run. But there are key forex marketing strategies you can use to retain your existing traders.
Try these three for starters…
#1 – Deliver personalized experiences
“KYC” know your customers. Treat them as individuals. That is how you win their loyalty. So, it’s crucial to know what they trade, why they trade, how they trade, when, and where.
You can use customer data to gain a deep understanding of each trader’s preferences and habits, including their preferred currency, trading times and days, platform, and more.
And with all this data at your disposal, you can tailor your content to each individual trader:
If traders are considered at risk, they should receive educational content like tips and tricks for beginners, best practices, and information on how to trade responsibly.
Traders with more experience should receive content focused on the currency or asset they trade. For instance, send them an email on:
- Global and geopolitical events
- Quarterly earnings reports
- Market and interest rate announcements
- Other important financial news and events
Regardless of the lifecycle stage your trader is in, providing market intelligence and educational materials and resources can help them feel looked after, confident, and knowledgeable when they trade.
Send your churned traders a reactivation campaign with incentives for them to reactivate their account. It is likely that something got them to churn, and your goal here is to get them reactivated. You can do so by using campaign history data to create personalized login campaigns.
#2 – Set automatic customer alerts on the right channel
Giving traders the ability to set a maximum loss they are willing to incur on a trade puts them in control and helps them manage their risk as with tools such as stop loss and negative balance protection. Providing such tools demonstrates that you are committed to helping protect your traders’ capital by putting their interests first, helping to build trust and loyalty over time.
You can automate personalized messages and orchestrate triggered campaigns alerting traders that their balance has hit a certain point. There are also self-optimizing campaign tools that know the preferred channel for each and every customer. This ensures that traders receive relevant notifications in real-time that are customized to their preferences and behaviors.
For example, based on historical response patterns, you have data showing that player segment A responds best to your messages on SMS. So, for this player segment, you can set an automated campaign when traders reach a pre-determined threshold to alert them via SMS about their current balance.
#3 – Capitalize on your VIP traders
As a trading platform, it’s important to prioritize the needs of your high-value customers, who often make up a small percentage of your client base but generate a significant portion of your revenue.
Predictive behavior modeling can help you identify your VIP traders and tailor your marketing efforts to them early in their customer journey. By capitalizing on your VIP traders, you can increase customer loyalty and drive long-term revenue growth.
The ability to also identify future top spenders helps with strategic decisions on where to focus your forex marketing efforts based on individual customers’ expected trading behavior.
Defining which customers are considered VIPs can be a difficult task with complex rules and calculations, though. By integrating Optimove’s Top Spender prediction model into your VIP strategy, you can easily predict who your VIP traders will likely be in the next three months.
Here’s a potential VIP gamified campaign:
To encourage high-tier active traders to join the VIP club, create a campaign that explains the benefits of VIP membership. Offer membership to traders who deposit at least $1000 within the next 30 days. After the 30-day period has ended, send a campaign to traders who met the threshold, welcoming them to the VIP club along with a variety of incentives, special offers, market intelligence and more.
Wrapping it up
Forex traders can be as fickle as the market itself, so it’s important to make sure you’re doing everything you can to keep your traders delighted, engaged and active. By following these tips and tricks, you’ll be able to build a strong foundation for your business and keep your traders trading with you for years to come.