Forex Trader Client Retention
7 Tips for Brokerage Firms
Forex Client Retention
With forex traders demanding tighter spreads and lower fees, it’s essential for your forex brokerage to be as efficient as possible. It can cost up to seven times as much money to attract a new client as it does to retain an existing client, so focusing on client retention is one way to increase your brokerage’s efficiency.
If you’re looking to save money by keeping your existing forex clients, try these client retention strategies.
1. Talk about Forex success stories
Keep traders excited about their investments by highlighting clients’ success stories. You can use your social media accounts and your website to tell clients’ trading stories and to discuss how they made money with their forex trading account.
These stories will make the traders that you feature feel connected to your brokerage, and they’ll help other clients focus on their investing goals.
2. Offer educational resources
Make it easy for traders to start trading and feel informed by offering your own forex classes, webinars, or educational tools. In addition to helping you retain clients, you can advertise these tools to attract new traders. If having your own classes isn’t feasible, devote a page on your website to a list of free educational resources, like Baby Pips, that your clients could use.
Offering educational tools and resources will show both potential and existing clients that you care about their success.
3. Offer excellent trading tools
Forex traders expect to have access to a wide variety of trading tools, including charting software, technical indicators, and trader’s journals. Choose a trading platform that will allow you to give your clients those trading tools. You should also look for a back office software, like CurrentBusiness, that is platform independent so that you can switch to a different forex trading platform in the future, if necessary.
Providing excellent versions of the tools most forex traders want will prevent many clients from looking for a new broker.
4. Use a client relationship management (CRM) tool
Clients expect personalized attention and excellent customer service. Use a good forex CRM software to keep track of interactions with clients. For example, CurrentBusiness has a Notes tool where everyone associated with a client can document their interactions with the client, so whoever talks to a client will be up to date on what’s been going on with their account.
A good forex brokerage CRM tool will help you provide an excellent customer service experience, which will increase your client retention.
5. Make it easy for clients to get help with your trading platform
When clients have problems with your system or questions about their account, they want to get answers quickly. Provide clear help documents so traders can learn how to use your platform. Good documentation creates an intuitive self-service help center so clients don’t have to reach out to a customer service representative.
In addition to improving client retention, good help documents will decrease the amount you spend on customer support.
6. Learn why traders are leaving
If you’re worried about client retention, you have to find out why clients leave your brokerage. You can learn a lot about this subject by talking to client retention agents. Ask them what clients complain about most often. Then, take action to improve your service and reduce those complaints.
You can fix problems that aren’t obvious to you when you learn why clients are leaving your firm.
7. Highlight what makes your firm unique
Clients are most likely to leave your firm if they see a better value with another forex broker. To combat the allure of a large bonus or lower commission, set your firm apart by offering a unique value proposition. Consider what it is that your firm does well, and then do it even better and advertise it—that can be the service or feature that makes clients stay your client.
Differentiating yourself from other forex brokers can also help you attract new clients who are particularly interested in your specialty.
Client retention and acquisition
You can accomplish some these activities—like learning why trader are leaving—pretty easily. However, some of them—like providing easy-to-use help documents—will take more time and effort. Remember, every time you retain a client, you decrease your brokerage’s cost and increase its revenue. Client retention may not always be easy, but if you do it correctly, you’ll see financial benefits from your efforts.
These activities won’t just help you keep your existing clients, but they’ll also help you get new forex clients. If you offer good customer service, listen to what your traders want, and make your firm stand out in a crowded industry, your brokerage will be successful.