How a Forex CRM Boosts ROI

CurrentDesk recently spoke to brokers at an online industry event where brokerage marketing executives suggested one of their key focus areas right now to drive ROI from their CRM is personalization of content.

It’s no surprise, then, that they frequently mentioned how important their Forex CRM was for segmenting their databases around criteria and information central to upcoming campaigns. A functional Forex CRM can segment traders into audiences based on everything from their Geo-locations to the instruments that they are trading, to parameters like lead source, trading activity, document status and KYC settings. 

So let’s look at how to use your CRM for personalization:

Personalizing your Sales and Marketing efforts

Currently, most teams rely on Forex CRM business intelligence tools to provide them with the data to make quick reports about specific groups of clients. For example, if you wanted to run a campaign targeting all gold traders, you could simply compile a custom report to give you a list of traders who put positions on XAU over the past 3 months. You could then directly email them from your brokerage management platform with a tailored marketing template relating to growing activity on those trades.

We’ve even heard brokers mention that the more specific or targeted their campaign messaging to prospects or existing clients, the better their conversion, volumes and overall ROI.

Segmenting data from your Forex CRM 

There are endless options for segmenting and customizing a campaign audience from your database of customer profiles. Depending on your client communication or marketing needs, you can start with a list as simple as “new customers” and filter for clients added within the last 3-6 months, or go as far as building complex profiles for your clients for a hyper-personalized, 1-1 client communication approach. As always, check your local regulations around data processing as each region varies.

One of the particularly powerful capacities of an FX CRM is the ability to actually gauge the success of a campaign after the fact. For instance, you could follow up a targeted email campaign by re-running the audience report at a specific time frame, and segmenting the data to understand who out of this list opened a trade in response to your communication efforts. That way, you could build another email campaign to retarget the traders who didn’t take action, with messaging that reiterates key benefits and helps them get trading again.

Personalization of the trader’s client portal

So we’ve seen how information in the CRM database can be used for building sales and marketing campaigns, let’s expand on how you could use your client portal to personalize an experience for the trader.

By having an integrated client portal and Forex CRM system, all information gathered in your CRM can be used to deliver targeted messages to clients when they are in their most receptive mindset: In their client portal, checking balances or making deposits.

Sending personalized messages via your client portal at this time (when you have a trader’s attention) can help you to get more interaction or visibility on your campaigns. You could even promote certain actions that you want them to take or show them relevant information in the forms of ads or content pieces.

Examples of the types of personalized content brokers can show their clients include instrument-based analysis reports, instrument-specific promotions, economic calendar prompts for their regions, and essential trading activity alerts. A non Forex related example of a business successfully using this strategy is Amazon, who has a 60% conversion rate on items that it recommends. That’s certainly food for thought.

Using a Forex CRM to get the most out of your sales team and agents 

Your sales team needs to be fully informed on trader activity at all times, not only to ensure sales targets are being reached but also to communicate well with a potential lead or an existing client.

A true Forex CRM will provide your sales teams with a full log of communication activity with a lead or individual trader. This way, your teams can share and maintain essential notes about the character of the trader and what interests them, facilitating a personalized, relationship-based experience for the trader.

When it comes to monitoring your agents and IB performance, your CRM should be able to extract daily reports that help you keep an eye on which partners are sending the most business and which are falling behind. By knowing where to take action, you can ensure to keep your top performers happy with quick payouts and personalized relationships with your business, and when to prompt partners to pick up their efforts or cut ties with poor performers.