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As many as 89% of successful businesses say that providing assistive customer experiences is critical to their growth. That’s because a mere 5% increase in customer retention can boost profits by 25% to 95%.
As many as 89% of successful businesses say that providing assistive customer experiences is critical to their growth. That’s because a mere 5% increase in customer retention can boost profits by 25% to 95%. If your business focuses only on lead generation, you’re forgoing a huge opportunity that’s up for grabs for your competitors. This can threaten the very survival of a business, as new customer acquisition costs five to ten times more than nurturing a customer. As a broker, you need strategies in place not just for acquiring new traders, but also to hold onto your existing traders, encouraging them to continue trading.
The benefit of engaging customers through their journey is twofold. It can boost your revenues, while also providing valuable customer insights to make even more targeted marketing decisions. An engaging content strategy has the power to steer prospective customers towards conversions with increased velocity as well as to build a strong relationship with existing customers. Here’s a look at how to do this.
The Lead Generation Stage
Traders use different channels to seek information and communicate, which may include blogs, social media platforms, and video-sharing platforms. Sharing unique content sets you apart from your competitors. The content also needs to grab attention, align well with the platform on which it is shared, educate traders and connect with them by speaking their language. A cost-effective way to regularly produce unique, attractive, informative, and multi-language content can go a long way in attracting traffic to your website and encouraging demo sign-ups.
The Demo-to-Live Conversion Stage
Unless you nurture your lead, the conversion to depositing into a live account may remain low. At this stage, the content needs to boost trader confidence, both in your brokerage and in their ability to begin placing live trades. Remember that new traders may already be overwhelmed by the platform and the fast-moving financial markets. You cannot skirt the issue. Your content needs to address and allay their fears and simplify their start. Focus on sharing information that is easy to digest and even easier to act on. Emails, SMS, and push notifications work best at this stage of the customer journey.
The Active Customer Stage
You’ve got your new customers to place a trade. That’s great. Now the focus shifts to keep them trading. Sharing frequent updates on market opportunities can keep them excited about the financial markets. Traders can be inspired with market reports, asset analysis, market snapshots, and high-probability trade setups. Easy access to tools to keep track of market-moving events, measure volatility and calculate risk are also appreciated by traders.
The Customer Loyalty Stage
Sharing informative content around portfolio diversification and risk management can assist traders to improve their strategies. Providing them a mobile app that offers market updates and trade setups can also prove effective.
Engaged customers bring your brokerage a world of benefits. They typically trade more often and spend more on trading multiple assets compared to unengaged customers. Upselling to such customers is so much easier, taking them from a basic account to an advanced one or converting them to partners (introducing brokers). They may leave positive reviews online and refer your services to friends and family. Studies show that 72% of engaged customers share their positive experience with 6 or more people. This means they bring in new customers completely free of cost, boosting your bottom-line.
Ready to attract more traders and drive their trading volumes? Autochartist offers brokers an easy, effective and cost-efficient way of driving customer engagement at every stage of their journey. Contact us to learn more about how to engage your traders regularly and real-time, without any human intervention.
