By: Hillel Fuld
The Forex industry, as attractive as the market might be, is headed in a bad direction. Many Forex services whether they are brokers, signal providers, or just general Forex websites are going about their marketing in a totally ineffective way, and are thereby preventing themselves from turning over any profit, or at least making a smaller profit than they could have made.
Too many people have a negative impression of the Forex industry and associate it with shady markets, and not with the serious global markets, to which Forex should be compared. If there is anyone to blame for this, it is the Forex players themselves.
Before we talk about some steps Forex companies should take, let’s examine what the Forex companies are doing wrong. If you look at the average broker or service provider in the Forex market, you will generally see one thing in common. They all promise immediate and large scale results. This is of course false, and misleads people, which ultimately causes a bad name for Forex as an industry.
Forex is not a magical solution and generally speaking, no one is becoming the next Bill Gates over night by trading Forex. Yes, it is the biggest market, yes, there are 3-4 trillion dollars traded daily in the Forex market, but you will almost definitely not see any of that money without preparing yourself before jumping in. Learn the market, study the charts, understand the financial news, and pay attention to the experts. These are just some of the basic pieces of advice I would give a new trader.
Back to the marketing aspect, the thing is, the Forex market in and of itself is attractive enough to sell itself, no need to mislead people with exaggerations of immediate wealth. On another front, the Forex market as a whole caught on relatively fast to the latest trend of social media marketing. However, if there are rules on how to use this medium, the Forex players are breaking them all.
A simple Twitter search of the word “Forex” will provide a clear picture of what I mean. I would estimate that approximately 70% of all Forex accounts on Twitter are either spammers that tweet the same thing over and over, something along the lines of “Get rich fast”, “This guy made millions”, or “Leave your day job” or bots that auto tweet things and do not conduct any sort of dialogue on social media.
Not only does this not produce any sort of results, since in reality no one is clicking those links, it is single handedly destroying the Forex name.
So here are 5 quick tips all businesses should implement as part of their marketing strategy:
- Have a Real Person Maintain a Twitter Account: Twitter is huge nowadays. Use it and leverage it (no pun intended) to your benefit, but do it right. Designate a person on the team to tweet, reply to people’s questions, and search for the name of your company, and hear what people are saying.
- Create a LinkedIn Presence: Use LinkedIn, another very effective tool, and use it right. Create a group for your company, something literally less than 5 Forex companies currently have. Share content on the group’s wall, post promotions, and offer exclusive bonuses, which leads me to the next point.
- Make your Promotions Relevant: Do not pull people in with false promises, do not force them to trade with high leverage. Make your service, Forex trading platform, and offering so good that people will be running to you, and not you chasing after them.
- Design your Site Properly: Do not underestimate the importance of your website design. This is your face to the Forex world. A trader that comes to your site and is not immediately presented with the details they need, will not deposit their money with you. Make sure your trading platform details are right there, your currency pairs are clear to your audience, the details of your spreads obvious to your visitors, and any and all advantages you offer visible to your future customers.
- Stand Out: There are many ways to separate yourself from the rest of the brokers or service providers that are flooding the market. You can add mobile trading to your portfolio, something that is still not as widely adopted as it should be. You can offer an unlimited demo account, something only very few brokers offer. You can offer superior customer support with a highly responsive chat in place, or you can just ensure that you conduct yourself with the utmost honesty and transparency.
All of these are just a few examples of ways to separate yourself, but you can be sure that cheap and spammy advertising will not work, and will not only damage your reputation, it will also cause irreversible damage to a 4 trillion dollar market. Use the tools properly, so we can all benefit from a clean and safe Forex market.