The Forex business, as profitable as the market might be, is headed in a bad direction. Many Forex platforms, whether they are brokers, signal providers, or just general Forex sites are going about their marketing in a totally ineffective manner and thereby preventing themselves from turning over any profit, or at least making a smaller profit than they could have made.
Many people have a negative impression of the Forex market and associate it with a shady approach, 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 Traders.
Before we talk about some steps Forex traders should take, let’s examine what the Forex traders 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 prompt and large-scale outcomes. This is, of course, false and misleads people, which ultimately causes a bad reputation for Forex as a whole. (Also, learn how to select a social trading network)
Forex is not a do-quick solution and generally speaking, no one is becoming the next Bill Gates overnight by trading Forex. Yes, it is the biggest market, and there are 3-4 trillion dollars traded daily in the Forex market, but you will almost definitely not see any of that money without equipping yourself before starting. Learn and understand the market, study the charts, understand the financial news, and pay close attention to the experts. These are just some of the basic tips to become a successful trader.
Back to the marketing aspect, the thing is, the Forex market in and of itself is profitable enough to sell itself, no need to mislead people with exaggerations of quick wealth. On another side, the Forex market as a whole caught on relatively fast to the recent trend of social media marketing. In any case, if there are rules on how to use this medium, the Forex traders are breaking them all.
A simple Twitter search of the word “Forex” will provide a reasonable picture of what forex is all about. Let assume 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”, “The 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 create any sort of outcomes, 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 a huge social media platform. Use it and leverage it (no pun expected) to your advantage, but do it right. Assign someone on the team to tweet, reply to questions, and search for the name of your company, and hear what people are saying.
Create a LinkedIn: Making use of LinkedIn, another very effective marketing 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 us 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 coming to you, and not you running after them.
Design Your Site Properly: Do not underestimate the significance of your website design. This is your presence in 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 sited, your currency pairs are clear to the public, the details of your spreads obvious to your visitors, and any other advantages you offer visible to your prospective customers.
Stand Out: There are numerous approaches 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 generally 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 live chat, or you can just ensure that you conduct yourself with the utmost honesty and transparency.
The listed above 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 appropriately, so we can all benefit from a clean and safe Forex market. Learn also, tips to create partner’s forex website.