Many of our clients come to us seeking guidance on marketing services for their new forex brokerage. This is a common problem that new FX brokers face, namely launching a marketing campaign. After a broker has successfully established a white label, set up their website, and made the necessary preparations required to launch the business, they then struggle to get new investors to notice them.
Marketing 101 for FX Brokerages – There is More Than Adwords
Marketing for new brokers and white labels can be intimidating at first glance. As an example, consider Google Adwords. This space is dominated by some of the largest players in the industry, where costs for FX related terms can approach astronomical levels that simply aren’t realistic for a new brokerage. In fact, new FX brokers can easily see marketing dollars vanish with little or nothing to show for, especially when a click only guarantees a quick glance at a website.
The takeaway here is that there are other approaches besides Google. Although this fact seems rather obvious, many new brokers don’t realize the variety of marketing tools at their disposal. Furthermore, those who may be aware of the options may not understand how best to utilize them.
Working with Social Media
Facebook is one alternative that doesn’t have the massive barriers to entry that Adwords presents. Due its massive user base and targeting capabilities, it’s safe to say that most traders have a Facebook account. The beauty of Facebook when compared to Adwords is that it’s much easier to target and market to very specific niches, forex trading being one of them. There is one catch here, namely that Facebook has become stricter about the types of services marketed, meaning that expertise is required to ensure that an ad account is approved.
There are also other platforms to consider. LinkedIn, for example, is an excellent way to target institutional traders and businesses. FX brokers shouldn’t ignore Instagram either. It will require a more personalized message but can also be a successful tool. Finally, a positive Twitter following may also be useful if the broker intends on promoting education and trading tips.
Introducing Broker (IB) Relationships are an Excellent Complement to a Broker’s Marketing Programme
Something new forex brokers often fail to consider is that marketing doesn’t have to be limited to an organic, in house campaign. Nearly all successful FX brokers have a very strong referral agent / introducing broker network. Similar to an organic marketing campaign, this requires time to build and won’t happen overnight. Nevertheless, it’s a goal that brokers can work towards as a referral network is an excellent complement to a brokers in house marketing campaign.
Forex Lead Generation & Marketing Services
As a final thought, if your new FX broker doesn’t wish to invest the time and resources in its own marketing campaign, or if you’d like to explore a service that can fill in the gap while you develop your own branding, we are at your service.
Our Forex Consulting team offers lead generation, traffic, and general marketing consultation services to forex brokers of all shapes and sizes. We have extensive industry experience and can accommodate most regions and language needs. To explore our services in more detail, don’t hesitate to contact us today!