With new forex brokers launching nearly every week, the price for the most popular forex related search keywords will continue to be bid up higher and higher. In what is becoming an online “arms race” for certain FX-related search terms, forex brokers that base their entire marketing strategy on adwords alone will simply find themselves outmatched by the larger firms.
Both new and established brokers shouldn’t be discouraged by this trend because there is far more to marketing than banners or adwords. Over the past couple of years especially, we’ve seen more and more forex brokers tap into social media as part of their overall marketing strategy. In fact, social media marketing comprises a large portion of our own in-house traffic and lead generation services, making Forex Consulting a valuable resource on this subject.
3 Ways Forex Brokers Can Leverage Social Media To Build Effective Marketing Strategies
#1. Social Media Allows Your FX Brokerage to Directly Tap Into the Trading Community
The first advantage that social media offers over adwords or banners is the sense of “online” community. Before Facebook groups grew in popularity, traders would gather on either forums or live chat rooms, which happen to be areas where banner ads saw the most success.
With the advent of both LinkedIn and Facebook groups, it’s now much easier to target traders than it was in the past. Although banners do bring a certain amount of interest, a targeted ad campaign focused on algorithmic traders will have a much higher chance of success, which is just one of the many possibilities that social media offers.
#2. Social Media Marketing Allows For More Target Rich Ads
A downside to marketing via adwords is that the approach casts a very wide net, with the only two variables under your control: language and search term. Although you can narrow down slightly by using more complex search terms in multiple languages, it will still be a very vague approach at best.
Social media, on the other hand, allows brokers to target quite efficiently with a multitude of variables available: interests, likes, region, gender, age, etc. We’ve found this approach to be quite effective with our own lead generation services, where targeted social media ads happen to be one of the ways in which we generate leads.
#3. When Compared to Adwords or Banners, It’s More Cost Effective to Run Social Media Campaigns
Finally, your broker will save money by allocating a portion of its budget into social media campaigns. As a general rule, the more nuanced and targeted the campaign, the less expensive it becomes. Although there is no marketing strategy that will ever be considered dirt cheap, our experience has shown that you get far more “bang for your buck” when launching a social media campaign. The reason is that your target audience will be far more receptive to the tailored marketing campaign you developed than a generic search term or banner.
Forex Consulting – Marketing Consultation & Lead Generation Services
Now that we’ve discussed the importance of social media, the next logical question is how can your broker best utilize this tool? Feel free to use the guidelines above as a brief introduction to social media marketing. If you’d prefer to leave it to the experts though, then our marketing & lead generation services may be a good fit for your brokerage. To explore our services further, don’t hesitate to contact us today!