In today’s article we will reveal a secret that is very simple but often overlooked by many IBs, forex brokers, and white labels alike. We feel this happens because it’s a common practice to measure the success of your broker/ MT4 white label by only a single measure: new accounts.
We find this thinking overlooks parts of a much larger picture. First, what one broker determines as success could be different from another. For example, some aspire to create a global brand with football and cricket team sponsorships while others simply want to run a small business that hopefully results in profits. For those 2 situations, the number of new accounts could be drastically different. Secondly, a strategy centered only on the constant growth of new accounts has to factor in the additional work involved: compliance, operations, marketing. sales, and data to just name a few. In many cases, less can be more.
Regardless of what defines success for your broker, it will be severely limited if what we advise is currently overlooked.
What’s the Secret to a Successful Forex Broker?
Our secret, which might come as a surprise to some for how simple it sounds, is to maintain an excellent relationship with your existing client base.
For those who’ve spent time in sales or are working with a sales team, imagine the work that is involved in signing up a new client: application, funding, documentation, account creation, etc. Now think about the effort it takes to pick up the phone and reach out to an existing customer. If a good relationship is there, this should come quite naturally, as one would speak to a friend. This doesn’t just apply to the forex market, but in all walks of business as studies have shown the value in retaining customer relationships.
As forex consulting specialists, Forex Consulting can assist you with the launch of a forex brokerage and help you determine the various costs associated with an MT4 white label and forex trading platform. Contact us today to learn more about our forex white label solutions.