Companies that operate around financial markets undoubtedly work within an incredibly competitive industry. Frequently handling and moving large amounts of money, they require a constant stream of customers to keep their enterprise in the game and on top form.
It’s not only about attracting clients in the first instance, however. On top of this, these businesses have to retain those individuals who trade with them in a world where they’re faced with constant competition, and their marketing strategies can make all the difference.
A vital tool not only in growing their client list, but also ensuring customer retention, most of them are experts in how to market themselves in order to achieve maximal success, and their lessons apply not only to their own industries but to many others too.
If you’re looking to learn from the best, here are five effective lessons they can teach you.
Lesson one: Build trust
For the average individual, it takes an awful lot to entrust your hard-earned funds to a financial enterprise, and the higher the amount you’re looking to spend, the more important it is to know that your money is in safe hands. This is something banks, building societies, and brokerage firms understand well; creating trust forms an essential part of their marketing methods.
This is achieved in a number of ways, but primarily through transparency and adding a human element to their endeavors. There are some great strategies for building trust, which can be applied not only to the financial services industry but many other areas of business too.
Lesson two: Provide an incentive
Trust is an essential component in gaining and retaining customers, but you have to understand that most other enterprises in your industry will also be seeking to build the same thing. This means that making yourself appear reliable is not enough on its own to set you apart – rather, you need additional strategies to work alongside this.
One of the simplest and most effective is to provide your customers with a financial incentive, and this is something forex brokers do particularly well. With many showcasing special deals and attractive bonuses, they gain the attention of potential customers by competing to offer the very best incentives. This is a strategy that ordinary businesses can replicate, and while it might mean taking a minor financial hit in the short-term, the number of new clients it’s likely to attract should more than compensate you for this moving forward.
Lesson three: Highlight your strengths
Trust and financial incentives are both wonderful ways to attract and retain clients, but they are things any business in your industry can offer. That’s why the marketing geniuses employed by financial enterprises know that it’s also important to offer customers something your rivals can’t: an insight into your strengths. Most businesses in this industry will spotlight what it is that sets them apart, whether this is providing their clients with the most high-tech and comprehensive trading platform or offering the lowest conversion rates around.
In doing so, they’re able to suggest that they’re better than the rest, while also attracting customers who are likely to prioritize these qualities and stay with them for the long term. This is, of course, something any business can do, so whether it’s your phenomenal customer service that’s a particular strength or your unbeatable prices, be sure to shout about it (metaphorically speaking) as often and as loudly as possible.
Lesson four: Be expert
The financial market industry is niche and complex, which means those looking to trade in it – especially for the first time – want to know that reliable and knowledgeable help is at hand. Recognizing this, those in charge of marketing strategy often spend a lot of time on producing useful resources, from trading guides through to YouTube tutorials and weekly blog posts.
The idea behind this is simple; to paint themselves as experts in their field, and the payoff tends to be well worth the effort that goes into commissioning such material. While your industry might be simpler to understand, this is something you too can capitalize on, and there are lots of ways to site yourself as an expert.
Lesson five: Be available
Last but not least, financial market experts understand another fundamental facet of appealing to their audience; they need to make themselves available. This is particularly relevant to their industry, where professionals are experts in their fields and markets keep on trading 24/7, but it doesn’t mean you can’t learn some important lessons from their example.
While you might not need to be on hand around the clock, ensure that you’re easy to get in contact with, by providing multiple ways to connect and delivering quick and comprehensive responses whether you’re contacted by email, telephone, or via your social media platforms. Advertise this fact and make sure your customers know you’re available, and you’re much more likely to not only appeal to them in the first place but to hold onto their custom moving forward.
When it comes to creating successful marketing strategies, financial industries are undoubtedly experts. Possessing an in-depth understanding of what it takes to attract and then retain clients, they serve as a sterling example to us all of exactly how it’s done. Isn’t it time you started putting into practice the lessons they offer?