As we used to write about it before, even extremely good sales team can’t guarantee success of a broker if the company can’t keep all the clients under its roof. Retention is the key and for this purpose you have to keep good relationship with your clients or you are at risk that they will leave you and take another one.
Let’s take a look into couple of hints, which could help you:
1.Social trading
New popular trends are a must for you, if you like it or not. People love it and traders aren’t different as well. Social trading is just an alternative for Facebook for traders, which can motivate them to trade further and avoid their quick failures.
If you are a successful trader, you can keep your nickname without people knowing you name and you can still show your awesome results to them.
On the other hand new ones can learn from you, follow you and admire you performance.
All this is needed to create community of traders under one roof. If you are able to do so, they will hesitate to leave you and first step towards stronger retention is made.
2.Copy trading
As mentioned above, new traders love to check successful traders, so via social trading they are able to copy their trade positions and feel sure about their accounts. In this case they don’t leave their trades that quickly when they are not sure about them or they do not hesitate with new positions when they know that someone else did it as well.
This is a new phenomenon, helping new attendees to learn from the old ones and thus enabling brokers to improve their tools of retention.
3.Education
Further education of traders is often a good way to boost confidence towards a broker as they can feel that you really care about them and you want them to enhance their performance.
Especially the absolutely new traders appreciate this possibility and we can see lots of brokers today to post their educative videos on their website.
Thus the trader, who is interested in further education, waits for another video rather than trying a different broker for learning more.
4.Marketing automation tools
We all know that a direct contact between the client and his broker needs to be permanent. Maybe some clients see it as disturbing, but statistics is showing that if you don’t contact your clients regularly, they leave with higher frequency.
Instead of having loads of people checking the last communication with all the respective clients, marketing automation and retention tools are used among the larger brokers with wider clients’ portfolio.
Such system will contact your clients automatically and you will know which clients when to contact if needed. It provides a quick survey, which is useful for you to know more about every exact client as well (so you know when to contact them by person if they lost too much recently, etc.).
5.Be unique and nice to your clients
At last but not at least, we have to mention this point, relevant in every business. This is a very general hint but you need to know your strong and weak factors and upgrading your service to clients in any way (even a small advantage or price for them) that will be unique.
Moreover, just a simple human hint – be nice to them. Especially those new traders without any self-confidence like friendly behavior together with all the above-mentioned points.
If you just try to behave like this, we believe that you can improve your retention significantly and boost confidence of your traders.
