How to retain your clients through forex referral programs
There’s a widely accepted rule in the world of marketing that it’s easier and cheaper to retain existing clients than constantly find new ones –and that's certainly true when applied to the world of referrals.
Just think how disappointing it is when you put in a lot of time and effort to plan campaigns, then try and get a lead over the line only for them to drop off the face of the earth at the last moment, leaving you right back at the start with nothing to show. It’s a reminder about why it’s so important to nurture your existing clients. After all, if they’re happy, you’re going to keep benefiting.
In this article we’ll look at some simple ideas to help with client retention, increase the lifetime value of your clients, boost your referral revenues and give your clients the confidence to keep trading.
Education
In trading, knowledge is confidence. The more of each that a trader has, the more they’re likely to feel they can succeed. While some of our partners choose to offer their own trading educational material, Axi has a lot available that you can recommend to help traders improve their skills and knowledge, including:
- eBooks: Learn at your own pace through our popular trading eBooks
- Axi Academy: Explore the basics in our free online trading courses
- Blog: Get news, analysis and expert insights on trending topics
- Webinars: Join a live session or go back through our archive – including the popular “How to go live in 30 days” series
Know your clients (and listen to them)
Do you know what your clients want, or are you guilty of assuming what they need?
Everyone comes to trading from a different background, with different perspectives and ways they imagine they’ll achieve their goals. It’s up to you to give them what they really need, address any pain points and make their journey as smooth as possible.
This is where communication always helps. Leading questions like “Are you new to trading?” or “What products are you interested in?” can be a simple but highly valuable starting point to get to know a client and begin directing them towards solutions to their potential problems. Remember, you’re armed with a whole library of Axi tools and resources that have been specifically designed to help traders with almost any step of their trading journey.
Reward your top clients
Let’s face it: everyone loves an unexpected reward! The question then is what can you offer to the traders who are benefitting you the most – those who are the most profitable, most active or longest-serving clients – to say thank you for the ongoing business?
It could be something as simple as invitation to a free webinar with an industry expert, access to a great new trading tool, information about a competition or maybe even at the potential to network at an offline event. Whatever you have to offer, rewarding people helps build engagement and loyalty, which will continue to deliver benefits in the long run.
Special offers
Similar to a reward, there’s always appeal in a special or bonus offer. Start by thinking about offers (not necessarily in the world of trading) that have interested you in the past or ways you might be able to activate your clients and get them more engaged.
This might be a simple monthly promotion – for example, “Trade 100 lots this month and get 50% cash back on all your trades” – or an ongoing offer like “Get a $50 gift voucher when you close 100 trades”. From merchandise to trading tools to subscriptions and anything else, it’s up to you to come up with something that will resonate with your clients.
And remember that Axi has had a hand in running successful trading promotions around the world for a number of years, so feel free to reach out to your Account Manager for some ideas!
The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.