What is reputation in the forex world? Reputation is what people are saying about you when you’re not there and it’s everything. In this article, Contentworks, a leading agency providing content and social media management solutions for the finance industry, takes a look.
First, let’s try a simple exercise:
Where would you put your money?
#1 With a broker that doesn’t have a special offer but has a great reputation
#2 With a broker who has a great deposit offer but bad reviews from traders
If you chose the first answer, then you’re looking at investment in the same way your clients are. Reputation is something that is built in years but can be lost in five minutes. This is especially true for forex brokers.
- 86% of people would pay more for services from a company with higher ratings and reviews
- 58% of executives believe that online reputation management should be addressed, but only 15% actually do anything about it
- 84% of marketers believe that building trust will be the primary focus for marketing efforts in the future
- 83% of buyers no longer trust advertising, but most trust recommendations from users online
- 70% of customers didn’t make a purchase because of online reviews
If we agreed that reputation is just as important as your overall business model, how do we begin to achieve it? Here are three methods that never fail:
#1 Focus on Regulation
If you’re regulated and you have a great reputation then you need to build your online presence. Make sure your SEO (Search Engine Optimisation) is focused on the customer’s experience rather than promoting the business. Funds safety is also high priority for clients. Emphasise your safety features such as segregated funds, investor compensation funds and your sold history. Sounds boring, right? If you’re just churning out the same content as everyone else then it is very boring. Look at case studies, storytelling, reviews and real stories to back up what you’re saying. Contentworks provides website content for brokers looking to build trust with their visitors.
#2 Social Media Presence
Building a solid social media presence takes time and expertise. We are not talking about throwing a financial chart on your Facebook page or making one video each month. Potential clients need to see that you are there, interacting with fans and addressing any issues that may arise. Use your accounts to reinforce your market presence and emphasise the good trading experiences of your clients. Contentworks provides quick responses on your social media channels and key forex forums to improve customer perception of your brand.
Statistically, most traders lose their first deposit within 6 months of funding their trading account. What next? Well, in many cases they will take to the social media channels and forums to share their negative experiences with others.
A solid reputation is not ONLY built on trust but also the sum of various marketing elements that lead to customers perceiving you as trustworthy and reliable. Here’s a list of a few things that can be done:
- Promote your business in a realistic way. Stay away from promising stellar returns when trading Forex. In the long run, it will hurt your business and reputation.
- Focus on your strengths. Either technology, execution, low commissions, etc.
- Keep in contact with your clients. Email marketing, feedback, surveys
- Be aware of any problems your clients are having and address them swiftly before they escalate
- Promote positive trader stories on key forums and social media networks
In this business, you’re only as good as the broker next door. That is, unless you bring something new to the table. Not sure how to do that? Contentworks provides turn-key solutions for your Forex reputation management problems. Get in contact with the team now for more information.