At Contentworks we love the FX (forex) industry. The challenge of creating engaging content campaigns within a strictly regulated and highly competitive industry is one which we charge into like a bull market. Sorry, old habits. There has been some great content marketing emerging from this industry in recent years and there are also continually recurring mistakes. Let’s take a look at the top 3 content marketing mistakes from the FX sector.
#1 Content Marketing Mistakes- Forgetting Who Your Client Is
You have a business intelligence department or a data analyst? Use them. One of the biggest mistakes we see in the FX industry is brokers who forget or never even knew who their clients are. Here are some basic details you should be able to access easily:
- Average Trader Age
- Region Of Highest Depositors
- Gender Of Your Big Traders
- Most Commonly Traded Pairs/Instruments
- What Device They Trade On
- Which Events They Follow
- What Languages They Speak
- Level of Trading Ability
Digging down to a deeper level, you may also be able to access further information about your clients. This may include:
- Hobbies & Lifestyle
- Average Income
- Motivating Psychological Factors
Without knowing this information, your marketing team may be aimlessly drifting around and targeting imaginary clients. Worse still, targeting themselves. We have also seen promotions which are highly unsuitable for regional traders- eg “$40 Deposit Bonus” aimed at the Chinese market where 4 is considered very unlucky or “Trade Like A Man” when surely some of your traders are female.
TAKEAWAY- At Contentworks we know that keeping your clients as a focus is the key to achieving excellent content marketing. A little bit of analysis will help you to create impactful content marketing campaigns which really work.
#2 Content Marketing Mistakes – Thinking That Compliance Doesn’t Matter
You HAVE to understand compliance and regulation to succeed in managing content marketing for an FX company. Many forex brokers are working with content marketing agencies who don’t understand or perhaps are not even aware of the might that is CySEC, MiFIDII or the FCA. Of course, being compliant doesn’t mean being boring. Here are some ways FX brokers can be fantastic and still compliant.
- Educate all employees using social media about compliance rules
- Build a library of compliance-approved images & updates for major market events
- Learn to talk about money without talking about money
- Focus on education, service, reputation & quality
- Keep up to date with the latest industry rules & restrictions
Regulators like CySEC, the FCA and FSA don’t mess around. Every image, link, and comment you post must be compliant or you run the risk of landing your broker in hot water.
TAKEAWAY– You need a content marketing agency that understands and works with your compliance department. It’s that simple. By using Contentworks, you will be receiving compliance friendly content marketing materials meaning a less stressed marketing team, a happy legal team and no nasty fines.
#3 Content Marketing Mistakes – Not Being Consistent
Content marketing is a constant and ongoing process. If you’re doing it right of course. The idea is to create regular, targeted, relevant pieces of content to capture clients at each stage of your sales and retention funnel. This may be a monthly eBook promotion, regular emails, a weekly company news piece, social media updates, case studies and so on. Here’s the problem. When an FX broker is inconsistent in their content and social media marketing; the sales and retention funnel disintegrates. Clients don’t receive updates, there hasn’t been anything on Facebook for a week, there is no educational material to read. Put simply, they will often find another broker who is meeting their needs.
These are some of the content marketing activities you should be doing regularly to keep your funnel working effectively.
- Blogging At All Trader Levels
- Thought Leadership
- Social Media Updates
- Monthly eBooks
- Regular Campaigns
- eMail Newsletters
- Company News
- Press Releases
- Offline Content Marketing
TAKEAWAY – Content marketing for the FX industry is intense. Really intense. You need an experienced content marketing agency that is consistent and delivers regular updates that keep your clients happy.
We get it. Content marketing in the forex industry is one of the toughest jobs around. The amount of content required to be successful is mind blowing and even the strongest Content Managers may struggle to keep up.
At Contentworks we offer solutions especially for the finance and forex industry. Chat to our team now about the Rockstar solution. Not convinced your boss to invest in content marketing yet? We hear you! Check out this great article for hints and tips.