Should Forex Brokers Use WeChat?

There’s a global market for social platforms with WeChat currently causing a storm in China. Already established in Asia, this exciting mobile app is somewhat the new kid on the block in the Western World – so should forex brokers use WeChat? In this article, Contentworks, an agency specialising in content marketing for the financial services sector takes a look.

We live in an increasingly mobile-centric world where popularity is based on how many ‘likes’ your Facebook posts receive or the number of followers you have on Twitter. Whilst YouTube has given us Keyboard Cat and sneezing panda babies, Instagram is the home of Saturday night selfies with the likes of Tumblr, Reddit, Snapchat and Viber keeping us coming back for more online entertainment.

The ins and outs of WeChat

At the forefront of technological innovation, the Chinese don’t do anything by halves. Developed by Tencent, WeChat is a one-stop-digital-shop where users can:

  • Play games
  • Send money
  • Make cashless payments
  • Order food
  • Read the news
  • Book a doctor’s appointment
  • Hail taxis
  • Share locations
  • Join groups of between 50-500 people
  • Micro-message friends… and more

 

With 889 million users and over 10 million official accounts, it’s become China’s most important social app.

The average person now spending an impressive 66 minutes per day on WeChat @_contentworks Click To Tweet

WeChat for work

According to a 2017 WeChat User Report from Tencent research division, Penguin intelligence, 83% of respondents now use WeChat for work with 80.9% finding it to be a useful communications tool. Of those surveyed, 34.5% said it provided a convenient mobile office tool whereas 20.8% thought the app made it easier to get high-quality information for their business.

If you work in the forex sector, you’re probably starting to perk up. Could this be a way of tapping into the Chinese market? Read on, read on!

How WeChat can benefit forex brokers

Foreign companies typically face many challenges when trying to do business in China from navigating cultural differences to having the right people ‘on the ground’ to feedback information. Then there’s the Great Firewall of China, a type of government censorship which can cause issues of platform connectivity making it hard to access the right cliental.

That said – WeChat can assist forex business operations in many ways.

Tell the Chinese market what you’re all about

As a broker, you need people willing to trade, which is why both marketing and acquisition are important. When you set up an account with WeChat, you can suddenly promote your trading services to a much wider audience – remember there are 889 million active users.

Of course, not everyone will be interested in what you’re offering (“that’s life,” as Frank Sinatra would say), however, as WeChat can detect user location, it provides the perfect opportunity to test your location-based content marketing skills. With an official account you can also push suitable content to WeChat subscribers and tailor what you send based on what users are looking for.

Keep up with the times with up-to-date interaction

Sharing a blog once in a blue moon won’t help you get the most from WeChat. It’s there to be used and with groups ranging from between 50-500 people – let your voice be heard.

Brokers can interact with WeChatters about on-trend topics such as the rise in cryptocurrencies Click To Tweet

Or, send a picture with a QR code designed to direct the WeChat user to a specific trading landing page.

Enjoy the benefits of a cashless society

China is becoming an increasingly cashless society. WeChatters fully expect to engage in transactions via a mobile phone so remember this when thinking of your Chinese content marketing strategies. In fact, over half of subscribers have connected their bank or credit card details to WeChat-Pay and We-Chat Wallet. Why? Well, because they trust the hard-core security systems of the app and are willing to have some fun in a virtual environment. This, as a broker, is worth knowing.

Get to know your customers and build a database

Being able to tailor and push personalised content makes the acquisition and retention process a lot smoother. With WeChat, you can gather information about your cliental whilst being able to monitor it via a backend dashboard. This may all sound a bit technical, but as WeChat’s easy to use you won’t have to spend hours working out what does what.

Dos and Don’ts

Now you know what WeChat is all about, here are a few ground rules:

Do:

  • Make the most of location-based marketing
  • Tailor content to meet the needs of your cliental
  • Join relevant forums and push interesting material – it doesn’t always have to be an advertisement for your services
  • Utilise keywords in your content to ensure subscribers can access your material
  • Draw customers in via freebies and trials

Don’t:

  • Assume everyone’s interested in trading. Spend your time integrating with the relevant subscribers.
  • Talk about politically sensitive subjects as WeChat is censored by the Chinese government and therefore content deemed ‘inappropriate’ won’t be sent to the recipients

Like the sound of WeChat and see its potential for your forex broker business? Then talk to us today. Contentworks has a dedicated China marketing team and can help you communicate effectively with a brand new Chinese audience.

 

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