In today’s blog, we will expose a secret that is very easy but often overlooked by many IBs, forex brokers, and white labels alike. We feel this happens because it’s an ordinary practice to measure the success of your broker.
We find out this thinking overlooks parts of a much larger picture. First, the broker thinks success could be different from another. For example, some want to create a global brand with cricket and Football team sponsorships while others simply want to run a small business that hopefully results in profits. For those 2 situations, the number of new accounts could be drastically different. Secondly, a strategy centered only on the stable growth of new accounts has to factor in the additional work involved: marketing, compliance, operations. Sales and data to just name a few. In many cases, less can be more.
Despite what defines success for your broker, it will be severely limited in what we advise is presently overlooked.
What’s The Secret to a Successful Forex Broker?
Our secret, which might come as a surprise to some for how simple it sounds, is to maintain an excellent relationship with your existing client base.
The people, who have spent time in sales or are working with a sales team, imagine the work that is involved in signing up a new client: documentation, application, funding, account creation, etc. Now think about the hard work it takes to pick up the phone and reach out to an existing customer. If a good relationship is there, this should come quite naturally, as one would speak to a friend. This doesn’t just apply to the forex market, but in all walks of low cost whitelabel FX brokerage business as studies have revealed the value in retaining customer relationships.
As forex consulting specialists, Finovace can guide you to recognize the most complicated solution for your low cost brokerage business and answer the queries about our products and services. Our support team will be available for you 24/5. Start a FX broker with us today!
For more details about our services, reach us on [email protected].