How to Increase Customer Retention in Your Fx Brokerage

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How to Increase Customer Retention in Your Fx Brokerage

These days, the competitiveness of the online whitelabel FX brokerage industry is quite evident. With tonnes of whitelabel trading platforms to choose from, customers are left with a little reason to remain loyal to one brand unless the services they’re receiving are precisely exceptional.

A Forex broker’s customer retention rate determines whether the marketing and customer care efforts are elevating his low cost Forex business or bleeding revenues from his business.

According to research, acquiring a new client costs seven times more than in retaining an existing client. Your existing clients are also more likely to try your new products and services. What’s even startling is that gaining a 5% increase in your customer retention can uplift your profits by as much as 95%! This is enough to understand why customer retention is vital. But how can one achieve this? Let’s understand.

Three Customer Retention Strategies to Implement

1 . Customer Onboarding Program

The very first strategy that one can implement is customer onboarding. Customer onboarding is the process of acquiring new customers to try your services and products in the simplest way to meet their requirements.

A good customer onboarding will represent the value of your product or service to your customers from the very beginning. This will directly give them an instantaneous gratification to sign-up to your service or buy your product.

There are different approaches to onboard a customer- a complete self-service concept, or just human interactions. Whichever approach you choose, make sure to create a lasting relationship with your customer

2 . Customer Follow-Ups

Although practising customer retention is cheaper than acquiring new ones and is the main driver of a business’s revenue, there’s no doubt it’s a painstaking task.

Your customer’s database can produce 80% of your company’s revenues and that’s exactly why Forex CRM is such a crucial step. Databases can help you identify the customers who should be given most of the attention. This way, you can spend your time on the right clients efficiently.

A simple method of doing this is to divide your clients into groups. For a group of promising clients, you can schedule face-to-face meetings along with a quarterly phone call for follow-ups. For a group of hopeful clients, scheduling a half-yearly follow-up call along with a quarterly newsletter is enough. And for the rest, sending newsletters is the best way to reach your clients

3 . Spot Your Risk Customers

Even the best companies lose their customers mainly because they’re dissatisfied from the quality or level of services. To prevent this, you must identify the risk customers. Here are some ways.

(A) Keep track of how frequently your product or service is being utilized. This way you can list out the customers that haven’t used your product for a certain period. Follow-up these customers and activate them by selling your product’s value with a demo again.

(B) Create an overview of customers that came to you with questions and complaints. Remember, these are the customers often in need of training. So, help them get up or else they’ll give up eventually.

(C) Create an outline of customers with a disrupted buying pattern. If a customer has bought your platform for over a year and suddenly stops purchasing, you know what to do.

By following these steps, you can focus more on reaching out, connecting with your customers, and increasing customer retention rate. Visit our website and know us better. Click here to know about our products. To know about the pricing details, click here

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