Top Tools Brokers Need to Boost Client Acquisition and Retention
October 11, 2020
By Acuity Trading
Succeeding as a brokerage firm means more than meeting regulatory compliance, managing marketing restrictions and staying ahead of an intensely competitive arena. The only way to ensure long-term success is to convert leads into active clients and ensure a satisfying trading experience to keep them coming back.
Challenges Brokers Face
Rapidly evolving regulatory environments across the world are seeing ever more stringent rules about how brokers can market their services. Although some specifics might vary across jurisdictions, others, like risk warnings on ads, remain constant. On top of that, there are complex regulations associated with affiliate programs for client acquisition.
Apart from the regulatory frameworks that brokers need to comply with, the cost per acquisition (CPA) can become significantly higher. One of the key reasons many brokers fail is that their CPA puts them in a deficit situation. Administrative and operational costs only add to the broker’s total CPA. Even if a client begins to trade regularly with the broker, it can take a very long time to recover the costs incurred.
Another challenge faced by brokers is to remain competitive with the latest technological tools. Tools that offer value-add to clients and are compliant across a variety of regions. The right tools free up resources that would otherwise be used in operations and service provision. To make the most of the technology available, brokers need to be tech savvy and updated on the latest advancements.
With all these challenges, many brokers end up with a high CPA, high client churn and low lifetime value from their clients.
The Traditional Solution
Content marketing has proven to be a great solution to driving organic traffic, helping convert leads and keep traders trading. It is a great way to engage your target audience and bring down your CPA. But, this comes with its own set of challenges. Not every broker has the resources, knowledge, time, budget and writing skills to make the most of their content potential. Many fall into the cut-and-paste trap and do exactly the same content marketing strategy as every other broker, rather than trying something innovative to attract clients.
Content, whether the latest news or educational resources, is not easy to quantify and often viewed as an additional cost, rather than something that brings ROI. This leads to brokers losing interest and clients no longer being engaged. The challenge is to deliver topical, on trend and powerful content to convert prospects. The speed with which the content needs to change depends on the rapidly changing financial markets and client needs. This too can be a huge challenge.
However, if you are looking at innovative ways to engage clients, there are much more interesting approaches you can take. Acuity, with its specially designed tools to support brokers, is turning traditional content marketing on its head.
The Solution that Keeps Giving
Data tools offered by Acuity use valuable, alternative and latest data to offer innovative solutions for brokers. Diverse data sets and millions of news articles are brought together with the use of Natural Language Processing and Artificial Intelligence, so that brokers can position themselves as thought leaders in the market, attracting the trust of younger, digitally-savvy clients.
With these tools, brokers can reduce resources needed to wade through huge and diverse data sets to gather insights. They can offer valuable visual analytics that eases the trader’s journey. Acuity helps cut through the noise and eases the process of identifying trading opportunities for clients through intuitive and user-friendly trading tools. For example, with Acuity’s tools, brokers can offer clients:
Predictive Analysis Analysis of news sentiment data, which is a leading indicator, can help clients make informed trading decisions.
Global News Access24/7 analysis of global news and developments for an instant market view.
Visual DataVisual representation enabling traders to quickly and effectively spot trading opportunities.
Such powerful and intuitive visual trading tools are a great way for brokers to position themselves at the forefront of the market, building trust and confidence among traders. In addition, brokers can offer live, trending content to clients, without needing to invest time and effort to collate information. More importantly, targeted offerings can be created. and automated, scalable campaigns deployed.
The best part is that these tools that can be repurposed. This means that multiple campaigns can be powered with the same tools, by simply choosing the targeted data set. In addition, brokers can provide appealing and relevant content throughout the client’s journey, e.g. on landing pages, banners or the trading terminal.
Acuity also offers plug-and-play widgets for targeted information. One of the latest widgets offered by Acuity is the new US Election 2020 tool that offers access to information across a wide spectrum of media, along with a measure of positive/negative coverage for the two Presidential candidates.