With an expanding number of financial actors, the Forex market feels more crowded than ever. It is clear as day that the competition has risen every second between Forex brokers. Normally, someone may claim that the number of traders has increased in a huge proportion so Forex brokers have a better chance to find more clients. However, this is not the case. Thanks to the decreasing costs of starting a Forex brokerage business and digitalization of the sector, many investors have tended to channel their money into this market. The outcome was that clients have more options and brokers have to put more effort into marketing automation to keep their customers in their organization.
Whilst brokers were searching for their Unique Service Proposition, they have realized that the technology will be their lifesaver. Yet, many of them could not finish the transition from old school marketing to data-driven strategies. 61% of executives believe that their business model is partially or barely data-driven. Trust in data is the only way to construct a successful marketing automation system and you still have a chance among the brokers by looking at the percentage.
What Does Marketing Automation Bring?
The value of a customer for a broker is represented in two terms: Cost Per Acquisition and Lifetime Value. While marketing automation helps you to understand the needs of your clients and how they change their behavior by your marketing effort, it unsurprisingly reduces CPA and boosts LTV. The reason is that automation evaluates the data both from your marketing actions and sales practices and it can be a base for apprehending which one affects the customer more and has a higher marginal rate of utility.
The main purpose of any marketing campaign is lead generation, but the story begins after it happens. Every lead has its unique characteristics and it becomes the expression of loyalty with a balanced sales management. Marketing automation keeps the track of a client’s history in your business and segments your customers according to their interests and trading activity.
Normally, marketing and sales are usually taken into account as two separate concepts. However, each of them nurtures the other when the data coming from both departments are automated. In this way, you can have a higher success rate of reaching out to the right customers. Your approach to your customers becomes more personal with this automation process, which strengthens your connection between you and your clients resulting in a better performance.