It is an undeniable fact that the foreign exchange industry is fiercely competitive and that the binary options industry is also closely following suit. Thus, acquiring, converting and most of all retaining customers is challenging, difficult, and costly and forces all brokers in the two industries to keep re-evaluating and re-designing their marketing strategies. Within this framework and taking into account how the market environment has evolved and how it is shaping for the New Year, there are several recognizable trends in terms of how the marketing efforts of brokers will be unfolding in the next months.
If you are a trader read on to know how brokers will try to woo you further, but most importantly if you are a forex or binary options broker, find out how the industry is anticipated to move to make sure you jump on the right bandwagon on time and be able to compete with parity with all your competitors.
A further increase in sports sponsorships
Both FX and binary options brokerages have in the past couple of years resorted to sports sponsorships of recognizable teams and/or athletes in order to gain visibility and attract customers. As this appears to be an effective marketing method, which also sends the message that a broker is affluent enough to be able to strike such a deal, as well as reliable enough to be enjoying the endorsement of a prestigious sports club or athlete, it is almost certain that such sports sponsorships deals will not only continue in 2016 but that they are bound to increase and even include more types of sports.
More emphasis on mobile trading
With the volume of mobile trading activity recording unprecedented levels, it becomes imperative for all brokers to develop and offer to traders reliable and effective mobile trading solutions. The reality is that those brokers who do not offer mobile trading stand to lose a significant share of the market. Hence, it is expected that in 2016 we will see brokers competing in order to become as mobile-friendly as possible. Streamlining ourselves with this market trend as well, here at binaryoptionswire.com have proceeded with a total facelift and revamping of our platform and offering, which, inter alia, has become mobile compatible and mobile friendly to allow traders to access all our content on the go at any time.
Adoption of big data by brokers
The need to be able to predict the behavior of traders and trying to retain their custom, makes big data an invaluable tool for brokers. The technological advances are already in place helping brokers gather and accurately interpret the customer data produced by their platforms. So, the trend will be the adoption of such big data by most brokers who wish to remain competitive.
Social trading becomes indispensable
Search data by Google shows an impressive increase in the demand for copy and social trading. This is because traders seem to prefer those brokers who do offer social trading capabilities through their platforms, while brokers on their side are now convinced that social trading hugely improves and boosts their client acquisition, conversion and retention. Seen as an indispensable part of a broker’s offering, social trading is set to become essential in the months to come for all those brokers wishing to effectively compete in the forex and binary options markets.
Industry shifting further towards digital marketing
Understanding the huge potential and benefits to be had by the successful implementation of digital marketing tools, brokers in both the forex and binary options trading industries will streamline and improve all aspects of their digital marketing efforts. Starting from optimizing their landing pages and designing their sites and sign up forms in ways that are simple, straight-forward and user friendly, and moving to more long-term strategies, such as engaging in content marketing, since offering good quality and regularly updated content has been proven to pay off by attracting large numbers of prospective clients and leading to greater conversion rates.
Taking advantage of technologies for marketing automation and retention
The great leaps in the marketing automation industry and the plethora of solutions it now offers will push more brokers to adopt such marketing automation tools, since they will thus be able to target their campaigns more easily and effectively, in an automated, faster and far more efficient manner, than more traditional methods, such as email marketing software.
Changes in how brokers market their services
The budgets that brokers dedicate to paid acquisition may be decreased or at least be redistributed, from the more traditional channel of Google Adwords and PPC affiliates, to newer outlets, for example Facebook Ads, Twitter Advertising, Dianomi, Outbrain, and Taboola, while marketing efforts may well also be diversified further to tackle other venues, such as Instagram which oddly enough appears to be hosting a populous group of traders or people interested in trading activities, most of whom belong to the more affluent niche of the potential client base.
The final change that one could anticipate to see in the marketing practices of both forex and binary options brokers who will be rushing to establish, improve or maintain their market positions and existing clientele, is a shift towards building in-house, dedicated digital marketing teams instead of outsourcing this need and buying services on ad-hoc basis, since brokers have come to realize that having their own dedicated team of people in this field brings much better results in terms of conversion optimization, search marketing, and paid acquisition.
In a nutshell, the market for forex and binary options trading is not an easy one to survive in. Indeed the environment is competitive, dynamic and volatile and only those brokers who dare to innovate and follow trends closely in order to be able to adapt to them will stand the chance to survive and prosper in it.