In a market as dynamic as the forex market, which faces constant changes in trends, particularly regulation, the difference between the market making or breaking a brokerage lies in the successful optimization of ACR processes.
In Part I and Part II of this series, we talked about automation, social trading and binary options as tools and strategies to help brokerages optimize their ACR rates. In this next chapter, we will discuss exploring the Asian market and relying on a success team.
“In APAC, the opportunity for improved ACR lies in the strength of the broker’s mobile platforms and content. In China, by far the biggest market in APAC, the nation runs on WeChat and traders are therefore attracted to strong mobile & social products,” notes Itai Damti, Managing Director Asia Pacific, Leverate.
“The challenge for brokers remains (1) building low latency technology infrastructure and (2) mastering distribution via the local app stores. In Southeast Asia the FX landscape is more fragmented across cultures and languages, but there’s no doubt that the region is on its way to deliver on a huge economic potential. Millions of novice traders are seeking better education through localized content- both online and offline. Brokers who build a brand through education are poised to enjoy trust and win in the long term.”
When regulation becomes stricter in traditional markets, one way in which brokers can cope with the increased challenges of abiding by the new rules, is entering new markets. Unregulated markets in particular in which a broker needn’t follow guidelines, have the ability to provide much higher ACR rates. Asia has tremendous potential as a large, unregulated market that is not oversaturated, however, with a new market such as this one, some new challenges need to be accounted for, such as culture, language, time zone and technology.
Separating Yourself From the Pack in a Mature FX IndustryGo to article >>
“The Success Team is an outsourced, objective party who advises brokerages and takes them by the hand in order to help them through the process of building a solid business. A good Success Team has research capabilities that allow it to sit on a wealth of market data and has acquired professional experience from having accompanied other businesses in the walk, down the path to success. A Success Team will work on a daily basis with a brokerage, reviewing progress and sharing tools to assist in the optimization of each section of the business,” adds Avishai Ben-Tovim, Chief Revenue Officer, Leverate
A Success Team can help a brokerage in every area of the business, from finding better solutions, dealing, banks, PSP, marketing campaigns, dealing with affiliates top optimizing the business’ acquisition, conversion and retention processes. A Success Team can provide benchmarks for the broker to review acquisition processes and progress, such as cost per lead, views per banner, review online marketing campaigns, etc.
In order to determine the level of accomplishment of marketing campaigns and whether the brokerage is doing a good job at converting acquired leads, the Success Team can provide benchmarks such as acceptable rates of conversion depending on the quality or source of leads.
In retention, a Success Team is able to provide techniques to optimize and improve rates that have proven successful for other brokerages.
In our next and last part of this series we will talk about new trends in marketing that will help you optimize your ACR processes as well as having a strong compliance team that will balance regulation and business to keep your brokerage successful.