Why bonuses are like free dog food and how to nail client profiling for free at the iFX EXPO.
This article was written by Anna Becker, CEO of All Sherpa. Learn more about how data intelligence and behavioral science can drive redeposits.
Many in the retail trading industry lament the increasing Regulation which restricts aggressive marketing and bonuses. Brokers have complained that regulation is interfering with one of the core ‘proven’ marketing techniques helping them to convert and retain their customers.
The truth of the matter is, that these hard-sell techniques were dead long before regulators got involved. Starting in 2015, we started working with some forward-thinking brokers about how to replace aggressive marketing programs that were ineffective and certainly cost-inefficient with smart marketing programs.
Free dog food for all
Here is an insight we shared with a retail broker April 2015.
‘Bonuses are like free dog food. For some, they are great. They have a dog, they were going to buy dog food anyways, so why not! But for many others, who don’t like pets, or own a cat… no amount of free dog food is attractive.”
Those of you long enough in the industry know that in the last three years brokers were relying heavily on free dog food strategies. Acquisition and conversion efforts focused on aggressive trafficking and pushing bonuses. First on the landing pages, then with retargeting campaigns, and eventually with automated ‘smart’ emails.
This marketing approach targeted unsophisticated customers. They played on unsuspecting clients by using aggressive marketing tactics.
Brokers had a bonus tool at their disposal, and boy were they happy to use it aggressively to bring new traders. Wild promotions and bonuses were heaped on time to create a sense of urgency. A bonus on top of a bonus.
Broker and affiliate marketing became a grey zone, but brokers were trapped by their own success.
Enter profitable marketing
Profitable marketing means offering dog food to dog lovers, cat food to cat lovers and filet mignon to premium customers.
With ever-increasing regulation, brokers cannot continue using aggressive marketing to gullible clients. The regulatory requirements will affect brokers all across the industry. Instead, clever marketers can offer the excitement of trading the markets to interested clients in new compelling ways. By identifying what motivates a potential trader, and how to satisfy them, brokers can build robust, reputable and profitable businesses.
For example, identifying customers' motivation, whether they are interested in learning new skills, attracted by taking an active role in their finances, or just for a pastime activity, brokers can design offerings and experiences that attract and satisfy those customers.
Imagine that you know all the personal details of your next prospect. You know their income, their family status, education, spending habits, and even character. Could your marketing team craft an effective campaign for this prospect?
We know that your marketing team can be more effective with this customer, than by using non-compliant aggressive sales tactics.
As a matter of fact, our work with data-savvy brokers has shown that by successfully integrating 3rd party profiling data into campaign funnels, brokers can improve conversion by several orders of magnitude vs. similar funnels based solely on bonuses and call centers.
Winning with customer data
More and more brokers have business analysts to turn their own data into profit. Cutting edge brokers have seen that combining internal profitability and usage data with 3rd party data can bring profit breakthroughs and operational savings.
Sherpa augments client profiles with 3rd party data so that brokers can know who customers really are - not what they say on a call, or what they write on their forms.
If you know true information about your clients, you can use it improve your brokerages’ bottom line.
See who your clients are - iFX EXPO opportunity
And now, for the perk. Sherpa will take an active role at the upcoming iFX EXPO International, which is kicking off this evening. First, you are invited to attend the Marketing Funnel Revisited panel on May 25th, at 10:45. I will be there to run my theory and practice of data-driven marketing against other industry experts.
Second, Sherpa will be offering a full customer profile for free to 10 brokers. This is your opportunity to harness your data and our experience for your own ROI. To see if you qualify for the customer profiling, contact us here, or come to say hi at the show.
This article was written by Anna Becker, CEO of All Sherpa. Learn more about how data intelligence and behavioral science can drive redeposits.
Many in the retail trading industry lament the increasing Regulation which restricts aggressive marketing and bonuses. Brokers have complained that regulation is interfering with one of the core ‘proven’ marketing techniques helping them to convert and retain their customers.
The truth of the matter is, that these hard-sell techniques were dead long before regulators got involved. Starting in 2015, we started working with some forward-thinking brokers about how to replace aggressive marketing programs that were ineffective and certainly cost-inefficient with smart marketing programs.
Free dog food for all
Here is an insight we shared with a retail broker April 2015.
‘Bonuses are like free dog food. For some, they are great. They have a dog, they were going to buy dog food anyways, so why not! But for many others, who don’t like pets, or own a cat… no amount of free dog food is attractive.”
Those of you long enough in the industry know that in the last three years brokers were relying heavily on free dog food strategies. Acquisition and conversion efforts focused on aggressive trafficking and pushing bonuses. First on the landing pages, then with retargeting campaigns, and eventually with automated ‘smart’ emails.
This marketing approach targeted unsophisticated customers. They played on unsuspecting clients by using aggressive marketing tactics.
Brokers had a bonus tool at their disposal, and boy were they happy to use it aggressively to bring new traders. Wild promotions and bonuses were heaped on time to create a sense of urgency. A bonus on top of a bonus.
Broker and affiliate marketing became a grey zone, but brokers were trapped by their own success.
Enter profitable marketing
Profitable marketing means offering dog food to dog lovers, cat food to cat lovers and filet mignon to premium customers.
With ever-increasing regulation, brokers cannot continue using aggressive marketing to gullible clients. The regulatory requirements will affect brokers all across the industry. Instead, clever marketers can offer the excitement of trading the markets to interested clients in new compelling ways. By identifying what motivates a potential trader, and how to satisfy them, brokers can build robust, reputable and profitable businesses.
For example, identifying customers' motivation, whether they are interested in learning new skills, attracted by taking an active role in their finances, or just for a pastime activity, brokers can design offerings and experiences that attract and satisfy those customers.
Imagine that you know all the personal details of your next prospect. You know their income, their family status, education, spending habits, and even character. Could your marketing team craft an effective campaign for this prospect?
We know that your marketing team can be more effective with this customer, than by using non-compliant aggressive sales tactics.
As a matter of fact, our work with data-savvy brokers has shown that by successfully integrating 3rd party profiling data into campaign funnels, brokers can improve conversion by several orders of magnitude vs. similar funnels based solely on bonuses and call centers.
Winning with customer data
More and more brokers have business analysts to turn their own data into profit. Cutting edge brokers have seen that combining internal profitability and usage data with 3rd party data can bring profit breakthroughs and operational savings.
Sherpa augments client profiles with 3rd party data so that brokers can know who customers really are - not what they say on a call, or what they write on their forms.
If you know true information about your clients, you can use it improve your brokerages’ bottom line.
See who your clients are - iFX EXPO opportunity
And now, for the perk. Sherpa will take an active role at the upcoming iFX EXPO International, which is kicking off this evening. First, you are invited to attend the Marketing Funnel Revisited panel on May 25th, at 10:45. I will be there to run my theory and practice of data-driven marketing against other industry experts.
Second, Sherpa will be offering a full customer profile for free to 10 brokers. This is your opportunity to harness your data and our experience for your own ROI. To see if you qualify for the customer profiling, contact us here, or come to say hi at the show.
FXIFY Celebrates 1 Year Anniversary: Establishing Itself as an Industry Leader
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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