April 29, 2021
The inside track on how brokers personalize their customers’ experience in real time, based on all their data.
Most Forex companies have recognized the need for real-time personalization and automation in order to engage with their traders based on their historical and current behavior in absolute real time. A data-driven marketing automation platform is key in order to create a contextual, relevant and positive experience for the customers, drive conversion rates, increase the average LTV and prevent churn.
Many brokers have chosen Solitics’ data management and automation platform, which is designed especially for the trading industry to do just that. Solitics connects all their data sources, marketing channels and provides them with one central UI from which they can manage all their personalization and automation, based on all their raw data and all in absolute real-time.
In this article we will provide a small glimpse into how Solitics’ capabilities are put into good use by top forex companies.
1. Increasing Conversions
Brokers spend substantial amounts of resources on lead acquisition. It’s critical to maximize the conversion rate in order to lower acquisition costs and grow the customer base and revenue.
By using Solitics to create data-driven personal customer journeys, promotions, and campaigns on the most personal and effective level, brokers are generating a personal experience for their leads and increasing the chance to convert them to paying customers.
One example of such a journey is raising a pop-up message that its timing and content is determined automatically based on the relevant data and user actions. This could be anything from the traffic source, stage at which the lead stopped, a certain click on the page or any other data that is relevant.
An example could be if the lead does not complete the deposit within 3 minutes, they can raise a pop-up message on the screen. This message can offer a starting incentive, educational offer or an offer to help.
Following that, based on the leads’ next action, the journey will continue. If despite the offer the lead abandons the deposit page and does not complete the deposit within the next 1 hour, the broker can respond by sending an SMS or a push message as a reminder of the offer that was made, pending completion of the deposit.
This could be then followed up with an email within the next day and the following days as well. However at any given point, should the lead come back into the site or even a certain page, the system will respond accordingly and raise another message on the website, encouraging the lead to complete the deposit, while at the same time updating the customer record in the CRM, notifying the sales representative that he just opened a message and that he should call him.
At any given point, once the lead has converted, the conversion journey will automatically stop, the customer will be moved automatically to the next segment and a new journey will start for this customer. All this while maintaining various rules and conditions of communication policies and all based on the data in real-time.
2. Regulation and Compliance
- Many forex companies utilize Solitics to automate and increase the completion rates of the KYC processes. Based on each trader’s KYC status, brokers automatically remind and urge the customers to send the relevant missing documentation via multiple channels (live pop-ups, email, SMS……). By doing so, they substantially accelerate and make a positive impact on the registration process .
- Handling Margin calls is a very essential process for every broker, the calculation and issuance of margin calls is dependent on the collection of data from multiple sources and communicating through multiple channels in real-time.
The manual approach to manage the margin call process is resource consuming, tedious and very limited as far as the channels used and their effectiveness.
Often, the most used method is phone calls by sales representatives and for the most part, the clients don’t answer.
With Solitics, forex companies automate all the aspects of their margin call process.
They create predefined event based automated workflows and then communicate with each relevant trader on a personal basis in real-time through the most relevant channel. If the trader doesn’t respond in one channel within a certain amount of time, the system will send the notification through the next channel and so on, until the trader responds.
This doesn’t even begin to scratch the surface in the scope of conversion and maintaining compliance. There are tens if not hundreds of additional tactics and strategies in these realms, as well as other areas such as increasing engagement, retention, churn reduction, reviving lost customers…….. However this would not be possible without a platform that can utilize the data and react in real-time.
Choosing the right platform which will enable you to create real-time data-driven automation and personalization is a key decision which will have an immense impact on the future of your business and which will enable you to generate substantial growth and revenue uplifts.
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