Lead the Way: How Brokers Can Streamline Their Lead Management Process

Managing leads for today's FX and CFD Broker can be like herding cats! The big question is "How many are going to get away?"

To manage this process effectively, the broker needs the best Customer Relationship Management (CRM) possible. Not only is it sensible from a sales and marketing standpoint, but it also helps facilitate a serious requirement from the standpoint of the regulator...reporting!

Having a steady stream of new leads in the pipeline is a key ingredient in the success or failure of your business and every competent marketing manager can tell you about the cost per each new lead. It is never a small number! So, after the money is spent on generating new leads, there must be a substantial return on this investment. Leaving conversion to chance is a reckless concept.

Every Lead is Distinct FYNXT Arrow Icon

Every lead is different, and a multitude of factors must be monitored to quickly and effectively "close the deal". Such characteristics as, age, where they live, what language they speak, whether they have traded before, do they have a job, etc., are only a few factors to monitor. Of course, one of the most critical characteristics of any lead is the origin and from where they were referred. Your IBs need to know what is happening and you in turn need to know that your IBs are managing their new prospects.

Also, a good CRM should be capable of giving you a graphic representation of the source of your leads. This information will be invaluable in helping your marketing department allocate budgets to email campaigns, social media, advertising, educational content, webinars, seminars, and the like.

Of course, not every lead will be simple to track like a click-through on a YouTube Card or the "Open a Demo Account" button on a landing page. Often the Call-To-Action may be more difficult to track like, "I saw your advertisement on the side of a bus". This little tidbit of information, just like all CTA responses, must make its way to your CRM if it is to be of any use.

Regulatory Obligations FYNXT Arrow Icon

Sometimes, even the regulator will want to know if a client first found you through a referral or if maybe they were compelled to contact you when they saw your logo on the side of a Formula 1 car. Whatever the case, should a complaint arise, from a funded live account customer down the road, you may be required to trace the journey from the very first moment that the relationship started. Your CRM should be capable of doing this.

Freemium? FYNXT Arrow Icon

There exists a concept in retail sales, especially online retail sales, of offering something for free to a customer before they spend their hard-earned cash. It's called Freemium and the concept is simple: offer something at no cost to compel the customer to take the next step. Today's Multi-Asset Broker has many opportunities to do just that with its potential clients. You have demo accounts, free education, free content, free signals and sources of information, and a free chat line with good people who are more than willing to help get that lead over the line. Your CRM needs not only to keep track of this activity but should also know what the potential client is trading, their success rate, and how often they are trading.

Close the Deal FYNXT Arrow Icon

Now that you have the best CRM possible, to organise and categorise your leads (and keep you in good stead with the regulator), it should also be capable of informing and reminding your salespeople and IBs when to make contact again and what that lead has been up to.

Again, that Cost-per-Lead can be a significant number and your CRM should be helping you to get the best return on your investment.

How can you obtain such amazing technology? FYNXT, of course! FYNXT Arrow Icon

Contact FYNXT for a full demonstration of our comprehensive CRM system and how we can help empower your digital future.