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With affiliates amd introducing brokers (IBs) such a key element of most Forex brokers’ incoming client stream, how can a broker stay at the top of the list of the good ones, which generate plentiful and useful leads? Adinah Brown, content manager at Leverate, explains.
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Although there are numerous streams for acquiring new clients there is no denying that affiliates typically comprise an important element of a broker’s CPA equation. With as much as 70-90% of traffic being generated by these partners, it’s important that as a broker you make your contract more desirable than your competition. Good affiliates means better quality leads, so keep the bargaining chip on your side of the court with an affiliate plan that goes beyond how much you pay. With these tips you’ll be putting your brokerage to be at the top of every affiliate’s list.
1. Money talks. At the end of the day, no matter what you think or do, money talks. IBs and affiliates want to grow their business into a profitable enterprise and see the fruit of their efforts pay off. They want the collaboration they establish with you to grow. They will do research to compare the offerings of various brokerages and choose the one that is capable of generating the best return based on the payment structure that best suits their needs. High commission rates will set you apart from your competitors and having various options in terms of payment structure (CPA, CPL, etc) can be a wise move.
2. Maintain a good reputation. When your reputation is damaged, it isn’t only your customers who jump ship, but also your partners. In today’s day and age of turbulent market conditions, combined with the speed at which news travel, IBs and affiliates are careful to choose brokerages that they can trust. They know that your damaged reputation can damage their own. They have essentially told their customers to use you, so be sure to treat those customers right. It reflects on them too!
3. Offer them the tools they need to succeed. Have available a wide range of resources and promotional materials to help them entice new traders, such as online banners, landing pages, online seminar materials, white papers and so on. Their ability to effectively promote your brokerage will turn into an upsurge of business for you.
4. And More tools. Added to the previous point, help them track their success by offering them online reporting tools that enable them to track the conversions of their provided leads. For an IB or affiliate, having the ability to measure their results will keep them focused and motivated.
5. Punctual payment. Nothing demotivates and quite frankly pisses off an IB or an affiliate than having to chase a broker for what they have rightfully earned. So keep your reputation by paying consistently and on time.
6. Optimize your conversion processes. Having a registration procedure and compliance process that speeds up your conversion funnel will keep your affiliates and IBs happy. More important than how much they can potentially get paid is the fact that they will get paid (upon conversion). Your ability as a broker to convert the leads sent to you in an efficient manner will keep IBs and affiliates engaged.
7. Offer a good multi-tier affiliate program. Most IBs and affiliates know other IBs and affiliates and that can mean that the number of leads you get will be compounded.
As a broker, increase the likelihood of both new and existing IBs and affiliates partnering with you by treating their business with respect.