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Screenshot of a breaking news alert e-mail from Q2 2017
The fine tuning of customer acquisition within the retail FX sector is a major activity for most firms, and on this basis, specialist real time analytics firm CorrSight which provides FX and binary options firms methods by which conversion rates can be improved has entered into a strategic partnership with Karinza in order to improve the effectiveness and performance of retention and sales teams while reducing costs.
According to CorrSight, the sales automation trend can save costs and increase efficiency and effectiveness. This is achieved via sending direct notifications to the trader on one hand and using business intelligence (BI) analysis and automated algorithms to prioritize and identify the best timing for the retention and sales teams to contact the traders on the other hand.
The new solution includes automated notifications sent to the trader and automated alerts inserted directly to the CRM with clear scripts for the retention and sales teams at the right timing to contact the client at the best opportunity to increase their lifetime value and build a better relationship.
In an interview with LeapRate recently, Karinza CEO and founder Karin Zalcberg explained that the sales component is instrumental to all retail FX firms, and that keeping a lean operation is important, with priority to sales. “There are specific aspects of a retail FX operation that can never be outsourced, those being sales, marketing and finance. The rest of the operation could be outsourced whether technology, operations and compliance” explained Ms. Zalcberg.
With regard to the method by which clients can be acquired, Ms. Zalcberg explained “There are many ways for new FX firms to recruit new clients however the main challenge for many start up brokers is name brand recognition and trader trust and security. The main factor for newly established FX firms is to study their target market and find local partners, local marketing solutions and channels based on their target market. We always preach that new brokers must start by educating their clients and provide them tools for trading and recruiting other new clients.”
Automation of certain aspects of the sales process is a matter which has developed somewhat this year, with OptiMove having designed and released customer retention automation software which comprises an end-to-end system for tracking the website activity of individual customers, and associating it with their existing database-stored behavioral records.
OptiMove, which was listed by Forbes Magazine as one of Israel’s hottest technology startups this year, automatically segments customer data in order to effective retention in the FX industry, a functionality which was explained to LeapRate by the company’s Head of Marketing Amit Bivas insofar as that “marketers can identify potentially valuable target groups based on particular flows they navigated through a website when correlated with other customers who navigated through similar flows and had different purchase patterns.”
Automation is most certainly a direction which makes sense, as firms constantly have a need to drive the cost of acquisition and retention down, as well as to reduce the relative ineffectivity of manual lead generation and conversion.