If you want to succeed in the ultra-competitive forex market, everyone, not just highly experienced brokers, need to do two things. It is important that they understand exactly the customer’s individual requirements, and secondly, they need to have a grasp of how best to communicate with the customer in their dealings with them.
If any of these two things are not done, it will likely result in a lot of missed opportunities in terms of acquiring new customers, as well as a reduction in conversions and ultimately profits will be negatively affected.
To try and tackle these two issues head on, you need to carefully analyse the customer data.
This is where Impact CRM comes in. It acts as customer data collection point to make the most of your customer data. It makes use of Artificial Intelligence (AI) and a highly advanced Machine Learning system, as well as Deep Learning capabilities, for analysing the data collected from your customers.
By having an AI-driven CRM (see FAQs at https://www.salesforce.com/products/einstein/ai-deep-dive/), it allows all brokers to grasp a unique understanding of the requirements of each trader. It will then make use of what is known as “predictive analytics” to give the broker an idea on how to deal with them.
To collect correct data, it is important that all data is channelled from the customer’s dealings with the broker from mediums such as conventional telephone calls, making use of live chat facilities, and other methods of communication through Impact CRM. Whilst keeping an accurate record of dealings in terms of communication is important, it is crucial to have a record of other things such as deposits and withdrawals, and this information can be used to get the best marketing activity for that particular customer. This allows for marketing spend to be better appropriated.
By using this system, a broker is in a great position to make the most of new leads that come their way. You will quickly notice that your cost per qualified lead is lowered, which benefits CPL and CPA.
Also, if you can offer a more customer orientated service, it will result in more conversions, since you are in a position to better understand your customer. This leads to better and more effective cross selling, and your opportunities for up selling are also improved. By having a more wholistic approach to your customers, it improves LTV and reduces churn noticeably.
For more details, check out https://www.impactechs.com/what-type-of-crm-do-forex-companies-need/. To examine the full benefits available, read this article.