Never Lose a Trader Again – How to Mitigate Client Churn
Any number of factors can make a customer stop trading, sometimes due to factors totally beyond the broker's control.
Customer satisfaction and content play a crucial role in extending their longevity.
One of the hardest jobs for any broker is not only to keep clients, but proactively steer them in the right direction towards success.
Any number of factors can make a customer stop trading, sometimes due to factors totally beyond the brokers control. The best approach for brokers to overcome this dilemma is to deal with trader experience before problems arise.
The following key attributes can provide brokers with valuable information about the customers intent and risk of churn level, serving as an important call to action to mitigate the risk.
Understanding Your Traders
For brokers, there are some red flags that can come up, possibly foreshadowing an issue or pointing towards a customer looking to leaving your service.
While no two clients are exactly alike, a broad sample of traders tends to behave similarly. This is especially true for newer clients, who are more likely to make mistakes due to lack of understanding or familiarity.
This is where efforts such as education can pay huge dividends.
Dormant trading activity with no new positions, or no balance indicates dissatisfaction and a significant churn risk.
It is also important to look at the most recent logins of an individual traders to a platform, with longer lapses over a week suggesting an issue.
Furthermore, a trader who has consistently been active on a trading platform in previous months but has reduced their activities significantly is also a potential concern.
Each of these concerns underscore the issue of potential client churn. The most successful brokers not only address these issues to help mitigate risks, but also tackle each specific behavior separately, personalizing each interaction to resolve the specific challenge.
Brokers must follow their traders, utilizing a smart system capable of analyzing their activity to reach actionable and coherent conclusions.
Why Customer Engagement is the Name of the Game
Engaging with your clients is the best way to not only maintain successful customer relationships but also retain users on a platform for the long haul. Brokers are constantly faced with this challenge, and the most successful ones remain so by correctly putting retention as a priority.
The right customer engagement platform looks to enable the automatic personalized engagement with traders that have been identified as being at risk. This includes such scenarios as detecting reduced numbers of their open positions, trades, or system log-ins.
Executing this level of engagement is another matter however, which is where qualified providers such as Solitics come in. Solitics has built a name for its data driven personalized marketing strategies.
The company specializes in increasing effectiveness with the fundamental aim of driving conversion, retention, and LTV, all while significantly reducing operational efforts and cost.
Most importantly, Solitics recognizes that reducing churn starts with the value that brokers provide to its clients. As a result, their advanced techniques focus on the flow of smart, relevant, and true real time communication.
Solitics thrives in this regard, deploying personalized and automated notifications across multiple channels while also utilizing a client-by-client assessment that isolates trading activity in a proactive manner.
Only through true real time personalization and interaction can brokers successfully address the issue of churn and minimize the loss of clients.
To learn more, please visit solitics.com and set up a demo to see what the company can do for you and your retention efforts.
Solitics will also be available to speak with at the upcoming iFX Expo International, Cyprus 4-6, booth 77. You can set a meeting here.
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