The millennial earners are actively seeking ways to diversify their income streams- be it with the help of a side hustle or by expanding their investment portfolio. Online trading of shares, as well as asset classes like forex, has been gaining traction ever since mobile devices and ample internet became easily available.
Many conventional trading processes have also been replaced with online trading and forex trading houses are now actively engaging in creating a holistic online presence. They are concerned about attracting new customers to their online platforms and crafting seamless experiences for the customers to actively engage in online forex trading.
Of all the ideas that forex trading houses can implement to attract new customers hosting online contests is a road less traveled. But there are more reasons than one, why trading houses can effectively make use of contests as a marketing tool.
Contests help in generating more credible leads than those picked off the shelf via display ads, for instance. Contests, if done right, can help in generating a higher volume of better leads, at comparatively lower costs when compared to other marketing and advertising endeavors. Moreover, contests can help in building a brand image and driving engagement among new as well as existing customers. Trading houses can also achieve minimized CPL/CPA. This makes contests one of the most lucrative branding and lead generation avenues out there.
Obviously, it’s crucial that these contests be designed well to deliver better outcomes.
Let’s have a look at some pointers that trading houses need to keep in mind to make the most of online contests.
Host customized contests
One size fits all doesn’t really work for investments, especially when it comes to trading. HNIs or high net worth individuals have a different set of financial goals as well as financial spending capacity. According to a study, beginners account for 92% of the total online trading users. Newbies just venturing out into online trading want to start at a slower pace, taking minimum risks, increasing investments gradually whereas the expert accounts are more well-versed and like to go ahead with more experiential contests.
Trading platforms can create customized virtual trading contests with the help of technology and then blast them to the intended target audiences. To cater to diverse types of audiences- from novice to expert, trading houses can make use of technology platforms to run multiple contests simultaneously.
Conduct live contests for higher volumeTo drive up engagement, trading houses can start off by hosting limited-time live contests. Live contests mean that the users have to be up and about to participate, garnering more interest from the users caused by the real-time feel of the contest. You can host these on MT4/MT5 platforms which are ideal to support virtual and real fund contests. Of course, you must make use of technology to validate every lead so there’s no compromise on the incoming lead quality even in that accelerated timeframe.
Conduct contests in multiple languages
Trading platforms operate worldwide and restricting contests to a single language can cut down potential participation. Trading houses can instead opt for localization and conduct contests in multiple languages, identifying the right season and schedule, varying from geography to geography. This can bring new users to the trading platform who were previously shying away due to the language barrier.
Score it up with tournaments and leaderboardsFor creating a true marketing blast, trading houses can go ahead by designing tournaments, hosted simultaneously in several countries across the world. Leaderboards are a great way to keep the participants engaged in the contests, especially if you are running them for a long span. Leaderboards are used as a motivation tool in fitness apps to companies, and even in trading contests, leaderboards can usher in a sense of competitiveness among the users. The users can invite their network and peers to participate or contribute, helping the trading houses reach newer, wider audiences.
Re-engage dormant accountsThe number of dormant accounts across the globe is notoriously high for all forex trading houses. These accounts are those that haven’t performed any buy or sell transaction for a defined period. These dormant accounts essentially represent user acquisition costs gone down the drain. Contests can help in reviving those accounts for trading houses. Since contests, especially customized ones can be created to cater to different levels of investors, even dormant accounts can re-engage into the platform. They will be attracted by the competition, have an interactive experience, and also ease back into the trading game, without much convincing.
With the global economy facing quite a few setbacks recently, online trading- for panic selling or opportunistic buying is going to be on the mind of many. There couldn’t be a better time for forex trading houses to spice things up with contests to generate more leads, build a brand identity, and achieve lower user acquisition costs, with the help of the right tech.