Bonuses and loyalty programs play a big role in Forex and Binary Options businesses. Rewarding traders for their business is a key element in a brokerage’s marketing strategy and everyone knows money makes the world go round, that’s why Jerry McGuire’s “show me the money” has become a vocabulary staple for the better part of two decades. But what happens when every brokerage out there offers the same signing bonus and loyalty reward program? How do you differentiate yourself from the bunch?
Simple point system. Points are the most common reward program out there. Airlines have them, credit card companies have them, chain stores have them”¦ Where most companies fail however is that they make the relationship between points and rewards a complicated one when it shouldn’t be. In the Forex and Binary Options industries, point system-based rewards can encourage frequent deposits, but stay away from “ten points equal one dollar. Ten dollars gives you a 50% bonus on your next deposit” and rather give rewards that offer a straightforward relationship between the deposit, the reward and the way in which the reward can be used.
Non-monetary rewards. If you understand your customer’s values and sense of worth, you may realize that traders often find a big value in non-monetary rewards. Education, trading tips and value-added features for VIP traders only are some of the ways in which a brokerage can look beyond dollars and cents and establish a real connection with their traders.
Turn it into a game. Forex and Binary Options traders have a natural inclination towards gaming. Take advantage of it by turning your loyalty program into a game that encourages repeat business and helps solidify your brand. Once a trader makes three deposits, they get to play a game (think wheel of fortune for example) for a chance to win free prizes.
Virtual loyalty cards. You have at least one or two of these in your wallet right now. A little card the size of a business card and every time you buy a coffee, you get the card punch-holed and when you have ten or twenty holes, you get a free coffee or a mug. How about a virtual card and for every deposit a trader makes, you hole-punch his/her card? When they get to ten, they get a prize.
Sign up rewards, every time. Sign up bonuses are the single most common reward system in the Forex and Binary Options industries. The problem with sign up bonuses is that they do a great job at enticing the trader to make that first deposit, but they do nothing to retain them. Hook your existing traders by setting up a loyalty program in which they receive a benefit with every deposit, not just the first one.
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