Thursday, June 20, 2024
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HomeInside ViewHow to keep traders happy - Without bonuses - part II
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How to keep traders happy – Without bonuses – part II

By Yael Warman, Leverate

Having already discussed techniques during Part I of this article, such as providing proactive follow up, by calling clients before they call you and by keeping a steady eye on your trader’s positions, now we consider a handful of other techniques, which primarily demonstrate to clients that you’re on their side.

Be passionate on their behalf

If their trading is not doing well, call and offer your services. Analyze their account, provide insight or statistics and encourage them to talk about their trading as it will allow you to provide advice or support by highlighting what they are doing right.

Any constructive suggestion will get them talking. Talk trading long enough and they will eventually begin to discuss their feelings about their trading activity, their frustrations, and their other accounts, because of the trust you build by showing them that you have their well-being in mind.

From there you can provide practical advice or direct them to your services which may address their failings, like automated trading, indicators, etc. With a sense of their hope and confidence restored this has the effect of making traders more inclined to deposit and continue trading.

Fix their issues (especially non-issues) and don’t be shy of taking all the credit

If there is a technical issue, real or perceived, you need to follow up and fix it fast. First, it affects their perception of your technical capabilities, which if poorly addressed, can scare away a lot of trading volume. Second, it is an easy win that shows your client that there is someone there that will make things happen for them.

It gives them a sense that their business is valued. There will be many cases in which the situation remains unresolved, but your follow-up action should be the same.

Let them know that you will have something done about it straight away and then call them as soon as possible to let them know how you had it fixed for them or what the status may be if not resolved promptly.

Most of all, take credit for getting the issue addressed efficiently, thereby turning a potential perceived loss of confidence into a situation of greater confidence in your service.

Remove fees where possible

Wherever possible, have fees and charges removed. The ability to make this happen enhances the client’s trust that you will be able to achieve things should this be necessary. It provides good will toward the brokerage, which cares about the trader’s needs above their own.

When a client is looking to leave due to bonuses or other perceived advantages, if your offering is not able to compete, there is very little that can be done in terms of persuasion. But if you have provided a positive experience through ongoing support and customer care, you can often build a good defense around other limitations.

It is never possible to provide certainty that the new company will deal ethically and supportively, and highlighting this risk in financial terms is often very persuasive. Even if the retention is not effective, you can be satisfied that should the new company’s care be poor, your client will be likely to heed your warning and provide you with even more trust than in the past, having chased alternative deals and found them wanting.

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