Look outside the box

Yael Warman

The Forex brokerage industry has gotten to a point in which differentiation is hard to accomplish. With the widespread availability of “out of the box” solutions, a one-size-fits-all modus operandi has spread across the sector, offering little to no unique selling propositions. How then, should a brokerage differentiate themselves from the competition? The answer is: […]

markets

The Forex brokerage industry has gotten to a point in which differentiation is hard to accomplish. With the widespread availability of “out of the box” solutions, a one-size-fits-all modus operandi has spread across the sector, offering little to no unique selling propositions. How then, should a brokerage differentiate themselves from the competition? The answer is: creative marketing! And how do you do that, you ask?

1: By looking outside of the box, namely, the industry.

That’s right, looking at what companies in other industries are doing can be a great source of inspiration. Join networking communities, online forums and chambers of commerce and listen to the pain points other industries are facing and how they are being solved and adapt these solutions to the financial trading industry.

Learn how companies in other industries are marketing their products and services and don’t be afraid to bring your experience from outside of the industry into the Forex trading sector. Often times I hear people who recently joined the FX industry say things like “I’m new to the industry, I’m still learning the ropes”.

Instead of “learning the ropes” (which I’m not saying isn’t important), bring the knowledge and ideas you have from other sectors to renew the FX industry.

2: By thinking differently.

The true leaders of industry have been rebels. They have managed to make their unique voices heard in a sea of “sameness” and set their own rules. Try and offer alternative solutions to the problems the FX industry faces. If you see everyone doing the same old marketing campaign and you have a great idea, mix it up a bit. You don’t like the way something is being done?

Get inspired to change something and maybe others will follow suit and you’ll create a bigger impact than you thought.

3: By surrounding yourself with creative people.

Maybe you have your group of friends you hang out with socially and they are great fun, but do they “get you”? Do they change the way in which you think? If the answer is no, then you need “work BFFs”.

I don’t mean a nice group of people you have lunch with during the week or who gather around the water cooler on breaks. I mean professionals of different industries who like you, want to revolutionize their respective markets. Exchange ideas with them, encourage each other and see what has worked for them and what hasn’t.

4: Step outside of the picture.

You know how sports fans are the best coaches? From up in the bleachers, without the pressure, everything is clear and you think how in the world the team hired that coach!? Well, when you are not in the game, you see the game clearly, every move, every opportunity. In your business, every once in a while, step off the field and onto the bleachers and look at the big picture.

Conclusion:

If you keep working in circles, gathering the same over-used ideas and regurgitating them back into your business, you’ll never allow for new ideas to flourish. Each season, farmers plow the land to plant new seeds; if they left the old plantings there, there would be no place for new seeds to grow.

Read this next

Digital Assets

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

<