No, Robots should not run your marketing

Bart Burggraaf

“If we look at successful companies in this industry, we see there is another way. One that focuses on long term, that focuses on adding value to customers rather than taking it. Those companies have in common that they have humans involved in the process” – Bart Burggraaf, Managing Partner, MediaGroup Worldwide

By Bart Burggraaf, Managing Partner, MediaGroup Worldwide

A lot of marketing people in the brokerage industry look with envy at companies in this space that automate large parts of their marketing. And to a certain extent, optimizing advertising can be done by rules and robots. However, if you look at the business model of those companies automating a large part of advertising, onboarding and retention, you will see that they have little to no brand.

What I mean with that is, if they stop spending on advertising tomorrow, a few weeks from now their acquisition will go to zero. You will also see they spend a very large percentage of their revenue on advertising compared to brokers that do focus on building a brand.

Nothing wrong with this per se, but if you were to survey their traders, I think very few are loyal to those brokers. To a certain degree, this type of automation follows very closely the principles that brokers with large bonuses, leverage, pressure selling and so on follow. It’s short term thinking infused with the idea that this is a zero sum game. That to win, others need to lose.

But if we look at successful companies in this industry, we see there is another way. One that focuses on long term, that focuses on adding value to customers rather than taking it. Those companies have in common that they have humans involved in the process.

Their advertising speaks to potential clients like a human would. There is a voice that fits the brand, and design is done with beauty in mind.

I admit it’s sometimes hard to keep this view, but the numbers you see in your advertising reports (hopefully) represent real humans. Those real humans you are targeting with your ads have emotions and like to be spoken to like a real person, just like you would.

So think of it this way, if you are designing a landing page, what information would you as a potential trader like to see to make a decision? Then do that. Or if you are not representative of your target audience, go and speak with your potential clients and find out what they want.

What’s more, humans are visual beings. They can intellectually understand an offering is superior, but when given a choice that is close but more beautiful, they will go for the more beautiful offering.

Case in point; Apple is a successful company, while nowadays lots of other companies arguably make superior products.  They say beauty is in the eye of the beholder, but on the whole, I think there is such a thing as objective beauty in design. For me, beauty in design means consistency, clarity and care, but it’s very hard to describe in an article. What is clear is that good design takes time and needs to be crafted to fit an overall brand strategy.

So no, robots should not run your marketing. They can help in facilitating real interaction. They can help look through data and optimize performance. But at the end of the day, until Skynet is operational, a robot is only as good as what you tell it to be.

Read this next

Crypto Insider

Gate.io lists DeFiChain’s DFI token amid growing popularity

Bitcoin-based DeFi platform DeFiChain announced the listing of its native DFI token on Gate.io, one of the world’s leading cryptocurrency exchanges.

Digital Assets

Binance in discussions with Japan regulators to relaunch operations

Binance, the world’s largest crypto exchange by traded volume, is reportedly seeking a license to operate in Japan after its exit from the country four years ago.

Digital Assets

OKX Chain integrates .crypto domains to simplify wallet transactions

Unstoppable Domains, a company building Blockchain domain names, has entered a partnership with EVM and IBC compatible chain OKC (OKX Chain). This collaboration will grant OKC’s users the ability to simplify deposits and withdrawals within the regulated fiat-focused crypto-asset exchange.

Retail FX, Technology

MetaTrader’s iOS issue opens brokers’ eyes to other trading platforms

In a surprising (or-not-so-surprising) move, Apple has removed MetaTrader 4 and MetaTrader 5 from its App Store in a huge blow for the leading FX trading platform provider.

Retail FX

Pepperstone adds Capitalise.ai analytics and automated trading tools free of charge

“We look forward to bringing significant value to Pepperstone traders and making a real, positive impact in their daily trading habits. We are excited to welcome them on board.”

Retail FX

FP Markets wins Best Global Value Broker for 4th consecutive year at the 2022 Global Forex Awards

“We greatly appreciate the continued international recognition as at FP Markets we pride ourselves on these attributes and these prestigious awards are testament to the hard work from our global team to always provide our clients with the ultimate trading experience.”

Inside View

How to Engage Your Customer at Every Stage of Their Journey

As many as 89% of successful businesses say that providing assistive customer experiences is critical to their growth. That’s because a mere 5% increase in customer retention can boost profits by 25% to 95%.

Industry News

CFTC fines Chinese firms Chinatex and COFCO $720,000 for wash trading

Chinatex traders engaged in wash trading in order to liquidate a long position in the account of an affiliated company and re-establish the position in its own account, to the ultimate benefit of its parent company, COFCO.

Industry News

US-based operation of Brazilian broker XP fined $500,000 for recordkeeping failures

“Proper recordkeeping is vital to protecting our markets and market participants from fraud and manipulation. This case serves as another example of the Commission’s intent to vigorously enforce the recordkeeping obligations of its registrants.”

<