Top Four Features of a Forex CRM
It is no surprise that the CRM software market is the biggest in the world. It has a projection of more than 80 billion dollars in revenue by the end of 2025. Thus, every industry looks for robust CRM software as a must-have technology, and the forex brokerage industry is no exception. Forex brokerage, as an industry in today’s world, is competitive and demanding. The CRM software now plays a pivotal role in defining the success of your brokerage business.
What is CRM and why a forex CRM in particular?
Customer relationship management is a relationship that allows you to manage all your client’s relationships efficiently in one place. It permits the efficient organization of client’s contacts and leads.
As a result, it enables your understanding of client activities and improves productivity plus sales as a whole. On the other hand, the forex market runs purely on data, and that the data for each individual differs at various levels begs for a more intricate form of CRM. Thus, a forex CRM provider is one who clearly understands the forex market, forex trading platform, and the various partners involved, and the overall solutions.
It enables the brokerage agencies to create a forex CRM solution that caters to your needs. Thus, allows for integrations at various levels that are vital for the success of a brokerage industry. As we have understood what a CRM is, and also the need for a forex CRM. Let’s list down the top four features of a Forex brokerage CRM are as follows:
- All-in-one management platform
- Lead management and customer journey
- Multi-Level partner management
- Customer Segmentation
- All-in-One Management Platform
An ideal forex CRM will manage data, client interaction, IB administration, marketing activities, and staff performance all in one place. Thus, the platform is fully functional for anyone in your organization. The CRM will provide you API as a service. This makes integration with your existing tools such as MT4/MT5, 3rd party tool, web, and mobile trading platform seamless.
- Lead Management & Customer Journey
Simplification of tasks is the advantage of good CRM software. Thus, it holds good for your sales and marketing team more than any other. For the startup brokerage agency, the existing customer’s buying history, habits, and other demographics are available at a single click. It enables the sales team to customize their approach for each customer and create cross-selling and upselling opportunities that would otherwise be a tougher sell.
The Forex CRM also views which marketing campaigns worked previously and replicates it at once. Thus, promote them while identifying patterns that are reducing brand confidence and eliminating them on the other end. CRM’s lead management system can easily track all lead activities, including conversion between the sales team and the potential customer enabling, them to do their jobs more effectively.
- Multi-level Partner Management
Managing revenue share or partner commission can be tricky, especially when you are maintaining multiple introducing brokers. It gets slightly more complicated if they’re associated with the same set of clients. On the other hand, a multi-tier affiliate management system has a comprehensive dashboard of all trades managed under each partner. The feature of role-based access at the super admin level allows you to define access types across admins, managers, and other partners. Therefore, a good CRM gives you the capability of encrypting data and even hiding contact information from the sales team if the brokerage chooses to, thereby maintaining the privacy and providing security from data theft.
- Customer Segmentation
Converting leads into sales and gaining a customer is a different thing. On the other hand, keeping them happy and loyal to your brand is a whole different story. Segmenting customers based on their trade volumes or other factors and maintaining personalized relationships with customers is a key to this.
A good forex CRM will provide you a panoramic view of your customer. On the other hand, it gives you a different understanding of each customer’s trading habits, portfolios, and profitability. Thus, enabling your staff and the entire system to do their best as each customer approach is personalized.
In conclusion, we can say that a forex CRM offers different kinds of opportunities to both small level and enterprise level forex brokerage business to earn more customers and profits at once.