What Brand Advocates Do for the Businesses
Our world is fast, and the frequently changing marketing strategies reflect it very well. And brokerages, like any other businesses, can use the traditional advertising methods along with the new-age techniques. There are reasons to implement these changes, such as the skeptical behavior of Millennials described in Forbes research and the rising ad blocking trend that an article in Search Engine Journal acknowledges.
One of the trends is the use of brand advocates. They are ordinary people who actively use your service, trust you and wish your brand success. Advocates can be divided into four groups: customers, employees, influencers, and business partners. They may perform a variety of activities, such as:
- share your service with other participants of the market,
- publish posts about you on social media,
- mention your brand on third-party websites,
- recommend your services and attract new clients.
Below you can find three examples of what brokers can offer their clients to turn them into brand advocates.
Money and Power
According to a study published by Anderson, at the American psychological association, not everyone dreams about an impressive job title or a trendy and expensive car, but all people want to have a high social status.
Studies by Caroline Zink, a postdoctoral fellow in neuroscience at the National Institute of Mental Health, confirm that status plays a more important role for human beings than money.
Empowered with all this knowledge, brokers can use it in working with their brand advocates. For example, you may start looking at your tradersas people who seek a higher status in the professional community. So, give your traders a chance to raise their status with solutions like MAM. You can use them to pick out and turn skilled traders into money managers. Money managers hold the power, as they run other traders’ funds.
Thus, a trader who was selected for the money manager position receives status and recognition. The trader’s appreciation of your brand will grow, as will his profits. As his or her loyalty increases, you get a real brand advocate.
There is also another bonus inherent in this role. According to Claude Steiner, a French-born American psychotherapist who wrote quite a bit about transactional analysis, there is a “social stroking” that manifests in social interaction as emotional support and recognition among people. This effect is also applicable to the market sphere.
Children are not the only ones who like to play. Adults just aren’t as quick to admit it. This statement is also true for the Forex market participants — passion for the game is a familiar feeling here.
Once you are aware of this fact, you can use the game approach to working with traders. There are many interesting examples, such as:
- Quizzes that allow traders to identify their trading style. In this example Pipsology offers users to see which trading style is the best for them:
- Or suggestions to check their trading plan. Here Pipsology proposes that users develop their own trading style:
- Or even opportunities to just to learn what Forex is in a game form:
- Tests to check trading skills can also attract your target audience. As well as those that help to identify their personal characteristics as traders to understand where the mind meets the money:
Expression of thoughts and emotions has become very popular, even in professional communities. Traders are no exception. The Forexfactory website is a good confirmation of that: about 60 of its weekly forum posts are published by people sharing their opinions and thoughts.
Keeping these numbers in mind, help your skilled traders become popular. They can be a part of your vast working community and write notes and articles for your company blog. Different types of content can be created, including:
- regular market analytics,
- reviews services and tools they use,
- description of the trader’s personal experience.
If you allow traders to demonstrate their knowledge, experience and skills, and provide your platform as a foundation for that purpose, you will reap the harvest – satisfied brand advocates who are willing to defend your interests.
All these three examples of brand advocates can create a new Forex market trend that is pervading professionals’ communities and maybe even become a leading one. At the same time, it will help you attract newcomers and keep up the interest of your regular clients.
Posted by Kate Nutriakova, Marketing Specialist at Takeprofit Tech