5 ways you can give 100% customer satisfaction in forex

Category IconCategory : Forex Brokerage Admin Blog By: Calvin Morris Create Date 11-05-2020
5 ways you can give 100% customer satisfaction in forex

Can a company or organization ever give 100% customer satisfaction??

The answer is YES!

The biggest mistake that the businesses do in 2020 is that they overestimate the customer demands and quit halfway! They give up the efforts to ensure 100% customer satisfaction and accept the mediocre service as “industry standard”.

But it is true that improving customer satisfaction requires ‘UNDERSTANDING CUSTOMER PERSONA’ and ‘STREAMLINING INTERNAL OPERATIONS’. The one who understands these both aspects, has a better chance to manage customer satisfaction effectively in 2020.

UNDERSTANDING CUSTOMER PERSONA

The old strategy of geographic and demographic characteristics - is totally redundant toady. Because today, a huge amount of data is available about the customer apart from usual the age/ sex/ location data. Starting from Google searches of people to the kind of videos they watch on social media, everything contributes to a customer persona. Simply imagining where they are in their customer journey, recognizing the challenges they face & their expectations – is not a smart move. This is a two-step process.

You have to understand the preferences of customers and create a generalized response first!

Then you can leverage the data regarding customer persona, to improve the experience!!

1. CRM for a generalized response:

CRM is an IT tool that helps an organization to manage relationships with their customers effectively – including the current customers and potential customers both. Especially in the field of forex broking, your sales team can use technology to carry out Lead Generation, Live/ Demo Account Registrations, KYC and verifications, Deposits & Withdrawals, etc. with a CRM. It is very important to respond to the customers promptly and answer their queries. When there are multiple communication channels and numerous conversations, the biggest expectation by customers community is a quick and to the point communication. Forex CRM helps you do that.

2. Data Analysis for individual response:

How the customers have reached you, what are their preferences, how is their buying behaviour, and how interested they are in you? – Data gives you all these answers. And this is not something that should be hidden or undercover anymore! Everyone knows that the companies use their data trail to reach to them and offer relevant products/ services. In fact, all the apps get prior permission from the users to obtain that data.

In forex trading world, you can segregate the individual customers in to segments and manage the relationship with them, using data. CRM also helps you in these processes. When you can pin point their demands, you can reduce the resolution time, and improve the customer experience.

STREAMLINING INTERNAL OPERATIONS

Well, you can use data and software to reach out to the maximum number of customers. But what happens if you can’t meet the demands? What of the demands makes you slow? Customer satisfaction is not just about connecting with people and managing conversations. You need to ensure that nothing goes wrong when a customer comes on board. Be it permissions from authorities, IT infrastructure, networks, liaison & collaborations, and even training your workforce – everything creates 100% customer satisfaction – together.

3. Ensuring Regulatory Prudence:

Whenever you are offering forex brokerage services, you need to get clearances, permissions, and licences! These rules and regulations are created for your safety and the safety of your customers. Be it Labuan, Mauritius, Seychelles, St. Vincent – making sure that company formation and licensing requirements are met. This builds up trust in the traders’ minds and improves customer satisfaction. Trust is something that has the power to give a customer 100% satisfaction. So, brokers need to be very careful about the regions where they wish to offer services and ensure regulatory prudence.

4. Improving Workflow with Technology:

Brokers should leverage today’s technology to the fullest to exceed the customers’ expectations. The efforts that go into the backend processes are not known to the customers. So, naturally, they don’t care about it, they are concerned with the result. IT infrastructure can help your team to streamline the workflow and all the internal operations so that tasks are finished within due time. For example, automation with Bots & Assistants can help you in ITSM. In the same way, there are so many other tools that help you to achieve Digital Transformation. And when the customers get what they want, ultimately it leads to 100% satisfaction.

5. Creating a network of traders & IBs:

For offering the best services to customers, it is very necessary to create and maintain a good network. A network gives you insights about mood of the market and the prevailing trends as of today. Liaison & collaborations with IBs helps you to study your peers and competitors closely. But you need to create a network in an organized manner where you can track every channel and improvise wherever necessary. A CRM also becomes a great help in managing network, especially with a Multilevel IB module. This network ensures your presence everywhere at the same time. And it helps you anticipate the customers’ behaviour.

100% Customer Satisfaction is definitely possible!

It is not as scary as it seems!!

One needs to leverage the Data, CRM, Digital Transformation and Networking tools wisely to predict and work towards fulfilling the customer expectations. PheasanTech offers you total assistance in establishing your forex brokerage company – starting from company formation to CRM and digital marketing. If you are thinking about making it big in forex broking, get in touch with our team of experts. Visit or connect with us on Skype. OR you can email us on info@pheasantech.com.

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Author

Author: Calvin Morris

10+ years of expertise and knowledge in sales and marketing in Forex Industry. I love, live, and write with passion and not to brag but am also highly adept in Compliance and Legal issues resolving tasks, handled 500+ Forex Brokers/IB/Trader's, Back Office Management related responsibilities.

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