Step 1: Conducting market research – Who are your potential customers and where can you find them?
The world of online trading is massive and hugely lucrative for retail traders who can figure out how the markets work and are able to predict future trends, reversals and breakouts.
However, the financial markets can provide exciting opportunities even for those who aren’t really interested in trading.
In fact, people who’ve never even looked at a price chart, have managed to build a successful business and grow their income just by helping brokers reach out to new clients.
This article is the first of a 10-step series that is designed to give you all the information and know-how required so that you can build a profitable business as an Introducing Broker from the ground up with CM Trading Partners!
Identifying your target market
If you are interested in starting a business as an Introducing Broker, you first need to know who your customers are – this is vital to your success.
Knowing your customers’ needs and wants is so crucial, because this information can help you customize your offering and approach in order to cater to that market specifically, thereby increasing the efficiency and effectiveness of your efforts tenfold.
After all, you need to ensure that what you have to sell is desirable by your target market and that you can meet all their demands.
So, in order to find out the type of person you should be targeting, you need to know exactly what it is you are selling, what are the direct benefits it offers and how you can position yourself as the go-to source or authority for this service or product.
The key takeaway here is that properly identifying who you want as a customer will help you find the proper channels to reach them while utilizing your resources more efficiently.
For example, if your target market is frequenting social media platforms such as Facebook and Instagram, you need to optimize your approach for these platforms and stop wasting your efforts on offline media.
Which leads us to how you can appeal to clients and where to find them, or how you can make them come to you instead.
As always, when starting something new, it’s best to not overreach and start small. A simple way to do this is by first trying to identify prospective clients within your personal circle of relationships or acquaintances.
Friends or colleagues are much more likely to hear what you have to say and be more receptive to trying something new when it comes highly recommended from someone they know and can turn to when they face any issues.
Of course, besides being quite limiting in terms of potential prospects, dealing with personal relationships has its own challenges and may require significant time investment from both parties.
Fortunately, however, through the internet, you can reach out to a much bigger audience with minimal effort on your part. Therefore, online marketing is something you definitely need to include in your approach.
CM Trading Partners even offers free website design, which can be customized to an Introducing Broker’s target market. This is a great advantage that can help you establish your presence as well as act as a funnel for all of your potential clients.
As an Introducing Broker at CM Trading Partners, you also get access to unique promotional materials – both online and offline – and all these can be tailored according to your clients’ needs.
A great website though is just the beginning! What better way to promote your business than being active on social media?
Many successful Introducing Brokers at CM Trading Partners rely on these platforms to engage their audience every day and having access to a powerful suite of promotional tools and materials specifically designed for these platforms translates to better results.
When you provide great content, clients will share it among their group as well and this will boost your overall performance.
Don’t miss the next part!
Remember, this was just the first part of an ongoing series that will provide you with a step-by-step guide on how you can build a profitable business as an Introducing Broker by leveraging the award-winning tools and services of CM Trading.
Stay tuned for our next article where we will guide you through the process of developing a solid business plan!