2 years ago
140 FinanceFeeds -
The company states that this platform can be used by the brokers to study the user behavior and use this information for segmentation of customers, CRM automation, and also to personalize the communication with specific users which will in turn help in better conversions and retention as well. Many brokers do not have the time or the resources to make an in-depth study of data and behavioral analytics of their customers and even if such data is made available, they would not have many ideas of how to make use of this data and translate it into simple to action insights for their sales and marketing teams.
The RAZR platform gives the power back to the brokers and the teams to help them digest the data and convert them into relevant touchpoints for customer interaction which will impact the Key Performance Indicators. It does this by advancing the engagement through 3 key areas which are 1 to 1 personalized communication, next best action or offer for the customer, and product or content offering that is best relevant to that specific customer.
This new freemium offering of the RAZR platform, called RAZR Lite, is touted to be a risk-free proof of concept which the brokers can use to study the behavior of their users and tailor their offerings to their customers accordingly which will help in better monetization of the users and retention as well.
The Forex brokerage field does need to spend a lot more time and money on big data and studying user behavior to improve retention and also to ensure that the funds spent for marketing and sales are used for the right thing. Many FX brokers continue to operate their sales in a primitive manner as a result of which the returns from such sales strategies have been progressively reducing over the last few years. With the advent of crypto and other instruments that have caught the imagination of the public due to the high volatility and returns, it is now up to the FX brokers to step up their game and ensure that their sales budget includes things such as big data and study of users behavior to ensure that they get more out of their marketing budget.
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