How to Expand & Promote Your Brokerage House
If you have successfully enacted your brokerage house with all the right products, tools, and basic trading groundwork, the next essential step is to focus on the “Marketing” domain. Strong sales and marketing campaigns are like the fuel of successful businesses, so you must input substantial efforts in designing your marketing roadmap.
Simply put, establishing a brokerage house can only be considered an initial stage of your business venture, as the real work starts after that. Diligent promotion and marketing can get the wheels of your company rolling!
I will explain the fundamental marketing factors that can evolve your brand into something big. I have classified the marketing strategies into three primary cycles, namely early, mid-range, and high-level, considering the changing dynamics of companies from early to advanced points.
How to approach the Early marketing phase
In the early stage of your marketing drive, you should mainly focus on the target audience and communication gateways. You must plan a strategy primarily focusing on the target clients’ preferences & personas as well as the company’s final objective. Moreover, when drafting the marketing scheme, you should lay out a specific budget, determine the key performance indicators, and execute competitive analysis to maximize your results.
For effective early marketing, it is prudent to hire a digital marketing manager to oversee all maneuvers, as well as allocate the budget between five primary marketing techniques.
- Pay Per Click/ Media buying: For PPC, you pay when someone clicks on your ad, while for media buying, you have to pay in advance for ‘ad display.’ You can examine the results by looking at different metrics of your website, like organic traffic and users’ stay time.
- Automation: Via automation marketing, you can utilize multiple channels, like email marketing, personalized advertising, & behavioral targeting, to build your client base.
- Affiliate marketing: For affiliate promotion, remember to use of tracking systems to analyze whether your product is receiving the promised exposure. Also, disburse competitive payouts on par with industry standards.
- Front-end development: An excellent front-end developer can help you modify and polish your website with periodic feedback.
- Design and content: For the website content, you can reach out to any reputable agency to generate creatives per your goals.
Take things to the next level with Mid-range marketing
When you come out of the burgeoning marketing phase and your company experiences some recognition, it is not the time to rest easy. You must level up your efforts to further advance your brand’s popularity and augment overall ratings. Here is a brief overview of what you can do in this mid-stage:
- You need to accommodate a Chief Marketing Officer (CMO), and marketing managers, to coordinate and streamline activities on a broader level.
- To build public trust in your brand, you can introduce periodic promotions or new products and launch PR campaigns.
- You can embark on external branding efforts, like using social media forums, link building, influencer promotions, and outdoor ads. As part of internal-branding endeavors, you should find ways to make your staff more productive and competent.
- You can arrange product-related seminars and conferences to maintain a connection with your clients. Moreover, with sponsorships, you can significantly enhance your brand awareness.
The Ultimate Marketing stage — Maintaining your business at the peak
Reaching the highest level of the marketing stage is an excellent feat in itself, as only a limited number of start-ups make it this far. When your company touches the industry peaks, many new challenges emerge where achieving further growth gets tough.
Hence, at this point, I suggest that businesses focus on a three-pronged marketing strategy:
- Focus on providing B2B services at an institutional level.
- If you have a budget of millions of dollars, you can go for global partnerships and ambassadors to strengthen the brand position.
- You can improve and stabilize your relationship with customers by capitalizing on ongoing trends like Environmental, Social, and Governance (“ESG”).