This article is sponsored by Compare Forex Brokers.
Digital marketing can be a challenge for financial services companies, especially when it comes to understanding the different data privacy laws in various countries.
In this blog post, we discuss with Noam Korbl, Co-Founder of Compare Forex Brokers, the possibility of making the most of digital marketing mixes to grow business, especially outside your home country.
Digital marketing mixes for financial companies continue to evolve rapidly. How has this online mix changed since you launched the site in 2014?
As an online business, the majority of our website traffic is generated by search engine optimization and Google organically. This is in large part thanks to our experience in digital marketing. However, at the start we also invested heavily in AdWords. In recent years, some marketing platforms like Google and Facebook have cracked down on paid advertising in certain industries and niches. Resale of tickets, payday loans and some financial services products were banned from advertising on Google Ads in 2018. Unfortunately, our business was also caught up in these changes, which forced us to rethink how we do business. online advertising.
Not only have we looked at alternative marketing channels like Native, Bing, and others, but we’ve also invested heavily in creating more engaging content. Engagement is a big ranking factor when it comes to SEO these days. Adding more interactive tables, charts, videos and images has definitely boosted this metric on our site and in turn has helped our organic rankings and our traffic on Google. I would highly recommend other online businesses to consider doing the same.
How were you able to capitalize on these changes in your own business and develop it internationally?
Originally, our activity was mainly in Australia. We created our website under the name www.compareforexbrokers.com. in late 2014 and in October 2019 we migrated to .com (www.compareforexbrokers.com). Until the migration at the end of last year, 78% of our clients were based in Australia, but we felt overexposed to the impending regulatory changes here, so we decided to target countries overseas. So far the change has been successful and we continue to invest in our online platform to ensure we maximize SEO rankings.
What trends are emerging in digital online marketing that will change the nature of the financial services industry in the future?
I think it has its place in e-commerce. I love nothing more than browsing an online electronics store and then being dynamically remarketed with ads relevant to the products I have previously viewed. However, in finance, where there is more sensitive information at stake, I think more robust regulation is needed. I think many jurisdictions will follow the lead of the EU with online user tracking.
What challenges have you encountered during your international expansion and how have you overcome them, especially in terms of regulation and the use of data?
Many of our challenges relate to financial regulation in different countries. Financial regulators around the world have looked at the online forex and contract sectors for differences due to the high rates of retail investors losing their money when trading.
Unfortunately, the trader loss rate among retail traders is high and watchdogs have placed restrictions on the amount of leverage that brokers are able to provide to retail traders. This has resulted in a drop in the average customer value, but we are combating this by 1) diversifying the countries we advertise in (as some countries do not yet have these rules) and 2) adapting our business to attract professional traders by providing more feedback – customer service and office style support. We are only a few months away from expanding, but so far we are seeing encouraging results. Increased customer engagement benefits our business, which makes us excited for the future.
What advice do you have for other businesses looking to expand into other countries, especially when it comes to complying with complex and varied regulations?
It is important to stay one step ahead. Keep reading, researching, and networking so you don’t suddenly get caught off guard by changes in legislation that could have a drastic impact on your business. There is no shortage of companies that have succeeded or failed due to government incentives or stricter legislation. The only thing that always wins is a product or service that people need. If you can build a trustworthy reputation and a solid customer experience, your business is in an excellent position to be successful in whatever you offer your customers.
Noam Korbl is a digital marketing enthusiast with 10 years of experience. He co-founded the leading currency comparison website Compare Forex Brokers in 2014 and another healthcare / medical company in 2015. Both companies are leveraging the power of the internet to drive long-term business growth. term.