When it comes to the Internet trading industry, there’s just one question that people often ask about retention: what are the proper behavioral patterns people need to recognize in order to retain their clients?
Before you get the answer, it’s important to note that the question implies a number of things:
- Behavioral patterns are like a magic spell you need to decipher to ensure you have the key to wealth and wisdom
- People are always looking for the right answer; something that makes it easier for retention
Behavioral patterns of… traders!
People always want an answer to things they have questions about. Each account manager/retention agent has their own thoughts and answers as to what’s working for them. A “secret sauce” does not exist. There are, however, some behavioral patterns that people do have, and if you look for them, you can use them to your advantage.
In trading data, there are a number of building blocks in terms of behavior patterns including but not limited to:
- Trade duration
- Preferred trading time
- Market prices
- Deal size
These puzzle pieces create a unique trading profile for anyone who wants to trade. Here’s an example: one trader may be conservative when there is a large amount of money in the account, but would rather do minimal risk trades. Another trader may decide to take big risks even with little funds in the account.
What should brokers do now
What do they do now? Should they create a profile for every trader? No, since it takes a significant amount of time and is quite complex. Instead, the best thing brokers can do is watch the data and use that information to establish a great connection with their clients. Brokers need to use this properly dealt-with information as a platform for communication with clients. Each account manager needs to use reliable, trustworthy information that’s relevant to their client and gives them great care.
Here are a couple of examples:
- A client previously made 10 trades on a daily basis, reducing this to just 10 times a week. The account manager could see this as a chance to make a call, find out what’s going on, and how they could help the trader. Making clients feel their account manager gives a care about them could lead to a professional discussion regarding trading tactics and other things.
- A client, out of nowhere, made a number of large wins. The manager could see this as a chance to praise the client and ask him why he thinks he’s so successful, and how it could be used to extend the success.
The above examples are just simple ways in which brokers can strike up client engagement. The manager needs to learn their clients’ preferences and know what information is important enough to reach out and call them.
That’s the challenge. After all, there’s a lot of information, and each client has their own preference. However, if you want to be a successful account manager, you need to have relationships built on trust.
There’s no single way to succeed in account management. Rather, the way you succeed is the way that works for you. You have to find that way and master it. Going for mastery always pays off.