Forex Sales Team – How to choose and train the right people?
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Even though sales success relies on the expertise and strong verbal skills, these are not the only factors that constitute an effective Forex sales representative. Since the product’s nature is so closely linked to the world of finance, stock markets, and more, it requires a particular set of sales skills to explain its benefits to potential clients.
When it comes to selling, there is a prevalent belief that a good salesperson can sell anything, and that teaching them to sell something is simply a matter of getting to know a product. Normally this is true, but Forex is a completely different case for several reasons.
First of all, it’s not a physical thing that you can put on your shelf at home like a new TV, so it’s not simply a matter of convincing them that you provide a better pricing and quality. Second, due to regulatory restrictions, a Forex sales representative must present the chance to profit from trading in a consistent and reliable manner without promoting it as an investment. As a third step, the sales rep must dispel any negative perceptions that the industry has acquired. Finally, they must be able to market themselves as financial experts, a difficult challenge to accomplish.
So, what qualities should you look for in your Forex sales representative?
1. Eloquency
If someone presented as an account manager from a reputable brokerage and phoned you, you would expect them to speak with high eloquency and to be able to make a clear and persuasive statement on why you should join, right?
2. Drive
A lot of people with previous sales experience tend to think they have figured it all out. These are the ones to avoid because they’re set in their ways. You will need a person who is coachable, curious, humble and willing to learn from others.
This person should also have a competitive streak that drives him/her to work hard and achieve results. Drive is indeed one of the most important traits you need in a successful sales person.
3. Multilingualism
You will be working with clients from all around the globe, and most tier one countries have populations who speak multiple languages. The EU is a good example of this, because its unity permits residents from one member country to move to another easily. This means that German speakers can be found in England, Polish speakers in France, and Spanish speakers in Austria, among other places. While English is the dominant international language, being able to communicate with someone in their mother tongue is more likely to put them at ease, increase their trust in the agent on the phone, and lead to a deposit.
The Most Valuable Skills
In addition to being a master of sales, a forex salesperson must also be a psychology genius who can make clients see themselves using and loving their new product. Which begs the question: how can you help your sales staff attain this?
NLP
NLP stands for Neuro-Linguistic Programming, and it’s a skill that your sales reps should learn and use right now. Human minds organize information and act on important words within a sentence, visuals inside an image or letter text as the basis for this strategy. Because of this, the brain can quickly and efficiently handle enormous amounts of information. This strategy, originally used in psychotherapy, has proven to be quite successful in sales.
Demo account
It is extremely recommended that everyone on your sales team trade as much as possible on demo software. While this may seem self-evident, many brokerages do not highlight it, instead requiring their salespeople to recall how their platform looks and what each button does. Sales reps gain personal knowledge and comprehension of their users’ experiences by trading themselves, and are able to talk about the platform more clearly and dynamically during sales conversations.
Detailed sales process
A sales process is a series of actions taken by your sales team to move a prospect through the sales funnel. Prospecting, preparing, approaching, presenting, addressing objections, closing, and following up are all steps in the funnel.
Make sure your sales professionals are providing a consistent customer experience as you grow up your sales operations. They will accomplish so by following an efficient sales process you have designed, allowing them to generate consistent results.
Closing the sale
While salespeople employ a variety of tactics, many brokers rely on few tried-and-true persuasive approaches that are in compliance with legal requirements.
- Listen to the objections
You may learn a lot about your customer’s true needs if you listen to their objections, and having a thorough grasp of your product will assist you to demonstrate how exactly your solution can overcome their objections and reduce their pain points.
- Take advantage of reciprocity
Have you ever received an invitation to a dinner party and felt obligated to invite them back? This is because when someone does something for us, we feel obligated to repay the favour. It’s known as the reciprocity principle.
Giving something of value to a prospective client, when used to forex sales, may result in their making a larger deposit or trading higher volumes with you. The ‘present’ could be educational material, a smaller spread, or a gift card to a nearby restaurant.
- Use the power of social proof
In today’s digitally-driven society, a generation has grown up relying on the counsel of others to make even the most basic decisions. Before we decide on where to travel or eat, we explore internet forums, ask on social media channels, and ask our friends.
This is especially true when we lack the necessary information to make a decision on our own. Use the bandwagon effect to your advantage by informing your prospects that others have already traded with you and have had positive results. If you have any high-profile clientele, mention them or utilize excellent examples.
- Let them know it is their choice
Nobody enjoys being told what to do. People, especially when conversing with a salesperson, want to own their decisions and exercise their own free will. Even if you’re not forceful, simply suggesting anything may cause individuals to be hesitant to heed your advice; after all, why should you know what’s best for them?
Naturally, there are many more factors that make a significant impact when selling Forex trading, but these are the foundations around which all other strategies are built. And, if you need the right CRM tool to help you run your Forex business, EAERA One is here to help you.
It has all essential features to help you run your business smoothly, including:
- MT4, MT5 White Label
- Website
- Back-office
- Client Portal
- All payment methods
- PAMM System
- Multi-Level Affiliate System
You can delegate company registration, law, and even finding the office space to EAERA, freeing up your time to focus entirely on building and presenting your brand to clients.
Our White Label solution allows you to personalize our system to fit your brand completely. A Forex white label helps you lower your operating expenses on the whole as you don’t have to comply with capital requirements since you will not be processing trading operations. Furthermore, you pay significantly less for a license compared with developing it on your own.
So, what are you waiting for? Let’s get started!
Follow the link and find out more about our offer:
eaera.com/core-brokerage-system/
Contact us and set up your own Forex company within 2 weeks!
