The forex industry receives daily harsh critiques from investors, economists, regulators, any professional (academic or not) relative to the intentions, practices and professional conduct of forex brokerages. The disappointment continues with the uncanny practices of random/generic/so called forex call centres, proving once more that things are not getting any better.
Back in 2006 when we first joined the industry, our Sales tactics were limited to an introductory script and our willingness to learn, a much needed tool to help close a sale. You see competition was not as fierce as it is today, products were limited to simple structures and the idea of trading in foreign currencies was as simple as 1,2,3.
Today though, with the number of brokers increasing rapidly, the lack of systems/product diversification, and with personnel being recycled like beer bottles we resulted in practices that make no one proud, conduct far from professional and continuous loss of the potential customers the industry could benefit from tomorrow.
Note: That being said, not all call centres that sell forex services are like that – we’ve met and trained a few and some of them operate better than in-house sales teams. To each their own…
Call centres / forex call centre in a nutshell
The latest trend in outsourcing, are generic call centres that among other things (like telecommunication, pizzas, appliances, souvlaki) also sell forex services and brand themselves as a “forex call centre”; in essence boiler rooms with hundreds of uneducated people (uneducated relative to the market), following scripts and lists of unaware “potential leads” that are being funnelled like dirty laundry.
Using high pressure sales tactics, uneducated scripts, begging if nothing else works and inappropriate follow up methods, maybe brokers should open their eyes and handle their sales proactively and in the right way. There is nothing wrong with a call centre selling your product as long as the sales reps receive proper training and support. Whatever their practices, they are now your practices, for which you have absolutely no control.
So if call centres are not an option, what do we do?
No one said that call centres are not an option. With correctly trained sales reps, they are not a bad solution at all. We can’t argue with the efficiency that numbers can produce as long as there is a process associated with the function, an educated methodology in line with current standards and a culture within the operation derived and cultivated by our own values.
As mentioned above, we’ve trained a few and some of them operate like a Swiss watch. State of the art technology, high end processes, now combined with a solid sales training…
If that’s not the case with your partnered call centre, you should look into an in-house structure developed by the broker, for the broker. How can a faraway country, with uneducated personnel that is used to sell anything other than financial services, take the role of the income generator of a wannabe leader broker. In an ever demanding role, like the sales role, where our own educated people find it hard to sell (although they’re doing a great job), how can we expect that outsourcing the function can be successful without false promises, aggressive sales tactics and offering investment advice (when in many instances the reps can’t explain the connection between contract, leverage and margin)?
How does a broker setup a forex call centre?
As with any sales team, same training principles apply. Whether we will completely automate our systems/processes or not, whether we will have 5 or 50 sales reps, FX Sales is a lot more than a cheap chop-shop. At the same time, we need to recognise the importance of placing and reaching targets. The two can in fact align!
allFX-Consult is a boutique forex consulting agency, catering to quality rather than quantity. For over a decade, over and above our Sales Training, our Directors have been connecting with some of the best individuals/professionals, service providers and brokers the industry has to offer so that we can meet any corporate forex challenge.
allFX-Consult always has a counterpart/partner for any corporate structure. Before introductions/connections take place, we thoroughly examine all possibilities.
Contact us for a private conversation to discuss any forex related topic through the contact form or one of our emails at info@allfx–consult.com, email@example.com. We specialise in training sales teams and forex corporate structures for individuals that want to Start a Forex Brokerage.
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