forex sales listening

Forex product | Loving your title much…? Or are you listening and creating awesomeness


 

If you’re a sales rep and you’re reading this, how many times did you give proposals to your management about needs of your portfolio relevant to the forex product you sell and how many of those times, did they actually listen?

If you’re the management of a broker and you’re reading this, how do you know that your corporate decisions on your forex product are really what the market needs? How many times did you reject ideas deriving off your sales people, just because you think you know better?

It is an unfortunate fact – management tends to think that “smarts” or knowing how to put down a flashy business plan, are enough to create a saleable product and tend to forget that, what eyes and ears see and hear, in most cases are far more important. Who better to contribute to this plan, than the ones who actually interact with the potential customers, the already existing customers, the industry itself?

 

Why Sales Rep’s suggestions might build a better forex product?

Decisions made out of “we will be the leaders because we’re different only served a few back when differentiation was still an option. Especially in the forex industry with such fierce competition, unless we feel it’s pulse we are most definitely not getting anywhere.

In the past Sales Reps had a list of leads to call and it was all straight forward. Today the rise of social media platforms changed everything. We can’t wait for the lead to come to us anymore. We go out there and like and comment and clap and post and qualify our own leads. No argument here; if it’s a tactic that works, who are we to say no to numbers or the era of whatever it is that exceeds quotas? “Good old cold calls” replaced by “good new cold commenting” in the Social vortex.

Adding to the argument, not only Sales Reps know what prospects that looked into the product already (leads from the website) need, but they also know what prospects that didn’t look into the product (cold leads from social media or elsewhere) want.

 

How bad can interdepartmental communication be when building a forex product

We might be biased since we train sales people and spent most of our career managing sales departments, but honestly the next point does not intent to choose sides.

Take the communication between departments of a forex broker as an example. Due to the nature of this business, sales people are mostly treated harshly and unfairly. Their opinions are side-lined because notions like “they’re in it only for the money” or “they would do or say anything for money” are still clouding any effort to combine forces towards a common goal. In the constant battle to keep up with the trends and competition, how can you honestly think that allowing departments to operate as enemies can yield any positive outcome?

It’s a strategy for many “bosses” to want their departments to bud heads because friction means people are actually doing something, they become territorial and dominant (most of the times this relates to ownership of clients or overemphasising the importance of their work), which in result increases the chances of a profitable outcome for the mothership. If the “bosses” put more effort in supporting the departments with forex product and policies that matter, people wouldn’t blame each other so much for failures, the forex product would sell easier keeping everyone happy and workflow would be more efficient.

 

A good forex product is formed by the sweat and tears of the people who sell it

Successful forex brokers are empowering all their employees by giving them a voice, embracing their intentions (even if they don’t make the best suggestions), accepting them as important links to a bigger picture and most importantly, respect their work. No one’s arguing that management is the “brains” behind operations but imagine combining that with the eyes and ears of their soldiers; the market has a voice and it moves in directions. We would be foolish not to keep eyes/ears open and listen.

Finally if we can agree that sales equals income while everything else is an expense, I’m sure we can also agree that “everything else” includes management and “bosses”. So in the end we’re all working to support the sales function in its core, clear the paths towards a successful sale, administer, amend, add, remove anything needed to help the sales role.

So ask yourself, would you rather be the “boss” of a poor, under-performing forex brokerage? or a wealthy sales administrator?

What will you do the next time one of your Sales Reps comes to you with an idea?


 

About allFX-Consult:

allFX-Consult is a boutique forex consulting agency, catering to quality rather than quantity. For over a decade, we’ve been supporting Sales Teams with training methods that aim to create proactive thinkers, rather than reacting customer support.

We don’t compete with in-house Sales Managers. On the contrary we add value to their work by working closely and efficiently towards the same goal.

We’re chosen for being discreet, detail oriented and deadline driven.

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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.compartners@allfx-consult.com. We specialise in training sales teams and forex corporate structures for individuals that want to Start a Forex Brokerage.

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