In our previous post we said that if you are consistent and
In our previous post we said that if you are consistent and use Social media you can develop your IB and start receiving $2000 or more in IB commission every month.
To sum up what you need to do is: 1. To decide what sort of useful service you want to offer your clients (signals, education, help when having problems with broker etc.) 2. Be active on social media (create a page or group or join groups on Facebook, Telegram, Whatsapp, Line etc.) 3. Stick to a good broker. 4. Tell as many people about your product as possible. Let them try it for free. 5. Try to grow your network to at least 2000 people.
Once people know about you and try your service some of them will approach you with questions. When it is 1-2 people it is easy to answer every question they ask, but what 50 people want to speak with you and all of them what their answers quickly. Shall you answer every single questions?
There is no straight answer to this question. But there is something you need to remember to find a solution: it is good to have many people interested in what you do (your signals for example), but eventually most of your time shall be spent with clients who trade. Many questions with no trading will not bring you any IB commission. Here comes conversion in play.
What is better: many clients where just a few trade, or a few clients where all of them trade? Guess best is to have many clients and all of them trade Remember that only 1/3 of all people that follow you and open MT4 under your IB will eventually trade. Thus is 100 people registered with your IB, only 30-35 of them will ever trade.
Here you have 2 steps to make: 1. Present your service and make people sign up with your IB: to do so you offer public some free product with limited features (for example: 2 signals a day only with 10 min delay) whilst clients under your IB get to have 10 signals a day with no delay. 2. Convince those under your IB to trade. Let everyone who are under your IB, either trading or not, know what benefits they will have if they trade under your IB. Create and invite them to some VIP group where you give premium signals, or information or service. Setup minimum requirements for such group members, for example they need to trade at least 1 lot a month. If not, they must leave this group. You give them premium service, but they need to contribute something too.
You can talk to your broker and ask it to have some custom promotion for your clients (this is what we do for our IBs in Tickmill): this way you can present
exclusive promotion to traders which they cannot have if they do not trade under your IB.
Ask them to tell others about you, your product, and your group. You will be surprised, but often if you ask, people will do it, even for free. But your product really needs to be good.
Make sure you answer questions of your active traders fast. Most often they talk to you when they have a problem. And they expect to sort it fast. This is where your fast and professional response is really appreciated and this what builds clients’ loyalty.
As a conclusion: your initial goal as an IB would be to gain as many people to follow you as possible. Your next step will be to convert your followers into traders under your IB. These will be the people to generate IB commission for you, but at they same time they will be the ones who will require your permanent attention. Show them what benefits they will have if they trade under your IB and always act professionally. Talk to your broker, just like what we do in Tickmill to find best way to develop business. Only if all parties win (the clients- you-the broker) this will be a long term business which will ensure your steady income.
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