In April 2016 the State Administration of Foreign Exchange (SAFE) said China’s foreign exchange (Forex) market reported a 10.71 trillion yuan ($1.65 trillion) turnover in March, increasing by more than 60% compared to the preceding month (up from 6.55 trillion yuan). Of this 10.71 trillion, 82% (8.85 trillion yuan) comes from the transactions between interbank forex transactions. This turnover is expected to continue to grow as more and more investors continue to enter this Chinese market. In 2015, in order to position its forex market as a transparent market, China opened it to overseas central banks and similar institutions and has accepted 14 new overseas central banks.
The Forex trading market in China is not really easy to break into. The Chinese government has really strict rules for western companies that want to lead the forex trading business in China. Here, we will give some reasons:
- The technical system in China is very different from other international models and this can lead to complexities that may affect Chinese economic growth.
- Experts see forex trading as a risky market that could bring a lot of instability to the Chinese economy as many Chinese people are involved in this market (the potential to lose a lot of people’s savings).
An important fact about this Chinese forex market is that most of the transactions are traded in Yuan rather than dollars.
The forex market is very competitive in China, let’s see how digital marketing and Search Engine Marketing (SEM) can help you to succeed in this market.
Forex Marketing in China, and how to generate leads from Chinese clients.
PPC (Pay per click)
With Search Engine Marketing, you can bet and buy keywords relative to your activity (market and Industry). This paid system will enable your product ad to appear at the top of the search results pages of the search engines. This ad could also be displayed in the search engine network (websites affiliated with Search engines that display search engine ads). The advertiser only pays when its ad is being clicked by users.
BAIDU is the most popular search engine in China with a market share of 70% and offers the PPC system. Advertising on BAIDU will enable your product to quickly gain extra visibility to potential investors who are interested in the forex market. It also complements your SEO efforts (ranking highly in the natural search results).
Keep in mind, Chinese businessmen search for information before investing anywhere, just as any westerner would do….
This tactic is very popular because it helps potential clients and leads them to get their information and questions answered promptly and accurately. It also personalizes the relationship you build with a user so you can reassure them. It makes your service more tangible, it’s especially important in the services industry. Web chat can increase your sales revenue if this is well implemented and managed.
An easy method for online chatting:
Engagement through WeChat
One way to engage your users is to build an online community by providing them with accurate and relevant content. One of the most popular social media platforms in China to build a community is Wechat. On your Wechat official account, you can talk about politics, economics, and everything related to Forex and attract your audience’s attention.
Below is an example of FXCM, a forex trading company offering different kinds of content around financial and economic topics.
We can distinguish between 2 types of segments you will want to talk to:
- Customers who are unfamiliar with the Forex trading market. The market might be too complex and they might feel completely lost because of complicated figures and explanations. You need to educate them and make it simple for them to understand.
- Investors who are familiar with Forex trading agencies and who look for advanced tips and information. The content you will need to provide will be more niche and technical.
WeChat enables you to differentiate between these 2 types of users and to better target them.
The value proposition for a Forex company
As the market is very competitive you should clearly demonstrate what you do better for your customers, it could be anything from free deposits and withdrawals, special tools to help decisions, more experts, better customer service, etc…
Keep in mind that Chinese customers NEED to be treated like they are special and giving them great treatment will reassure them of their choice.
PR & E-REPUTATION
In order to get more attention and more leads, position your enterprise as an expert in the FOREX market. In order to do so, you will need to publish relevant articles on specialized websites (trading online magazines) and blogs. You want to get extra visibility and references which will position you as an expert in the industry. You need to target some leading financial websites and influential newspapers such as forexqq.com
First, before investing with any forex trading agency, the Chinese will search on the Web. You need them to find good comments and reviews about your services, if not, they won’t trust and believe your service is reliable. If you have bad comments, you have to know how to manage them and if you get positive comments, you need to make sure your potential leads find them.
The Forex exchange market is not simple and even less so in China due to state regulation. As a primary objective for getting leads in this new market, you need to adapt your marketing strategy and tactics in line with the culture and the local tools Chinese people use.
Do you want to develop your Business in China? Talk with our experts.
1/ Contact us
2/ Send us information about your projects
3/ Check our Case studies and expertise.
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