Forex Marketing Tips and Tricks
When it comes to bidding on keywords related to forex ‒ short for foreign exchange and referring to the global currency trading market – you’re dealing with a wide variety of searchers with a wide variety of intent. For example, look at two of the top three terms: “exchange rate” and “currency exchange.” If you’re a marketer, it’s extremely difficult to tell whether someone is searching because they’re traveling, because they’re interested in trading, or simply because they’re curious about the rates. Of course, the intent behind some of the other queries are a lot clearer: the people searching “forex trading” and “metatrader 4” are probably looking to get into the currency game.
A noteworthy tangent: a lot of those 1.22 million monthly searches for “future” are likely related to the rapper, not to trading. Many people enjoy speculating on currency. Many, many people enjoy turning up to “Mask Off.” Something to keep in mind.
These observations segue nicely into an important lesson: beware the broad search. Of course, broad keywords are appealing in the sense that they allow you to reach a huge audience and spread your brand messaging widely. However, a broad audience is largely an irrelevant one. Sure, your impressions might skyrocket. But you can’t expect a stellar CTR, and a lot of those clicks you do get will be wasted on someone with no interest in what you’re selling. If you’re advertising an app to help forex traders and you bid on “currency exchange,” you’re going to waste a lot of impressions, clicks, and money on study abroad students researching their next weekend trip.
This is where negative keywords come in. When you apply negative keywords – ranging from broad to exact – you ensure that your ads will not show when those words and phrases are searched. So, if you’re advertising that forex app and you don’t want your ads to show to those pesky collegiate travelers, you can use “currency exchange airport” as a negative keyword. Long-tail keywords are also useful, and they’re exactly what they sound like: longer, more specific keywords that prospects are more likely to search when they’re somewhat further along in the purchasing process. They drive less traffic overall compared to broad keywords, but the traffic they do draw is far more relevant and far more likely to convert. So, that forex app. Rather than bidding on “currency exchange,” throw some money down on “currency exchange app” and reach the people you’re selling to. This will save you money on wasted clicks and drive that conversion rate way up.
No matter what you’re marketing, it’s critical to know who you’re targeting. Although literally anyone can get into currency speculation, some groups are more likely to take an interest than others. Presumably, the target demographic for your forex app is highly educated and reasonably well off. We know that middle- and upper-class Americans with college degrees tend to flock towards cities and the coasts. Use geotargeting tools to limit the scope of your ads to these areas and you’ll increase the likelihood that the people who see your search ads are interested in currency trading.
Remarketing is a good idea, too. Some prospects may have a genuine interest in currency markets, but if they lack experience, their search for “currency trading” may indicate mild intrigue rather than high intent. Advertisers should remarket via the Google Display Network (GDN) in order to keep their businesses on the minds of their prospects. Give it some time, and the people who were only flirting with the idea of currency trading may decided to go forward and download your app. RLSA (remarketing lists for search ads) is also a great tool. Basically, you can increase your bid on a particular keyword when a remarketing prospect searches it for a second or third time. Their repeated searches indicate increasing intent, which means it’s a good idea to bid up and get your ads in the best position possible.
Finally, keep in mind that a lot of people searching terms related to forex are travelers with no interest in trading. Jump over here to read some tips on marketing to travelers.
And, for more advice on marketing across industries, read the WordStream blog.