With this in mind and TradeTech FX kicking off in London next week, how can technology-driven currency businesses use Brexit to increase awareness of their brand and help meet their business goals? The answer could very well lie in following four key steps.
1. Brand strategy for Brexit
With an event as momentous as leaving the EU, it is more important than ever for firms to clearly define their position and what message they want to get out to the market. Coming up with this is never easy, but it needs to be memorable and be able to make a link between what the business does and Brexit.
2. Crafting the central piece of content
With Brexit negotiations certain to play out over a number of months, a sensible approach is to develop a central piece of content, built around one big idea. This piece can then be used in multiple forms – from developing a series of blogs or articles for the website and infographics for social media, to running events or webinars to discuss the key themes. Through this approach, not only can firms achieve maximum return from the time invested, but they can also ensure a consistency of message across multiple channels.
One of the most important channels is the media. However, because FX is such a fast-moving asset class, it is important that any content taken from the paper is updated to reflect current market conditions. After all, there is no telling what level sterling will fall to in the coming months.
3. Making the most of media
Institutional FX is a crowded space at the best of times, with numerous macro commentators trying to get their voices heard. Something like Brexit only fuels competition for commentary. The truth is that no firm can be quoted in every story – and targeting the right issues and most influential reporters is the secret.
For example, a market infrastructure provider may not be in the best position to comment on why the Euro has suddenly strengthened against Sterling. But that doesn’t mean there aren’t other opportunities for technology providers to comment on issues – such as how wide were the spreads for EUR/GBP and GBP/USD the week after Brexit? And where has the trading been taking place since the vote?
4. Searching for online liquidity
With so many different vendors with FX in their name, exploring unbranded search is a great way to stand out from the crowd.
As a case in point, whenever someone searches for a phrase without the company name, such as “Brexit currency volatility”, a successful campaign would ensure that the searcher finds the brand in question at the top of the Google rankings. This lends itself well to FX, particularly with so much online conversation about the current levels of volatility across Twitter and various blog forums.
Currency markets have, and always will be, driven by geo-political events. It is hard to think of one as seismic as the one witnessed in June. With this and the points above in mind, firms that start thinking about how they can use Brexit as an excuse to communicate their key messages to the market today, will be best placed to reap the rewards in the future – regardless of what Britain’s relationship with Europe may look like.