Indigenous or not, FX Renew is a tribe worth talking about.
Tribe? Yes, tribe.
Seth Godin, best-selling author, wrote in his book Tribes: We Need You to Lead Us: “A tribe is a group of people connected to one another, connected to a leader, and connected to an idea. For millions of years, human beings have been part of one tribe or another. A group needs only two things to be a tribe: a shared interest and a way to communicate.”
In this case, the shared interest is Forex trading and the way to communicate is group chat. With Godin’s tribe criteria met, FX Renew has become one of the top resources for those interested in Forex trading.
Sam Eder, owner of FX Renew, honed in on the online tribe strategy by integrating RumbleTalk group chat into his Forex trading website. Since then he has seen an increase in customers, returning customers, and the value of his community.
More About FX Renew
I recently spoke with Sam to find out how exactly RumbleTalk group chat is used in his Forex trading and signal sharing company.
My first question was, what is FX Renew?
Sam explained it like this:
FX Renew operates in the on-line Forex trading industry. We provide foreign currency traders with access to education and trade ideas from ex-bank and industry professionals.
To achieve the tribal feel, Sam needed a way to connect with FX Renew members in an instantaneous and personal way. Engaging the Forex trading community, Sam can pool the collective knowledge and share time sensitive information to members actively engaged at that moment.
Group chat has elevated FX Renew from a talk-at-you educational site to an immersive educational experience.
To better understand how this happens, I asked Sam a few more questions.
How do you use RumbleTalk group chat and how does this benefit your customers?
Our RumbleTalk chat is used as a members’ only chat, available for access by paying customers. The key benefits of the chat are:
- RumbleTalk has greatly enhanced our “trading tribe” by facilitating communication between our customers and our traders. This is great because it allows traders to get personalized help and support to improve their trading, and to deal with specific issues on their mind.
- We use the chat-room to distribute bank reports. This allows traders to access information that is not generally available to the public in a timely manner.
- We use RumbleTalk to hold events, so traders can learn how to trade step-by-step in real time.
And on the other side, how does having the group chat feature benefit your Forex trading business?
The benefits to the business have been the ability to communicate directly with clients leading to significantly improved customer retention. We have improved the value of our client offering leading to increased customer satisfaction.
From your perspective working with the RumbleTalk software, what feature stands out?
One of my favorite things about RumbleTalk was the speed and ease of set-up, and it is great value for the money with a return of investment of several thousand percent. The mobile version is also excellent.
What I learned
By creating an open space for experts and members to communicate, customers can ask questions, get custom answers, and develop loyalty to the tribe and a personal stake in the community.
There are a lot of free tools out there to communicate with your tribe, so why group chat?
The traditional online communication tools have limitations when it comes to building an online community:
- a static website talks at a customer and not with the customer;
- email is to slow and easily becomes lost in a crowded or unchecked inbox; and
- social media spreads customer conversations between platforms and removes the incentive pay for access.
By using group chat, FX Renew easily integrated the entire conversation into one window next to Sam’s Forex trading content.
Group chat users are focused on the information at hand and aren’t distracted by off-topic emails, tweets, or notifications.
And most importantly, the conversation becomes an active experience that brings customers back.