Head of customer relations at top-finance firm, easyMarkets, Avraam Avraam, is in charge of ensuring customers are well serviced and happy. Online trading is an exciting but also risky industry, where some may make money while others may lose. We caught up with him to ask how a company that’s been in the business longer than most in their industry has succeeded where others have come asunder.
Avraam says: “In a business where you’re basically asking people to entrust you with their investment funds, customer relationships are really important”. He goes on to explain that in the age of social media, where customers can be in contact with you instantly, customer service has taken a front, centre role. He goes on to say “Social media is a double edged sword – on the one hand if you make a mistake, everyone hears about it possibly even before you do. But actually in my experience it’s been a great opportunity to create personal relationships with clients that are based all over the world.
“If you’re going to run social media pages then you need to be ready to respond promptly to any questions or comments – the positive and the negative. In fact, recent studies show that 72% clients who tweet a company will expect a response within one hour. This goes to show just how important it is that your departments are effective in communicating with one another to achieve the best client outcome.
He says that the ethos of easyMarkets is in its name, ‘easy’ and what makes dealing with any business is how easy it is for the consumer to get what they need from you. An easy culture, sounds well, easy, but it’s something the company works hard to achieve. It starts from the top and spreads throughout the company. Not only to how they interact with clients but also with each other. Avraam says “it begins with the hiring – recruit positive people at all levels of the organization and invest in them. Train them right and continue to offer training. We have people that have been with the company since the beginning as management understand that good customer service begins at home”.
This year saw the company rebrand from easy-forex to easyMarkets and what has made the transition so seamless has been its loyal customer base. “We’re a people brand”, says Avraam. “Which means we’re able to change logos, websites and even our trading platform and not lose any customers along the way – because what hasn’t changed are the people”.
The Pareto principle in business, also known as the 80-20 rule basically states that 80% of your business comes from 20% of your clientele. While easyMarkets does offer a VIP service for frequent traders, every customer from the £ 50 deposit to the £10,000, gets a personal relationship manager for support and training. As Avraam says “while we know that most of our income is coming from 20% of our clients, you never know who that 20% might be. Some of our biggest investors started with just £100”.
So what’s the takeaway here? Treat everyone like they are your best client – because one day, they might be.