Ensuring your business brand identity while working with a white label solution
- Get the right partner
- Convey your suggestions to the vendor
- Consider your brand positioning on the market
- Engage the user-first mode
- Make sure that the capabilities of the solution meet your objectives
The application of white label (or WL) solutions in fintech, as well as in any other field, has several obvious advantages: the simplicity and speed of implementation, budget availability, and reduced time to market. However, there are also a number of customer concerns associated with white label software.
One of these concerns is regularly encountered by our sales department, and it is usually formulated as follows: “Wouldn't our business lose its brand identity if we adopted a white label software solution? Surely they look the same for all your clients.” The short answer is no. With the right approach, you won't lose the authenticity of your business. This publication details several aspects that will help you stand out from the competition by using a discussed solution to launch an FX broker, white label cryptocurrency exchange, or any other adjacent product.
Get the right partner
This step seems self-evident, but there is a huge pitfall that will be very easy to stumble over. Your technology partner must have not just development experience, but development experience in the area where you plan to apply the software solution. A technology provider with extensive experience in the subject area is bound to have knowledge of how to customize the solution to the objectives and brand identity of a particular customer. A random freelance developer may have impressive workforce resources, but they will likely lack the track record to implement complex solutions such as one that you need. Ironically, the more similar solutions a vendor has implemented, the better their team understands how to customize out-of-the-box software for each particular brand.
Convey your suggestions to the vendor
Always remember that a white label crypto exchange software solution from an experienced and reliable supplier is never carved in stone. Moreover, a white label solution must evolve with the market, answering the needs of possible customers and end users. A quality software package already has some customization options right out of the box, but these can also be extended if necessary.
As an example, consider the turnkey product from Soft-FX, TickTrader Trader's Room, which is part of several white label solutions, including the white label crypto exchange solution. Various branding and color options are available right from the start to match the brand image of the client company, but if necessary, you can discuss with the development department the UI re-design and various options for the user journey.
Moreover, thanks to negotiations with customers and studying their requests, with new iterations of the product, pre-installed components such as currency exchanger and crypto payments processing system were added.
Consider your brand positioning on the market
You can't expect a white label solution provider to do your market research for you, tell you which group of customers to target, how to manage brand positioning, and so on. Of course, you can ask your consultant about the experiences of past clients, and if that information is not covered by an NDA, they will be happy to share it with you. But initially the answer to the question of how you should be different from your competitors lies in your objectives and your corporate philosophy. These components can be successfully encapsulated within a white label exchange or any other WL solution and highlighted in promotional campaigns.
A customer reference: FXOpen, a global Forex broker
Taking into consideration the fact that the Forex brokers' market is now oversaturated with players of all sizes and capabilities, FXOpen's management concluded that further development of the company is possible only by following the brand awareness strategy. One of these strategies was in-depth work with clients, namely customer education tools, building affiliate networks, and including as many instruments as possible that are in demand among target groups. In close cooperation with the solution provider, a knowledge base functionality and Forex partnership services has been designed and implemented, and new trading tools are being added to the platform in accordance with brand and client requirements.
Engage the user-first mode
Sometimes looking at your business through your end customer's eyes can bring you new ideas and new insights on how to position your brand in the marketplace. Ultimately, your profits depend on your traders and their comfort, so regularly review what the user journey looks like for your business and what elements you might want to add to your white label exchange or brokerage solution to make your service stand out. Of course, sometimes it's enough to introduce a couple more UI elements, but as our practice shows, the main impact comes from deeper innovations.
A customer reference: FXPrimus, a global Forex broker
After conducting another iteration of market research and studying the requests and behavior of traders, platform management decided to find a tool that could attract a new category of clients to the broker's services. This segment of the potential audience was found to lack the time and skills required for informed investing or intensive high-frequency trading. However, technology that would allow investing in experienced traders with a proven trading history could be an additional engagement tool for such users. The PAMM service from Soft-FX became this technology because it was able to meet additional requirements, such as integration with MetaQuotes products, tracking of trading statistics, and automation.
Make sure that the capabilities of the solution meet your objectives
In the end, always remember that your brand logo and advertising campaigns should always be accompanied by the quality of service you provide to your customers. Of course, originality is one of the keys to being singled out and noticed, but it must be supported by a logical structure of your project, and a design that serves not just as a bright signboard, but is strictly purposeful and has no misleading elements. To summarize, you and your technology vendor should take a few important steps to make sure a WL solution fits your brand identity:
- analyze the solution and its relevance to your current goals and the possible evolution of your platform;
- map out the user journey, and all the components needed to make it perfect;
- with everything outlined above in mind, decide if the solution in question is right for you and communicate your preferences to the vendor.
It always takes two to tango, and it's also relevant to the relationship between the client business and the technology provider, and how they affect the overall brand success. Comprehension of your objectives and thoughtful negotiations will help you to get a white label solution that will make your business stand out from the crowd at least as well as custom software.
Contact us to learn more about how to adapt a white label exchange solution for your business.