Slack vs Echofin — How do They Match Up?
“Echofin is to traders as Slack is to developers” — traders say about Echofin, a mantra by which it is fairly safe to say Echofin may in fact sell themselves short. That is certainly the case when it comes to the trading community, which can get tons more out of Echofin than it ever could out of Slack.
Group-specific messenger apps have been all the rage lately. Slack is but one of a drove of such team communication solutions. There’s Whatsapp and Kik for youngsters, HipChat and Slack for developers, Discord for gamers as well as Eikon and Symphony for institutional traders. New apps keep popping up all the time, simply because the need for such specialized chat environments is there, and it’s likely to become even more acute in the future.
Both Slack and Echofin fill important niches in this larger vertical, though it’s safe to say that Echofin is currently the only response to a very specific market segment: that of the retail trader. While big, institutional players have been covered for a while by Bloomberg and Thomson Reuters, no one has thought about handing comparable functionality and power to the little guy. Until Echofin.
Echofin and Slack are quite similar in about 90% of the solutions and functionality they bring to the table. Both are focused on chat, broken into groups, channels and topics. Both offer maximum flexibility in this regard, and they both come with impressive 3rd party app integration. They both allow their users to keep their eyes on various Twitter feeds, news-feeds and tools while remaining engaged in chat. Due to its nature though, Echofin pushes the envelope much further in one particular respect: monetization.
While Slack is focused on providing its users an environment designed to promote creativity and optimal workflow, Echofin accomplishes all that, plus a bag of chips…or should we say greenbacks.
Every trader’s ultimate goal is to make money. That’s what “getting the job done” really translates to at Echofin. Echofin members need to make money, either by trading and learning various trading strategies from others, or by monetizing the services they offer through the platform. This is where Echofin has a major edge over all other “competitors”. It offers superb monetization options for those skilled and knowledgeable enough to set up trading schools, academies, groups and teams.
Pay-to-access chat rooms can be used to unleash webinars, market insights, trading lessons or even simple old-fashioned fundamental analysis, upon the money- and knowledge-thirsty public.
Such pay-to-access chat room hosts have streamlined billing and user subscription at their disposal, with every tool they could possibly need for seamless customer relationship management and marketing. They can create billing buttons, in the PayPal vein, and they can embed them on various landing pages and in emails. Billing provider account maintenance isn’t much of a problem either: Echofin takes care of this aspect of monetization for them. Users and subscriptions can be managed directly from the dashboard by these educators, and conversion rates are massively increased through the near-seamless transition from free, public chat-rooms to pay-per-access ones. Traders who see they’re really likely to get their money’s worth in one of the paid chat rooms, can upgrade directly from the free room hosted by the same educator.
To make a long story short: Echofin beats Slack financial tools, widgets and integration-wise too, but its monetization module is the true coup de grace.
Comparing the two services isn’t simple — given the different nature of the business-environments for which they cater. Echofin simply accomplishes much more though for its target niche, and there’s no way around that fact…