Lynx Broker – Customer Typology and Customer-Centric Product Innovation

Better targeting and serving valuable clients across Europe applying data science, psychology and service innovation
  • Customer insights and segmentation/typology
  • Data science backed and psychological founded personas
  • Customer experience design
  • Reading time: 4 Minutes

Operating in 10 countries across Europe, online broker Lynx enables customers to trade and invest around the globe. Bridging the gap between a one-size-fits-all and a fully personalized approach, Lynx partnered with Rlevance to develop a customer segmentation / customer typology. Interviewing 6,500 traders across seven countries, and applying data science as well as a psychological approach, we identified clear-cut customer segments and created trader personas, making the target audience tangible to employees. In the project’s next phase, we used customer interviews and an elaborate innovation process to adapt the product and experiences to the needs of key customer segments, resulting in not only increased appeal, but also loyalty and customer recommendations.

Interviewing 6.500 online traders across Europe

Deep understanding of online traders is key to create a solid customer typology and well-founded personas. With the help of a well-crafted survey in 7 different markets across Europe, we captured insights from more than 6.500 active online traders and investors, spanning diverse topics like attitudes towards trading, trading behavior, brand awareness and brand images.

Customer Typology: segmentation + trader personas

The resulting approximately 350.000 data points were analyzed and cluster into customers segments. With the help of previous insights and consumer psychology, the segments were transformed into highly useful persona descriptions – the final customer typology.

Empowering the organization

Customer knowledge is valuable only when actively used. For each of the customer types, we developed a detailed “user manual” for marketing, media planning, and product design. To introduce the types to a wider internal audience, we created concise characterizations, visualized by a professional illustrator. Workshops were conducted across all European branches, where we introduced employees responsible for the customer journey and marketing to the new customer typology, enabling them to adapt their daily practices accordingly.
customer typology

Product, service, and experience innovation

We partnered with Amsterdam’s service design agency Essense

in order to adapt the product experience to key customer types. Our innovation process built on deeply understanding needs and behaviors through 1:1 interviews, followed by innovation and validation, and concluded with fine-grained prototypes. The innovation process itself additionally served as a training program for key employees.

Results

The project provided Lynx a deep understanding of needs and behaviors of their target audience. The customer typology approach bridged the gap between a one-size-fits-all and a fully personalized approach to marketing. Lynx was able to improve their customer base by addressing, attracting, and retaining more valuable clients. Additionally, the company has adopted a more customer centric way of working.

 

Are you faced with similar corporate challenges? We would love to hear about them.

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