Lynx is an online broker that provides a platform where private customers can trade and invest in various financial products around the world. Founded in the Netherlands, the company has offices in Germany, Belgium and the Czech Republic.
Lynx’s advantage had always been price leadership – and their brand was positioned around this advantage. However, when discount brokers began emerging around 2012, posing a threat to Lynx’s dominant position, Lynx had to rethink their brand positioning.
Rlevance was assigned the task of repositioning the brand. However, over the course of our business relationship, the scope of this task expanded significantly, ultimately leading to a more holistic and customer-centric development of the business.
Establishing Lynx’s new, pan-European brand position required that we first gain a deep understanding of Lynx’s customers. We took two approaches – a qualitative approach, where we conducted interviews and surveys, and a quantitative approach, where we checked all the qualitative feedback against customer data. We did this first in the German market and then for all other markets. Simultaneously, we sought to capture the unique qualities of Lynx’s offerings as well as its approach to the market and behavior toward customers.
This deep understanding of customer needs and attitudes served as a solid foundation for all of Lynx’s subsequent business actions and all future projects. Once this foundation was in place, we introduced it into Lynx’s team culture by designing and running a training format that facilitates the incorporation of brand positioning into employees’ daily work practices.
After the successful relaunch of the brand, we were assigned to synchronize the activities and initiatives of the Lynx offices spread across Europe. We used the approach of “customer-journey mapping,” which not only provided a common framework, or “language,” but also introduced a stronger focus on customers.
Our last step was to remove the most severe pain points within the customer journey. Among other things, we redesigned the “onboarding process” of becoming a customer using a service design approach. We created a flow that combined digital and analog elements to reduce effort for customers and increase efficiency for Lynx. Additionally, we manifested the brand positioning in the process by branding the service and customer experience through signature experiences. In sum, all activities led to a higher conversion of applicants in the process.
The results of our work were manifold. Internally, the brand repositioning led to a clearly articulated, true-to-the-company vision that serves as a compass for company actions. This has helped align management and employees alike. On the outside, it helped Lynx to raise the quality of their customer base by attracting and binding more of their explicitly articulated target customers.
As an overall result of our work, Lynx has benefited from a professionalization of their marketing. Not only are their different branches better synchronized and coordinated; they now have a deeper understanding of customer needs and a more customer-centric approach to business.
All of these improvements have helped Lynx maintain its position in the market. Despite increased competition – multiple existing companies have also relaunched, and three new companies have entered the market – Lynx’s revenue levels are steady and their team recently grew from 70 to 100 members.