A new City Index brand
City Index is a global trading company with strong London roots, and over the past 30 years has built a reputation on its heritage. In more recent years however, the company started to lose its identity, relevance and ability to react to fast changing markets. It lacked direction and, importantly, an emotional connection with its customers. It was time to reinvigorate the brand DNA and restore the core values, ambition, stability, resilience and flexibility.
Aim is to consolidate the global brands from 5 to 2
City Index Group is in essence an acquisition business – a digital marketing business. If a strategy is in place that thrives on brand, the rewards will be seen through the entire funnel. When I joined City Index there was no brand story, and the company was struggling to make emotional contact with the audience, instead attracting a high turnover of low value traders, with a churn of 81%. Creating a solid story behind the brand would help to retain high value, high quality customers, as well as attract new clients and business opportunities.
The brand association for City Index in the UK is, although high, extremely similar to Finspreads – perceived as low value and low cost – and both brands are targeting the same customer base. Although City Index is a small player in terms of actual market share, its brand awareness is far greater – second in the industry. However, the customer brand values associated with City Index were poor, and it was not seen as an aspirational brand. Market research indicated that City Index should be focusing on education, customer relationships and better platform technology.
“It's time to step up.”
Mark Preston, City Index CEO
The project was split into 6 areas:
1 - Consolidate
Consolidation, bringing FX Solutions, IFX Markets and IFX into the City Index brand.
2 - Re-position City Index
Position City Index as higher value through increased brand spend, global and local campaigns, sponsorships and partnerships.
3 - Re-position Finspreads
Position Finspreads as a lower touch, automated service with tactical marketing campaigns.
4 - One site, one platform
One global website with a new platform, only one app. The brand spend must lead to a full consumer experience through the funnel.
5 - Build education offering
Enhance education offering and where it sits with social trading and new applications.
6 - High net worth
Develop high net worth partnerships and strategy with exclusive look and feel and branding.
How we did it - Separate the brands, using City Index as the powerful parent brand and Finspreads as the low-touch challenger brand
We developed City Index around the core values of heritage, ambition and commitment, creating a global model for all communications and a tone of voice that works in any region and retains the high brand value. Finspreads, on the other hand, was positioned as a quick-witted, simple low-tier brand that glorifies betting and through gamification creates a new way of taking advantage of the market.
We re-positioned City Index as a global, powerful, informative and emotional high tier brand competing with IG, CMC and going after higher value customers. This involved a new logo, which kept the famous yellow and black bumble bee colour palette. We geared City Index away from a product-focused brand and more towards a lifestyle brand. We built an emotional relationship with the customer, which would help attract switchers from competitors.