About the client company
LBG are now the largest UK Bank following the integration of Lloyds TSB and HBOS. The Large Corporate Division serves businesses with £15m to £500m turnover.
Strategy – the broader key issues
Following well documented issues in the banking industry, LBG needed to demonstrate that they continued to be open for business – a corporate Bank dedicated to providing innovative long term solutions, throughout the cycle of their customers’ businesses. Also, and particularly relevant within the corporate sector, it was essential that customers and prospects understood the new structure of the Regional Teams, and the comprehensive resources available to them. Central to the success and development of a long and lasting association is the pivotal role played by each customer’s trusted advisor – their Relationship Director.
Networking events within the financial services sector have been thin on the ground over the last two years; Lloyds decided to steal a march by organising 14 such events at iconic locations throughout the UK.
Objectives of the campaign
- Achieve high attendance at each of 14 events
- Introduce regionally the new integrated LBG Teams
- Leverage relationships with existing customers (advocates) to recommend new customers Generate new business across the Bank’s corporate product portfolio
- Signpost that the Bank is ‘open for business’ and reinforce its positive stance on lending Position the Regional Teams as trusted advisors at every stage of the economic cycle
- Add value to the Bank’s customers by bringing them into contact with their local peers Demonstrate empathy and understanding of the local economy
- Measure against: perception, strengthening existing relationships and development of new business
- Achieve pre-agreed targets – measure against results
- Communicate new structure and appetite of Bank to leading firms of Professionals
The target audience
- CEOs and FDs of companies with £15m to £500m turnover
- Key influencers; lawyers, accountants, brokers/advisors
- Team members of the newly integrated LBG
- Local media and business magazines
Media, channels or techniques used
Target audience were high level business executives, who are very time scarce. To gain maximum attendance, the campaign needed to be intense, multifaceted, informative and personalised:
- Prospect and customer list verified at local level
- Mailing of invitations – centrally administere
- Live events have proven outstanding in strengthening existing relationships and effecting introductions (many referral based) with prospects
- Post event DM dispatched within seven days containing: summary of economic predictions, local pictures, case studies/testimonials, Q&A feedback and team contacts
- Post DM sent to all attendees, invitees and profiled prospects by region – quantity 6000
- Prospects followed up by local Relationship Director
Venues
Every aspect of the campaign was perfectly meshed taking into account the demands on time of our target audience. Attention to detail was paramount, all communications were dispatched or broadcast centrally, yet personalised from each regions Relationship Directors. This was perpetuated at all customer touch points including follow up telephone calls and a personal welcome at events.
During every stage of the campaign valuable data was captured (digitally and face to face) providing a more complete profile and understand.
Timescales of the campaign
- 8 Weeks – Compile list of customers and prospects across 14 regions
- 6 Weeks – Dispatch invitations to 4,200 CEOs, FDs and Professionals
- 3 Weeks – Email to confirm attendance and solicit questions for panel and web survey
- 3 Days – Send PDF containing; itinerary, attendees and new Regional Team
- Event – Featuring: Introduction from Regional and Area Directors, leading economist and meetings with Lloyds Team
- 7 Days after – Post DM featuring: local photos, interviews, Q&A, economic review, and team profile
- 12 Days after – Ongoing business development follow up
Results
- 4,200 invites
- 2,358 attendees, 56 per cent take up Income currently generated £5m – with significantly more in pipeline
- Representing £20.00 of income for every £1.00 of marketing spend. ROI – 2000 per cent
- High click-through rate on digital e.g. attendance confirmation 78 per cent, attendees list 87 per cent Favourable feedback from customers/prospects and LBG Directors
- Positive press stories Recent market research with attendees confirms LBG are seen as ‘open for business’ and that they understand the new integrated Team structure
- High profile events like this also have a positive effect on the Bank’s brand and positioning. Perhaps then, it’s no coincidence, that so far in 2010 LBG have won 17 coveted awards including Bank of the Year at the FDs Excellence Awards.
Client testimonial
Rowan worked closely with our marketing team, within strict timescales and brand guidelines, to create a live events campaign that opened the door to substantial new business.
As we see the green shoots of recovery, we believe this campaign has been right on brief in projecting Lloyds as ‘open for business’ and launching our new integrated Teams. Rowan produced a campaign that could not be ignored, utilising a comprehensive mix of mediums and customer touch points, culminating in 14 high profile regional networking events – attended by 2,358 CEOs, FDs and Professionals, from many of the UK’s largest companies.
“If a campaign is measured on exceeding all objectives, this is without doubt a winner.” Garry Reynolds, senior manager, marketing, Lloyds Banking Group
