Scottish Widows in 4m ad spend hike

Scottish Widows is raising its marketing spend by more than 50% to 11m in a bid to fight the effects of a likely economic downturn and leverage its London 2012 Olympic sponsorship.

Scottish Widows is raising its marketing spend by more than 50% to £11m in a bid to fight the effects of a “likely” economic downturn and leverage its London 2012 Olympic sponsorship.

The Lloyds TSB-owned insurance and pensions company says it spent £7m on above-the-line media last year and will up it to £11m in 2008.

The media plan includes a £5m TV campaign next month highlighting its role as the official pensions provider of London 2012. Scottish Widows, which was on air in January, will also run a campaign in August when the Beijing Olympics will be hosted.

Marketing director Mike Hoban says: “Our sponsorship of the Olympics is going to be especially helpful in the current economic climate.”

The move goes against predictions that financial services brands will reduce marketing budgets due to the credit crunch triggered by a downturn in the US sub-prime market. Thomson Intermedia predicted budgets would be cut by as much as 10%.

But Hoban says: “We are increasing our investment in advertising because of the likely economic downturn.”

He says the Olympic sponsorship deal also adds to the perceived size and status of the brand. Three Olympic-themed ads, created by Leo Burnett, will run. They range from 20 to 50 seconds, feature young gymnasts and end with the brand’s iconic “Widow” character.

Scottish Widows has also launched Olympic-themed digital campaigns and announced Olympian Roger Black and Paralympian Sarah Storey as its 2012 ambassadors.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here