The financial firm is poised to announce Havas Sport and Entertainment as its lead global sponsorship agency, replacing the multi-tiered model used for more than 10 years. A contract should be agreed before the end of the month, according to a source, that will see both parties set to work on realising the insights from last year’s strategic sponsorship review.
A spokesman for the bank says: “As part of our strategic sponsorship review we have considered our agency support. We have decided we would be best served by the model of a lead global agency to ensure a consistent approach. We have conducted a competitive pitch and are looking to appoint a new agency shortly.
“We would like to put on record that the agencies we have worked with over many years have provided unstinting support and professionalism, and we thank them for their hard work.”
Upcoming promotions will highlight the bank’s values and purpose after early findings from the review led to the “Thank You” Premier League campaign, a move the bank claims lifted engagement around the recent season. Activations will further clarify the bank’s respect, integrity, service, excellence and stewardship values, while also attempt to help people realise their ambitions.
Barclays has been widely criticised by sponsorship experts for its limited activations around platforms such as the Premier League and ATP World Finals, however its revamped approach aims to deliver tangible ROI, the source adds.
The sponsorship shift has already seen the bank decide to end its sponsorship of London Mayor Boris Johnson’s cycle rental scheme in 2015, alongside strengthen its ties to the annual Pride in London homosexuality awareness festival.
The changes stem from a wider overhaul of the bank in the wake of 2012’s LIBOR rate-rigging scandal that knocked consumer faith in the brand. Barclays pledged to become a values-driven business in the wake of the incident and has made changes to its marketing and media strategies to accelerate the brand’s rehabilitation.