Lloyds Bank relaunches with £30m marketing blitz
Lloyds Bank has dropped the animated characters and “for the journey” end line in a new £30m campaign to relaunch the bank as one that reflects and values the financial requirements of its customers.
Parent company Lloyds Banking Group has launched activity to mark the rebranding of more than 1,300 branches to Lloyds Bank from Lloyds TSB.
Television, press – including an ad on every page of today’s (23 September) The Times – digital and outdoor activity will highlight the “moments that matter” to customers but will not detail product and service specifics. For example, a television ad (see below) features the voice of a young man detailing his adolescent frustrations at the restrictions of living with his parents and how getting a mortgage through Lloyds addressed those.
Catherine Kehoe, managing director for brands and marketing at Lloyds Banking Group, told Marketing Week the campaign intends to state to existing customers “what matters to you matters to us”.
She adds: “There has been a quiet revolution in the bank in the last two years in terms of improving service, digital channels and training of staff. We have been doing all of these things and our customers know that but we are now going to talk about it. We are restating to customers that we value them.”
The decision not to detail Lloyds’ product portfolio in the campaign, Kehoe says, was an attempt to eschew the traditional approach to communication employed by most banks.
“It’s about reflecting people’s lives and not pushing products at them, and not the bank dong the talking, she adds.
About £30m will be spent on media in the final quarter with the intention of giving Lloyds Bank number one ‘share of voice’. The initial wave of activity targeting personal banking customers will be followed by ads featuring images that resonate with its business customers. All ads were created by RKCR/Y&R, Proximity London, Rufus Leonard and MEC.
The rebrand was prompted by the European Commission, which demanded the sell-off of 630 branches after parent Lloyds Banking Group received state aid in 2009. Lloyds Banking Group launched the branches as TSB earlier this month ahead of their flotation early next year, putting an end to the Lloyds TSB brand that had been seen on high streets since 1995.
TSB is being positioned as a community bank.
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