Lloyds TSB - for the journey

The journey to 2012

When Lloyds TSB were first invited to consider London 2012 Partnership, the answer was a very clear ‘no thanks’. But six months later, with a newly developed positioning and a powerful new tagline, Group Marketing Director Nigel Gilbert realised just how powerfully the journey to 2012 could be harnessed.

Redmandarin were approached by Lloyds TSB in late 2006 to help them consider the opportunity presented by London 2012. We led them through a four stage process to ensure that the opportunity was right for them, and at the right price:

Opportunity Consideration
Business Case
Bid strategy
Negotiation

Together with our associates Helios Partners, we worked collaboratively with Lloyds TSB over a very short timeframe, delving into their business to understand its needs and, leaning on Lloyds TSB’s strength in financial modelling, explore how a partnership with London 2012 could deliver real value across the business.

We helped develop the strategic rationale for Board approval, and focused simultaneously on a business case to establish a realistic expectation of the value Lloyds TSB could expect from an association with London 2012.

We rigorously examined every potential cost and every potential benefit, the opportunities for value in kind and for marketing in kind, and how an association could work to the advantage of Lloyds TSB and LOCOG.

As a great British brand, with over 16 million personal accounts, Lloyds TSB’s ability to talk to the whole of the UK is unparalleled, and in itself a significant promotional benefit to LOCOG. With Helios Partners’ expertise, we ensured a highly competitive bid strategy that leveraged this kind of soft and in-kind benefit to LOCOG against price, terms and options on a number of valuable LOCOG initiatives. With an exclusive negotiation period secured, we worked at the heart of proceedings alongside the Lloyds TSB team throughout the negotiations.

A partnership with London 2012 uniquely addressed Lloyds TSB’s business needs. Had it not, our impartiality ensures we have no qualms in saying so. The fact of Lloyds TSB making a strong, proactive act of commitment to London 2012 in itself demonstrates a new confidence in the brand.

Redmandarin continues to work with Lloyds TSB as a roster agency, calling on our Olympic experience and strategic expertise to develop a clear and robust framework to activate the partnership over the next five years, addressing the challenges that such a timescale creates to ensure ongoing freshness and relevance for the duration.