Lloyds TSB - For the Journey Case Study: engaging with customers

Publication Date	July 2009
Publisher	Datamonitor
Product Type	Report
Pages	15
ISBN Number	not applicable
Product Code	DAT12650

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Summary

This case study on Lloyds TSB For the Journey forms part of Datamonitor's new series highlighting best practice in specific areas of financial services.

Scope

This case study analyses the key successful elements in Lloyds TSB's marketing and communication strategy
The case study examines how the brand has developed to its current status and why it appeals to consumers so strongly
Datamonitor's Financial Services Megatrend Framework is used to analyse the effectiveness of customer targeting strategies

Highlights

In 2008, Lloyds TSB was hit by the meltdown of the UK banking system. Despite recent issues at a corporate level, Lloyds TSB has retained a strong brand image amongst its customers and was among the first in the UK to use relationship building messages rather than price-based themes to attract business.

Reasons to Purchase

Gain insight into the methods used by important industry players to give them a competitive edge
Identify specific areas for operational improvements
Capitalize on the knowledge of experienced companies when entering a new niche or market

Content

DATAMONITOR VIEW

CATALYST

SUMMARY

ANALYSIS

Introduction
The Lloyds brand has a long heritage
Lloyds TSB's product range is well diversified
Lloyds TSB has emerged as an innovator among its competitors in terms of marketing and branding
Lloyds TSB's 'For the journey...' campaign appealed to a wide range of consumers across their product needs
Products with a wide practical application were introduced to reinforce the brand message, Save The Change
Lloyds TSB's 'For the journey...' campaign used a wide range of media to reach its audience
Lloyds TSB became the first official domestic partner of the London 2012 Olympics
Datamonitor's Financial Service Megatrend Framework helps analyze the reasons for the success of the "For the journey" campaign
The "For the journey" campaign is aimed to instill Comfort
A focus on community and connection is central to the success of the campaign
The Lloyds Banking Group will face renewed challenges in the new era

APPENDIX

The Datamonitor Financial Services Consumer Insight Megatrend Framework
Authenticity
Comfort
Connectivity
Convenience
Individualism
Wellbeing
Demographic Complexity
Financial Intelligence Complexity
Lifestage Complexity
Wealth Complexity
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
Table 1: Top 10 UK banks in terms of onshore retail deposits 2004-2008
Figure 1: The historic Lloyds TSB 'black horse' logo
Figure 2: Lloyds TSB was rated sixth on Global Finance's list of the World's Safest Banks 2008
Figure 3: The 'For the journey' campaign comprised of 19 different adverts targeting a wide variety of customer segments
Figure 4: Snapshot of the 'For the journey...' TV advertisement
Figure 5: Lloyds TSB's 'Save the Change' product proved a hit
Figure 6: Lloyds TSB was named the UK's most trusted bank/building society in 2009
Figure 2: Trust in Lloyds TSB among its primary customers currently stands at 43%, higher than other banks hard hit by the global banking crisis
Figure 8: Lloyds TSB's 'For the journey...' campaign appeals to the Comfort Megatrend
Figure 9: Providing 'real life stories' and opportunities to support 'local heroes' being sponsored in the run up to the 2012 Games helps Lloyds TSB stay connected to its customers