Our fractional Marketing Director was brought in to reinvent the brand positioning of the worlds oldest and most successful commercial Mint.
Company Profile
The Royal Mint stands as a testament to over 800 years of heritage. As the world’s oldest, largest, and most prestigious commercial Mint, it has expanded its reach to over 60 countries. Today, it’s not just a minting entity but a major e-commerce retailer offering luxury products, from coins & collectables to premium jewellery. It also boasts a significant direct-to-consumer business, now valued at over £250 million globally, and a visitor experience centre in South Wales.
CEO’s Mission
The CEO envisioned the Royal Mint brand evolution over the next 800 years, emphasising a shift towards a digital-led business model. To achieve this, a seasoned interim CMO with expertise in Chief Marketing Officer strategies and fractional leadership in branding was brought on board. This CMO was tasked with spearheading the brand and digital transformation, providing guidance to the Board, and restructuring the in-house teams, which included over 200 professionals.
CMO’s Objectives
- Craft a cohesive brand positioning strategy that seamlessly blended the Mint’s heritage with its modern facets.
- Elevate brand awareness and support new ventures, such as digital gold investments and a luxury jewellery line.
- Overhaul the website to enhance customer engagement and integrate advanced platforms like e-commerce trading, online ticketing, and real-time precious metals trading.
- Implement a CRM strategy to foster customer engagement across all business verticals, emphasising the need for a CMO-led brand transformation.
What the CMO Did
Strategic Leadership
The CMO, taking on the mantle of Brand & Digital Transformation Lead, conducted a comprehensive review of the Mint’s marketing strategies, online presence, and brand recognition. Collaborating with the CEO, they identified potential branding strategies for mints and laid out a clear marketing strategy.
Transformational Roadmap
The CMO initiated two strategic programs, focusing on digital and brand transformation. They set out a new marketing strategy, positioning the Royal Mint as a contemporary luxury brand. This involved:
- Enhancing brand awareness to attract global audiences.
- Retaining customers to boost cross-sales.
- Launching a global brand communication campaign with a budget of £30 million.
- Collaborating with agencies for brand and website development.
- Overhauling the website to support the new brand positioning and integrate various business units.
- Appointing a high-performing senior marketing and leadership team.
- Implementing a CRM system to enhance customer engagement and drive sales.
Business Management
The CMO played a pivotal role in rejuvenating the team’s morale and performance. They restructured the Marketing, IT, and e-commerce teams, reducing the turnover rate from 30% to just over 5%. This transformation showcased the leadership impact on brand identity and the success stories of fractional CMOs in action.