Our fractional Marketing Director was brought in to reinvent the brand positioning of the worlds oldest and most successful commercial Mint.
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.
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.
- 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
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.
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.
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.
- The Royal Mint’s New Brand Proposition and identity of “The Royal Mint – The Original Maker “ was developed and launched along with the new website that has won plaudits and awards from customers, the UK government (both a corporate customer and ultimate owner) and relevant marketing trade bodies
- Significantly drove up online sales revenues across the key businesses and by the end of the 3-year program when the CMO left an additional £60 million online revenue was delivered
- Successful launch of global brand TV, Press and Digital campaigns – a first for the Royal Mint
- New CRM and campaign management technology implemented and fully operational – and successful implementation of new customer segments and personalised customer engagement programs increased average product holding per customer from 1.2 to 1.9 which made a major contribution to the additional £60million revenue
- Successfully launched the new luxury jewellery business and sub-brand which delivered over £2.5 million in revenue in the first year.