The Campaign

With more than 200 years experience as one of Europe’s largest private banking firms, family owned Lombard Odier enjoyed a longstanding reputation for institutional asset management and estate planning. The company established an Asia Pacific presence in 1987 with offices in Hong Kong. As with other private firms specializing in high net worth clients, Lombard preferred to keep things quiet. But a rash of private banks began setting up in Hong Kong in 2010, and the competition exposed the fact that Lombard was largely unknown among the local financial and business media establishment. Worse, its more vocal competitors were poorly defining the wealth management offering. Enlisting a year long public relations initiative, Lombard Odier set out to reestablish its name in a highly competitive market, reeducate the media on the advantages unique to private banking, engage spokespeople to promote its investment themes, and better connect with the target audience in the region. The goal was to achieve a Top 3 ranking among its Hong Kong peer set. By the end of the year, Lombard Odier had gone from virtually zero to number two in share of media voice, and enjoyed substantial improvement in the quality of coverage.

The Brief

Break into the Top 3 The key objective for the year long PR campaign was to achieve Top 3 ranking among peer set of competitors for Share of Voice Metric in Hong Kong target media. The key target for the Lombard Odier message is high net worth individuals or families (at least $5MM USD in investable assets.) who seek out Private Banks to manage their wealth by investing in financial instruments (stocks, bonds), providing access to estate and succession planning and establish trusts and foundations.

Results

A year after the initiative was launched, Lombard Odier had jumped from virtually zero to second place among its peer set for share of voice in the marketplace. Lombard enjoyed a substantial increase its volume of coverage (+88% YOY for 2011 vs 2010) and more importantly its quality of coverage and overall share of voice in the media. The PR team also helped the company claim a top industry award in 2011: Best Discretionary Portfolio Manager in Asia as awarded by Asia Private Banker Magazine. It was the first time the firm received industry recognition in the region for its business.

Execution

Taking the private advantage public The first phase of the year long campaign focused on re-educating target media about the difference between Lombard Odier’s Private Banking point of view compared to the more commercial and super-sized financial institutions. A three-pronged news engine program followed, enabling Lombard to position its spokespeople and push three key themes: Lombard Odier’s distinctly different view on investment than its peer set, emerging investment opportunities specific to the local marketplace (e.g. Luxury Sector), and how the wealth management industry is developing across Asia compared to its European roots. Other programs were developed to bring the bank’s overarching philosophy to life. To support the theme of multi-generational family businesses, Lombard partnered with the renowned Taittenger House of Champagne, as Pierre Taittinger and Lombard Odier conducted a series of high profile interviews in Luxury and Business media.

The Situation

High net worth. Low mind share. Founded in Geneva in 1796, Lombard Odier is one of the oldest and largest firms of private bankers in Europe. It established a presence in Hong Kong in 1987, focusing primarily on private banking. Conservative by nature, Lombard Odier remained a newcomer in Asia Pacific, largely unknown and doing little to promote itself. Faced with burgeoning competition from newly establish private banks in the region, Lombard Odier realized it had to make serious changes if it wanted to be top of mind among its key target audience – High Net Worth Individual Investors (HNWII).

The Strategy

Change the Game Lombard Odier was concerned that the wealth management marketplace was being poorly defined by the new rash of competitors, who it perceived as pushing products over true wealth management service. The team set out to change the game by establishing the firm’s independence and unique investment approach. At times it required taking a more provocative stance, developing strong messages about the conflicts of interest inherent in larger, publicly held firms. On the investment side, they focused efforts on educating the financial media -- typically short term focused and equities obsessed-- about the value of the firm’s longer term views on wealth management.