Lloyds TSB New market sectors

Identifying new market sectors for growth in adjacent markets.

Challenge

In response to pressure from competition in corporate and high street banking, Lloyds TSB had created a new venturing unit – Lloyds TSB Strategic Ventures (LSV). Its purpose was to identify attractive new areas for growth and extend the brand outside the traditional core banking business.

Although the unit had identified a number of opportunities, concerns remained that they had not identified all, or the best.

Edengene were asked to conduct a rigorous evaluation in the non financial services sector.

Edengene's Approach

The immediate challenge was to simplify the potentially huge task.

• Edengene mapped and evaluated all the opportunities, screening out those with lowest potential.
• Highlighted market segments with a powerful ‘right to play’ for the bank.
• Identified significant opportunities and developed two into specific commercial propositions.
• Completed the whole project in 6 weeks.

Outcome

• The defined selection criteria provided valuable insight for the LSV team to focus its future efforts in non financial services.
• Identification of 5 key market segments where LSV could develop valuable new businesses.
• 2 commercial propositions – ready for further development (of which one has since been launched as a new line of business).