Deutsche Bank has named Essence as its global media agency, marking the first time that a single agency has managed the purchase of the lion’s share of its brand portfolio.
Essence, which will enter the consolidated account on January 1, 2022, will manage the purchase of space on all media and platforms, online and offline, worldwide.
The account was previously shared between Spark Foundry and Starcom, the agencies belonging to Publicis Groupe with which he has worked since 2015, and Performance Media, which has been working in the online media sector since 2018.
Deutsche Bank has launched a tender, together with asset management company DWS – which was previously owned by the bank before being listed on the Frankfurt Stock Exchange – in the second quarter of 2021.
The pitch was managed by an interbank committee and the group’s purchasing department, a process which also involved the German pitch consultant IMedia AG.
The bank, whose wealth management arm sponsored the recent Frieze art fair in London, said it was looking for an agency that was using “innovative, data-driven marketing strategies, with a forward-looking approach to operate. proactively in a dynamic and competitive environment. environment”.
She was particularly impressed with the strategies, quality of planning and creativity presented by M Group-owned Essence during the multi-stage selection process, the bank said.
Tim Alexander, director of marketing and director of experience at Deutsche Bank, private bank, described Essence as the “ideal partner”.
He continued, “Essence is thinking about data-driven campaigns from the customer’s perspective – and scaling and distributing them with its global Group M network.
“It will also be particularly useful for us to further anchor our two-brand strategy with Deutsche Bank and Postbank in the German market.”
Christian Rummel, Deputy Director of Brand Communications and Corporate Social Responsibility at Deutsche Bank, praised Essence’s “holistic approach”, “excellent understanding of the market” and “many innovative ideas on” the flagship brand; while DWS Global Marketing Director Adib Sisani said Essence has “a strong affinity with innovation, data and technology.”
Christian Leipacher, Managing Director of Essence Germany, added: “We are eager to join forces with Deutsche Bank, Germany’s leading bank, and its network, and to find together lasting answers to a constantly evolving media landscape. .
Deutsche Bank spent € 174m (£ 147m) on marketing spending in 2020, up from € 251m in 2019, as it cut spending during the pandemic. Media spend is probably only a small proportion of total marketing spend, one observer suggested.
It is understood that Publicis Media does not operate Deustche Bank in the UK, where the bank’s annual media expenses are modest. – around £ 366,000 in 2019 and £ 126,000 in 2020, according to Nielsen.
