Credit: Towfiqu barbhuiya via Unsplash
The Royal Australian Mint has revealed it will prioritise innovation over capability and price when selecting an agency partner, with a development budget of up to $100,000, AdNews can reveal.
AdNews reported in November the Mint is seeking agencies to develop nationwide B2B collectible coin initiatives.
The procurement calls for marketing partners to establish fresh collectible coin campaigns with leading retail partners and intellectual property licensors.
The government agency is seeking help to future-proof its business model as declining cash use threatens its retail coin programs, which currently generate $8-10 million in sales.
"While the current model has been working well since the first program in 2016, we're looking for something new and fresh," the Mint said in tender addendum responses.
"Till coins have been a big part of the B2B programs, however with a decline in cash use, there is a long-term risk with the current model."
The agency tender, which closes February 7, seeks a partner to develop a single B2B coin program that can serve as a repeatable model for future campaigns.
The Mint runs around four programs annually, each averaging four weeks, with previous partners including Australia Post and newsXpress.
Sports marketing agency Sportfive has worked on sports partnerships, while Saatchi & Saatchi handled the Dollar Donation program.
Agencies can propose multiple ideas and don't need confirmed retail partners at submission, though indicative interest would be an advantage.
The Mint ruled out partnerships with gaming, alcohol or adult material companies. As a government entity, it cannot pay or gift influencers and must buy all media through government agency panels.
Program costs including licensing, royalties and marketing would come from revenue, with the Mint targeting net sales of $8-10 million per program across coins in change, promotional items and packaged products.
These initiatives replace conventional change with specially designed coins, seeking to increase store visits and generate commercial income for the mint, among the rare government entities operating without taxpayer support.
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