Campaign: Second Opinion - Chris Matthews, joint managing partner of Hogarth Partnership, has worked on 24 IPOs

The Cafedirect IPO story is unique. It's a niche brand with only a fraction of the marketing firepower of its competitors.

The investment proposition was geared as much to 'social return' as to anything financial; the offer was tiny by conventional IPO standards and was launched in the face of difficult market conditions.

The principal target audience was Cafedirect consumers - a number of whom may be considered antipathetic to any form of stock market flotation, even one using the Triodos Ethex exchange - and the intention was to raise the bulk of the funds from private investors, for whom the minimum investment was £300.

The Leadbetter/Triodos in-house team used considerable imagination in reaching the elusive target audience. The use of IPO stickers on bags of coffee certainly would have reached the audience directly, and bringing a Tanzanian farmer to the UK for interviews resulted in coverage in outlets such as Working Lunch, BBC News 24 and the FT.

Having more than 4,000 private investors is probably unprecedented for a business of Cafedirect's size, and may prove to be a double-edged sword in the future.

Overall, however, the campaign was an undoubted and imaginative success.

Creativity: 5

Delivery: 5


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