This paper examines the standing of the Liberal Democratic Party during and after the 2005 UK General Election from a political marketer perspective. Having briefly reviewed marketing's status in this field it looks at the image and contribution of the leader, Charles Kennedy and the value of the brand in the political marketplace. The paper examines LibDem strategies during the campaign and assesses their outcome. The results are examined and the paper suggests that, given the failings of the system, the biggest loser might be democracy itself. It concludes by suggesting that, in being optimistic but not unrealistic about their prospects, it was more a disappointment than a 'false dawn'.