The Subtle Art of Advertising without Advertising
“Half the money I spend on advertising is wasted, and the trouble is I don’t know which half.”
John Wanamaker, (1838-1922), US Retail Tycoon
“Advertising is the art of convincing people to spend money they don't have for something they don't need.”
Will P.A. Rogers, Cherokee Nation, (1879-1935), American Humourist and Entertainer
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If you are a newer SME, solopreneur…one of the organic ways to grow is via “advertising” or so some “professionals” may lead you to believe?? The problem for many businesses in their infancy is that you are constantly bootstrapping – you need this, that and want more of…, however, where is the money going to come from?? Even if you managed to scrimp and save for a “budget” there is still little by way of guarantees to reassure you that spending ￡X will produce ￡Y income and ￡Z net profits?
At this “micro” level “guerrilla” marketing, “publicity stunts”, building a referral network inter alia may be far cheaper and more productive with regard to “lead” generation?
At some point you may have worked really, really hard and managed to secure a modest advertising “budget”; although a specialist advertising agency catering to SMEs may be able to suggest how to allocate your limited resources you should be under no illusion that afterwards you may still not have generated any real concrete orders moving forwards?? Especially on “vanity advertising” on TV/Satellite/Radio/Glossy Press Media etc. – that may inflate your ego, but not necessarily your order book?
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Occasionally we can see Start-Ups of one kind or another wishing to undertake a capital raise of several hundred thousand or millions of pounds sterling; when questioned why? They may typically say to promote their product/service.? When the money runs out then they feel compelled to raise more capital for even more “advertising” – even though, if they were completely honest with themselves, nobody is “buying” what they are selling?? In reality, in retrospect, it may have been more prudent simply to focus on nurturing collaborations and Joint Ventures with existing complementary businesses – particularly those that can provide a suitable distribution channel for the product/service being offered?
What about if you can convert the advertising “expense” into a potential income generating asset via your limited budget?? A tiny amount of Imagineering is required here: initially take full advantage of the myriad of free listings on online business directories, social media etc.? Objectively test each, see if you are generating any “interest” in your offering, and only then trial moving to a premium or other paid version – but only selectively and specific to your Industry?
Forget about large “entertainment” productions; in reality most artists (whether singers, musicians, film/documentary makers, dancers, painters, sculptures, authors etc.) are in a constant struggle just to get by.? The problem is that they are experts within their field, passionate about their artistic expression, but find it near impossible to pay for their art and to make a living.? Why not find such “talent” close to your business (depending upon your particular artistic preferences) and consider a commercial partnership – however, you decide to construct it?? For example, your SME advertising budget is ￡5K for the next 3 years, but you have managed to persuade 9 other similar firms to form a syndicate each providing a similar sum.? Now your combined budget is ￡50K for 3 years so you decide to allocate it as follows: ￡5K to pay for the cost of producing a new album by a local well known musician/band (agreeing to a 5%-10% equity in a “360 deal” – just to recoup the initial ￡5K plus a modest premium, later to be reinvested into a similar project with the same or another singer/songwriter); ￡5K-￡10K to support to local documentary/film makers for a tiny intriguing production (likewise you take a modest 5%-10% equity position but give the producer the right to buy your shares back in the future at a small profit – to be reinvested once again into the subsequent production); the rest of the budget is split between self-publishing authors, painters and sculptures – whereby you agree a “pre-sale” (and minor equity) of some of their work over the next 3 years – with the books, art etc. effectively being “gifted” to your existing clients and future “prospects” on certain special occasions and/or promotional drives.? ??
The idea is not to profit hugely from the various artists but to support them over a protracted period; create a unique “artistic” expression for your commercial “brand”; it is for you to mutually agree with the artists whether there is to be subtle or explicit brand association; minor business “credits”; product placements; (for higher budgets) “executive producer” stipulations; private showings/concerts (for VIPs customers) etc.?? Rather than throwing away advertising, you are effectively creating a memorable customer experience on a “shoe-string.”
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Kip, The EBO Guy
…Acquiring businesses for employees