Are You More Interested in the Intangible or the Tangible?
- 2. Several years ago I started a business called Law Firm Staff, which is a staffing business for attorneys, paralegals and so forth. Because it was a relatively new business and I had hired a manager, I felt that it was extremely important that the business had a strong self-concept, and was well branded. At the time, our other companies were going gangbusters, and I solicited bids from various “branding agencies” that would help us to come up with various concepts for branding our business in the eyes of customers.
- 3. When the bids started coming in I realized that this entire procedure was a little bit out of my league. In fact, most of the bids for this work were in the $200,000 range and only one of them was in the low six figures ($120,000). As is customary with any proposal involving a considerable sum of money, a conference call was arranged to discuss the bids with each of the companies.
- 4. “ What is involved here?” I typically asked. “ We will come up with a tag line for the business, and several words that describe what you are and what you are not–and then make sure your staff understands this. We will put this all into a report.” If you are thinking what I am thinking, then I am sure you and I are on the same page. The last thing I wanted to do was pay some high-falutin New Yorkers in $2,500 suits $275,000 to give me 10 different words about what the business stood for. You would be surprised at how deeply involved people get in this process. For example, they have focus groups and other sorts of activities to “get to the bottom of things”, and they manage to spend a loads of money doing the work.
- 5. Sitting in the office with the manager I hired for Law Firm Staff, one day I told him that we should go about doing this work ourselves. As I debated how we would do it, I was also cognizant of the fact that coming up with 10 words to describe the business could be a somewhat complicated process, and was something that I should at least do my best to understand before figuring out these 10 words.
- 6. “ Let’s see if there is a seminar, or someplace where we can learn about this online!” I said. We were sitting there on a Friday afternoon and had planned on strategizing for the weekend about the business. Within seconds I had discovered a website announcing a big seminar that coming weekend at the LAX Marriott. The headline of the seminar read: “ BRING YOUR PARACHUTE! THIS SEMINAR WILL TEACH YOU IN ONE WEEKEND HOW TO TAKE ON THE ‘BIG BOYS’ ON MADISION AVENUE AND CREATE A BRAND THAT WILL PUT YOU ON A PILE OF CASH SO HIGH YOU’LL NEED A PARACHUTE TO GET DOWN!”
- 7. I was mesmerized and knew right then and there that this was a seminar I had to attend. The woman putting on the seminar apparently had worked on Madison Avenue, and for $5,000 she would teach us in one weekend how to create a brand that “sizzled”. Sitting there in my office, the manager and I called the woman on my speakerphone. A man actually answered and we chatted for a few minutes about the branding seminar.
- 8. “ Can I bring two people for the price of one?” I asked after a few minutes. “ Wait just a moment, I have to check with my partner. She is working at the other end of the building.” While the man was checking, we were busy poking around the sales letter website and doing other research online, and we very quickly realized that this was not a large company, but just this man and woman, who were putting on the seminar. They were trying to give the impression that it was a giant organization, but in reality it was very small. Within a few minutes they circled back with me and we negotiated some sort of deal for the price of the seminar, which allowed the manager and myself to attend.
- 9. I was expecting that the seminar would be packed with hundreds of people in a large auditorium. Instead, when I got there, it was among the strangest things I had ever seen. There were about 6 or 7 people in a small room that had giant speakers set up, which would have been suitable for a conference of 5,000. The woman giving the seminar was wearing a wireless headset, and a DJ in the back of the room was booming all sorts of music. The woman with the headset was jumping up and down, trying to get the audience charged up. There were posters of her on the wall and all sorts of banners announcing the seminar all over the room.
- 10. “ Are you ready for a breakthrough!!!” the woman was screaming to the seven of us as we all sat there. There were also very expensive looking cameras set up all around the small room. To give you the full perspective of this scene, the entire room was not much larger than an average hotel room.
- 11. Without going into too much detail, this was the worst conference I had ever been to. My manager and I were seated next to a woman who had a website called IHateCorporateAmerica.com. The rest of the audience was comprised of a couple of widows whose husbands had died, and who were looking to start online businesses. And there were also a few other random people we had no interest in meeting. I had no idea how we had fallen for this crap. Throughout the conference, the woman kept putting some sort of orange powder in a water bottle and shaking it up. After each sip she would shake her head as if it just gave her a charge, and then continue telling us about her life.
- 12. The manager and I went to lunch and sat there a little shell-shocked and confused. We wondered whether or not we could get our money back at this point, and discussed the future of the business and the brand on our own since we had not yet gotten any meaningful insights from the conference.
- 13. When we walked back from lunch the woman had the cameras set out in the hall and someone was in the midst of giving a testimonial: “ My experience at this mega event so far has been incredible. I have learned how to transform my brand from below average to superior. I cannot wait to start putting the concepts I have learned here into action and SUPERCHARGING my brand!” “ That’s it!” said the woman leading the seminar, and she started clapping. I had no idea what was going on, since we had not learned anything yet. The woman grabbed me by the arm.
- 14. “ You need to do a video testimonial!” she said. It looked like one of her parents might have been standing off to the side. I was not sure. “ No,” I said. “I do not want to do a testimonial.” She looked astonished and started to follow me into the seminar room. She had her assistant follow me into the room with her. “ Why not!?” she said. She seemed very upset about my reluctance to give a testimonial. I stood there bantering back and forth over the next few minutes with her about this. I was not trying to be rude, but the seminar really did suck, and I had not learned anything yet. More importantly, I did not want my image plastered all over the Internet as a testimonial for the next 50 years. For the rest of the seminar I was an “outsider” and a persona non grata because I had not given a testimonial.
- 15. There was such a lack of any useful information whatsoever that I left about halfway through the second day–but not before being treated to one of the most incredible pitches I had ever seen. “ Today we are going to pay for lunch if you will come to lunch with us and learn about our lifetime membership program called MILLIONAIRE MASTERY!” the woman told the audience. Millionaire mastery involved some sort of phone coaching program in how to be a millionaire for life–at the cost of $25,000. The manager and myself were the only ones in the entire crowd of seven that did not go to the free lunch to be pitched on the MILLIONAIRE MASTERY lifetime membership.
- 16. I had spoken with the woman’s assistant during lunch, and learned that she and the rest of these people all worked from home. In addition, the woman lived in a small apartment in Venice Beach. These were not millionaires, but they were more than happy to take your money to tell you how to become one–if you let them.
- 17. What I learned in my entire trip into the “branding universe”, about the pitchmen and people involved, is that there is an entire art, science and industry involved in the selling of intangibles. Branding, in essence, is making a brand represent a certain intangible meaning, and there are many people, like myself, who can be sold things that are intangible–after all, I am the sucker who paid over $5,000 in order for a manager and myself to attend a lousy branding conference. I am sure you have fallen for intangible promises before as well.
- 18. One of my favorite pastimes when I was younger was to read magazines like Entrepreneur and other magazines for people interested in starting various businesses. The fun thing about reading magazines like this has never been the content inside of them; instead, what has fascinated me so much are the advertisements. Ever since I can remember, these magazines have been littered with one “income opportunity” after another, in which a guy standing in front of his Ferrari or big-gated house promises to tell you about a business wherein he is making a lot of money, and which you can operate for “30 minutes a day” if you send him $99.00, or something along these lines.
- 19. What is so fascinating to me about these sorts of advertisements is that they are so incredibly common. The advertisements never give you any proof that the concept they are talking about works and, instead, they simply talk about how someone made a lot of money, told their boss to go take a hike, has a better life now, and so forth, after discovering some mysterious “secret”.