So Cash4Gold, the in-your-face US gold trader, intends to be the UK's biggest direct response advertiser by the end of the year, or so it told last Sunday's Telegraph.
A proud boast that’s not as crazy a claim as it sounds, given the marketing industry’s experience with Cash4Gold so far.
The company that invites consumers to trade in their unwanted gold jewellery for cash had the sheer chutzpah to become the first ever DRTV advertiser during the American Super Bowl last January.
Cash4Gold is unknown to UK consumers and is in need of an agency or two – fast. It is seizing the moment – when people need cash and look to parting with their valuables to get it.
Not surprising, then, Cash4Gold needs to hit the ground quickly, much like a market trader.
A few thoughts:
1) Agencies beware. No agency in their right mind should turn their nose up at clients such as Cash4Gold. But some won’t be geared up for this type of brief – an immature, unknowing client who will potentially break every rule in the book. Not for Cash4Gold a three-month market research programme just to get the proposition right.
2) Cash4Gold, don’t rush your choice of agency. Cash4Gold knows its proposition and the UK brief will be about amplifying that as much as possible. Its instinct will be to create a straightforward brief around media, rather than creative. For them the danger is if they hire the wrong agency, it won’t have time to put it right. It’s a classic case of when in a hurry, slow down.
3) Beware overspending on media. The mistake most Americans make is forgetting how small the UK is. A heavy media schedule will get you noticed – just look at 118 – but it can harvest and burn your crop too quickly. In the US there is a bottomless pit of prospects but most of the UK’s population could fit into one US state. It means Cash4Gold may not need to spend so much in order to outspend everyone else. Prices are distressed - and they’ll get even more distressed. Look for the right deal.
4) Announcing your intention to the biggest DR advertiser in the UK – smart move! Announcing this plan was a smart move by Cash4Gold. Clearly it’s confident that there’s no competition that would take advantage of that announcement. Or isn’t there? Look what happened in gambling – we now have a plethora of gambling screaming for the same group of people.
5) Which is why you should follow the lead of Comparethemarket.com. The commoditised market of comparison sites lit up when one player, Comparethemarket.com, eventually decided to build a proper brand. If comparethemarket is to be believed, their website hit rates have gone through the roof.
Cash for money-type services feel like a bit of a cul de sac unless creatively, you set about building a brand. The question is, does Cash4Gold have the time or inclination to build a bigger story?
And finally….
6) You’re brash – but please be sensitive. There is some sensitivity around asking consumers to cash in their assets on this side of the Pond. It’s the old concept of profiting from someone’s miseries and you need to make sure this is handled right.
Tony Spong is head of direct, promotional and integrated marketing at AAR Experts in client:agency relationships