The Economist launched in 1843. Yes, it is seemingly steeped in Pall Mall’s musty traditions and famous for its printed edition but it is a brand that any smart StartUp should look to for inspiration. It is, without doubt, one the world’s most progressive, coherent and targeted brands. I love The Economist. Here are some of the reasons why.
1. It doesn’t just have a point of view, it has a point of view designed to upset some people.
When they launched, the stated their aim was “to take part in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress”. Clearly, you don’t want to be the unworthy, timid ignoramus.
It’s a brilliant way of not only positioning what you are but also defining what you are not. This then allows them to be clear about not only who they are targeting but also who they are not targeting, are in fact keen to alienate, something they have done brilliantly through advertising. Take a look at this genius. And this.
Great brands often create imaginary tales in our heads and mine is of a Victorian David Niven type editor using his calf-skin gloves to slap an unworthy cad who has just tried to buy a copy of his beloved Economist.
This isn’t simply about separation. It creates a virtuous circle, with users feeling more distinct, more celebrated and it is this that makes them more loyal. That’s the genius of this approach.
How many other brands are confident and brilliant enough to do this? Some b, ut nowhere near enough.
2. As you read the content, it feels like it is from a single person, despite it being the output of so many writers in so many places. That’s perhaps partly because of the legendary Writers Guide every journalist must follow but it’s more than that. It’s a celebration of their own humanity, of their emotion. Like The Borg, they’ve become one. They are smart but wear it lightly, with smart asides and witticisms; they are fair, honest even if it upsets, to the point. They know their collective personality precisely. It’s the ultimate demonstration of a unified culture.
3. The brand is the famous one, not the people. The people are invisible. It goes completely against industry conventions – it’s so radical and progressive, I’m shocked to hear it’s always been that way. Wikipedia tells me that the current editor says this is because “(the) collective voice and personality matter more than the identities of individual journalists” and reflects “a collaborative effort”.
4. They quaintly call it a ‘newspaper’. Despite the fact that it is more like a magazine. Despite the fact that newspapers have become so grotty. They wear the word like Marilyn Munroe would have worn a plastic bag.
And the funny thing is; I’m not sure they’ve ever really thought of themselves as a brand in the way that most brands would.
So the StartUp lessons are these:
It’s not just about targeting, it’s about anti-targeting: are you clear on who you are trying to alienate?
Avoid general personality words: what are your precise and distinct personality traits?
Are you killing conventions? Don’t just avoid conventions, undermine them, do the opposite.
Lastly, if you don’t already, you should subscribe because its breadth of cleverness will drag you from your StartUp bubble/cesspit and broaden your horizons and therefore inspire thinking that will make you better at your job.