P.T. BARNUM – THE SHAKESPEARE OF ADVERTISING

Master showman, entrepreneur, successful salesman, the William Shakespeare of advertising, the king of promoting events...all encompassed in one man...P.T Barnum.

Even though Phineas Taylor Barnum became famous amongst the general public because of his association with ‘freaks’ and clowns he exhibited in the Barnum & Bailey Circus which he founded, he was the greatest and most influential marketer in the 1900’s. Even today his views are by many considered to be the alpha and the omega of marketing. Allthough his advertisements and books were published over 125 years ago, they contain lessons that are still relevant today.
Barnum had various points of view which should be taken into consideration by every potential entrepreneur in the advertising world.

He put enormous emphasis on value. He said, “A man who is known to be strictly honest, may be ever so poor, but he has the purses of all the community at his disposal,for all know that if he promises to return what he borrows, he will never disappoint them.”

Barnum understood that part of providing an unforgettable experience for his customers was to treat them courteously and with respect. He knew that a happy customer was a returning customer.

Whatever he had to go through to put on a good show, Barnum never shied away from difficulties. He always went the extra mile as to never disappoint his customers. In doing so, he was not only preserving his integrity, but also building a solid reputation and thereby gaining valuable word of mouth advertising.

He also believed that by not taking chances the propability of achieving success was diminished tremendously. “If you hesitate, some bolder hand will stretch out before you and get the prize.” Barnum had no qualms about taking the chances he saw as being necessary for success.

To achieve his goals, he refused to follow the safe path and even served a 60 days jail sentence for libel he published in a newspape . His release from custody wenet hand-in-hand with an enormous spectacle which immediately put him back on the map again. He engineered his own career route and in the end it was the very chances he took that brought him phenominal success. Barnum's irrepressibility helped him overcome numerous professional misfortunes.

Although he was very much aware of his financial constraints and knew nothing about some ventures that he was about to embark on, like buying and running the struggling Scudder’s American Museum with its collection of curiosities, he figured it would be an interesting change of direction for his life. He mortgaged himself to the building’s owner. He proposed good references and a determination to succeed as collateral. By the end of 1842, the museum was his, and in no less than a year, he had climbed out of debt.

In the end, by adding a considerable number of attractions to the museum and by engaging in a rigorous campaign of self-promotion, the museum would grow to become one of the most popular shows in all of the U.S.

Whether it was with his newspaper, his museum, or his circus, Barnum refused to be conservative. He was daring and he went out on a limb to achieve his goals. It was by using showmanship and promoting himself to no end that Barnum succeeded where the others failed.

Towards the later stages of his career, Barnum wrote an autobiography and regularly updated it, releasing new editions every so often. He then used mass publication to raise its popularity, which eventually made it the book with the most number of copies printed in North America at the end of the 19th century, second only to the New Testament.

Barnum was always thinking of ways to promote both himself and his circus. From making splashy entrances to using cross-promotion, Barnum did what it took to make sure people knew who he was.

Do not scatter your powers,” Barnum said. “Engage in one kind of business only, and stick to it faithfully until you succeed, or until your experience shows that you should abandon it.” Barnum understood the importance of focusing on what you do best.

“A constant hammering on one nail will generally drive it home at last, so that it can be clinched,” said Barnum. “When a man's undivided attention is centered on one object, his mind will constantly be suggesting improvements of value, which would escape him if his brain was occupied by a dozen different subjects at once.

More than any of his competitors, Barnum believed in giving his customers more than their money’s worth. It was for this reason that people stayed loyal to him, keeping his business afloat when others were sinking around him.

For Barnum, the real trick was not making money but keeping it. In growing the most successful circus in the U.S., Barnum came to learn that it was not enough just to get the sale. Instead, what was important was making sure that customer would come back time and time again. Barnum was a master promoter, but he knew there was no advertising as valuable as word of mouth recommendations.

“The truth is, the more kind and liberal a man is, the more generous will be the patronage bestowed upon him,” he said. “Men who drive sharp bargains with their customers, acting as if they never expected to see them again, will not be mistaken. They will never see them again as customers. People don’t like to pay and get kicked also.”

Barnum might have been king of the hoax, but he never once tried to put one over on his customers. He strove to give them exactly what they wanted and in a manner that would have them coming back for more. To him getting the sale was not the end goal. He wanted to give people the perfect experience that would keep them talking - and coming back – for weeks. It was to that end that Barnum ensured he invested his most important capital – respect – into each and every one of his customers.

Barnum also had a set of “10 commandments” which he called his Rings of Power.

The first five was: “A customer is born every minute” (he considered anyone with 25 cents in their pocket a potential customer); “Use skyrockets” (this came in the form of publicity stunts); “Give people more than their money’s worth”;  “Believe in the power of printer’s ink” (because of his ability to provide interesting and unique stories the media became Barnum's prized resource) and “Advertise persistently”.

The last five was: “People help people to get results” (his amicable personality and established trust made it easy for people to help him); “Negotiate creatively, treat employees and performers with respect”; “All is always well”; “Use the power of speaking”.

Barnum was hailed as an icon of American spirit and ingenuity, and was perhaps the most famous American in the world.

 

Source: www.evancarmichael.com