Dragon’s Den is one of few business ‘reality’ television programmes that I have continued to enjoy watching. It is informative and although I often feel some of the comments are unfair and a little insensitive it does give the viewer an insight into how it is to own a business – people don’t walk around on egg shells and they don’t give you ‘owt for nowt’.
I quite like the mix of Dragon’s in the Den now and I really admire and respect most of them, particularly as they have come from nothing. What always gets me is that the people who choose to feature on the show know what it is all about and they understand their product or service inside out.
They have real passion, energy and excitement by what they are doing, selling or making. Then they stand in front of these entrepreneurs – who have a wealth of knowledge that you could tap into – and ask for a hand out. Now here’s the bit… how many times have you heard people ask for money to support marketing?
It is almost always the case. If it isn’t suggested as the reason that the whole sum is required, it is in there somewhere. So why do people struggle with marketing budgets so much? What makes them think that marketing is so expensive in the first place? And why go to a leading entrepreneur so that they can pass you on to their preferred PR or marketing agency?
There is no doubt that marketing and effective communication are an essential element to a business strategy and the two should be absolutely aligned with objectives, but why do these entrepreneurs find it so difficult? I have decided to call it the ‘Dragon’s Den Effect’.
It’s a nasty heritage of stories which include bad advice and burnt fingers.
Business ‘A’ goes to big agency ‘B’, they are blown away with pretty pictures, they receive a catchy ‘logo’ and perhaps a quirky strap line, they then receive a big bill and that’s that. Job done. No questions asked. No further forward with a strategy – but you have a nice logo!
Now I genuinely think that times have changed, particularly since the last recession. It almost seems that it is becoming the trend to rely on smaller agencies that are genuinely doing great things. Not only are they often more cost effective but they also (in my experience) care more about their clients – irrelevant of size or budget.
You don’t have to work in a ‘full service’ agency to get the best – just choose them. You get to handpick the very best designers, copy writers, PR people and brand managers. Some agencies will tell you this takes time and is difficult to manage but I disagree – better to have a collective of the best, who can work together, than the internal politics that come from a big agency; who gets what budgets, who is first point of contact for the client and who takes the glory when it goes well or handles the fall out when things go wrong?
So next time you come across a business who is going through the ‘Dragon’s Den Effect’ just ask them what they are doing about it. If the answer is keeping their head down and hoping for the best then I’m afraid to say that ‘I’m out’.
However if they want to chat about how to get excited by their business and put in place some excellent PR and communication campaigns, which meet with objectives and manage reputation – well, that’s a different story altogether. I’m not just in, I’m here and waiting in the den.