This is one of the best ad campaign/publicity stunts I've seen, which involves aggressive bonus payouts for executives (since divvying out cash is no longer politically correct.) Smith and Wollensky Steakhouse will serve you their USDA Prime dry-aged steaks in return for your original stock certificates.
Although no one has taken them up on their Stocks for Steaks offer, Smith and Wollensky will accept certificates for any New York Stock Exchange or Nasdaq-listed stock.
Implications - This is an intelligent way for a company to capitalize on the increased attention being placed on international bankers right now. With the economy still in the dumps, it's possible that this campaign may anger some, but it's certainly a clever way to increase brand awareness.
Why This Trend Is Growing
- Stocks for Steaks Campaign
- Smith and Wollensky's campaign of accepting stocks in exchange for steaks sets a disruptive innovation opportunity for the food industry's marketing and customer acquisition efforts.
- Non-cash Payment Options
- As more businesses explore non-cash payment options, companies that offer unique payment methods, such as Smith and Wollensky's stock certificate payment option, are poised for disruption in the financial industry.
- Political Correctness Out, Aggressive Strategies In
- The trend of companies seeking aggressive bonus payouts for executives suggests a disruptive innovation opportunity for the financial industry to provide new compensation models that align with the evolving work culture.
Industries Being Reshaped
- Food and Beverage
- The food and beverage industry can innovate its marketing and sales strategies by offering unique non-cash payment methods like Smith and Wollensky's campaign.
- Financial Services
- The disruptive innovation opportunity of offering compensation plans that align with emerging work cultures are promising in the financial services industry.
- Marketing and Advertising
- The Stocks for Steaks campaign demonstrates a disruptive innovation opportunity in the marketing and advertising industry, where companies take bold and attention-grabbing steps to increase brand awareness.
