SBF did all the wrong things with money, but all the right things with press.
An analysis of FTX’s 7-part media playbook, and what other founders can learn from it…
Tech reporters aren’t pollyannish about startups, and the kind of coverage FTX enjoyed didn’t just happen. It was a sustained campaign by SBF and his team.
This isn’t about how media fell short (many others were fooled too!). It’s about the smart tactics FTX used to pull it off:
1) Tell a good story. SBF had what @bmorrissey called “a story too good to check.” The narrative of the disheveled mogul saving the world touched every journalistic erogenous zone.
Lesson: Ditch the robotic corporate speak and dry lists of facts. Weave a narrative around humans.
2) Money talks, and writes. SBF splashed cash across much of the fourth estate and gained influence in the process.
Lesson: Influence matters, but you don’t have to buy it. You can get it more ethically and less expensively with other incentives, eg access, previews, scoops.
3) Flood the zone with your own content. SBF was constantly doing something surprising/bold/weird, and FTX always had some new announcement. It was hard to keep up, much less dig deeper.
Lesson: Control the conversation with your own content. Reacting = losing. Stay on offense.
4) Credibility loves company. SBF made sure to be seen with credible people (like he’s doing today – check out the NYT Dealbook roster!): Bill Clinton, Tony Blair, Tom Brady.
Lesson: Be selective about where you appear and with whom. Don’t settle for low-value speaking opps.
5) Education > advocacy. SBF positioned himself as a trusted expert for explaining crypto. He briefed media and regulators about the whole industry.
Lesson: Don’t just shill your company. You’ll gain more trust and respect by being an honest broker for info about larger trends.
6) Every company needs a human mascot. Nobody could make heads or tails of FTX, but they trusted SBF as a person.
Lesson: A founder is their company’s human mascot. People don’t trust companies, they trust people. You’re the chief spokesperson; don’t outsource this to your team.
7) Looks matter. Clothes make the man, and with SBF, bad clothes seemed to make a good man. His sloppiness made him seem earnest!
Lesson: Your look shapes your persona (eg @PalmerLuckey’s Hawaiian shirts), but it must be authentic. A suit dressed in jeans = Dukakis in the tank.
FTX may have used their media playbook to fool the world, but the actual 7 tactics are smart, effective, and ethical. Please use them responsibly!
Full explanations here: https://lulu.substack.com/p/ftxs-7-part-media-playbook-and-what
Follow: @lulumeservey
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