In the run-up to the 2008 financial crisis, a banker named Greg Lippman went a-selling on Wall Street.
He wanted to get institutional investors to buy “credit default swaps.” These instruments would pay out big if the market crashed, and Lippman would get a fat fee off the deal.
Lippman had unquestionable proof the market would crash. He had a great sales pitch. And he had a killer offer — to make his investors a ton of money, with great odds, at a low price.
And yet, these stupid investors wouldn’t buy. “If it’s such a great deal,” they would say, “why are you offering it to me?” Others said, “I couldn’t explain this to my investors.” And the most common objection? “I’m convinced. You’re right. But it’s not my job to short the subprime market.”
In the end, Lippman managed to get some buyers. But these investors were already determined to short the subprime market… and were just looking for the best way to do so. Thanks to Lippman’s advice, they made out like bandits when the market came crashing down.
But don’t worry. I’m not getting enamored with investing. And this newsletter is still about copywriting. In fact, that’s why I bring up the story above.
I was reading a thread today on a copywriting forum. People were frustrated that copywriting is so powerful… and yet, most companies don’t value copywriting.
It sounded like the struggle of Greg Lippman above.
Your copywriting services might be powerful. But most businesses still won’t want in. So why waste energy approaching businesses that should see the value you’re bringing… and then getting frustrated when they fail to do so?
Instead, approach businesses that already do see the value of copywriting, and are just looking for the best way to get it. These are the businesses that will make out like bandits from your winning copy. And they won’t mind when you get a fat fee off the deal.