Make Banksy Your CMO
05 Apr, 2024
In his latest column for MAD//Insight, Ian Maskell, Unilever's former VP Global Marketing, believes all CMOs should be more like Banksy - disruptive, creative and brand builder extraordinaire.
Wow! Where did that come from? Feels a bit random, but when you start to dig, you find the Banksy brand is one of the most recognisable in the world with estimated annual revenues of £500 million. Given the miniscule investments its the best ROI of any brand ever built!
A brand is more than just a visual identity; it encompasses the values, personality and promise that differentiate it. Successful branding creates positive and lasting impressions, fostering recognition among people, and building loyalty. Banksy has created a powerful visual identity oozing with distinctiveness; even in the absence of his (stencilled) signature his work has a DNA that makes it stand apart. Distinctive memory structures & visual identity abound.
Banksy has a social conscious, speaking with streetwise savvy about contemporary social issues like domestic violence, immigration & abuse of power - he was well ahead on Palestine. He delivers his message with powerful, pithy images - transcending language – with genuine global reach. His ability to challenge conventional norms and provoke discourse has established his brand as a cultural phenomenon.
Banksy is a master of guerrilla marketing & grassroots engagement. His clandestine art installations, public interventions and provocative stunts captivate audiences & garner widespread media coverage, fuelling organic brand growth. Banksy's ability to captivate the public's imagination is a masterclass of brand storytelling and community engagement.
Banksy has totally disrupted the art sector, which loves to hate him but cannot deny his pulling power. He was the world’s best-selling artist in 2021 - works worth £162 million sold, including “love is in the bin” for £19million - the “girl with balloon” piece shredded live at Sotheby’s in 2018. In 2006 his work “I can’t believe you Morons buy this shit” sold for GBP 7.5 million at Sotheby’s. The artwork was subsequently burned (& destroyed) in a live streamed video & re-incarnated as an NFT.
The art market feels a bit disconnected from real life, but with a value of 70 billion dollars globally (growing at 3%) … it’s bigger than many CPG categories.
Banksy’s anonymity led to the creation of ‘Pest Control’ in 2008 a non-profit outfit authenticating Banksy works and exposing forgeries, but this has not solved copyright protection. Consequently, it’s very easy to sell replicas of Banksy work – without legal recourse. Resulting in an impressive penetration of the ‘mass market’ – everyone knows Banksy! Over 30,000 Amazon vendors sell Banksy merchandise, with annual sales of at least £300 million (could be a lot more). This may be a headache for the Banksy machine, but it does give an unfiltered view of the power of the Banksy brand.
Banksy's remarkable journey from street artist to global icon epitomizes the transformative power of branding and is a testament to the potency of creativity, authenticity, and social relevance. Clever deployment of digital & social media has amplified his stunts & and generated huge PR. In this era of performance marketing and click bait tactics Banksy proves the power of creativity, ideas & consistency. Building brand power that lives with vigour in the mind of consumers across the world and ignites the imagination of successive generations.
If (or when) the rights for the Banksy brand are sold to the highest bidder, we will witness the true power of what Banksy has achieved. An inspiration for all CMO’s.
Ian will be writing a column for MAD//Insight regularly throughout the year.