Getting new customers can be difficult. During Q3 2014
Shutterstock spent about 25% of its gross revenue on sales and marketing. At that rate sales and marketing costs for all of 2014 could be in the range of $80 million.
Recently, I received second hand information about an innovative marketing strategy Shutterstock is using to try to encourage more use of its collection in major advertising. I tried to confirm this story, but Shutterstock did not get back to me with a comment.
As the story goes, there is at least one major advertising agency in the U.S. where Shutterstock has set up a prize wheel in one of the agency’s conference rooms. Each time an art director uses a Shutterstock image on a project the AD can go to the room, spin the wheel and win a prize. It is my understanding that no matter where the wheel stops the art director wins something. Among the possible prizes are iPads and other electronic gear. In addition, there is no limit on the number of times a particular art director can visit the room and spin the wheel as long as each visit is for a new use.
I was unable to determine if this promotional strategy has been offered to more than one agency, or if it is also being used outside the U.S. The duration of the promotion is also unclear.